The influence of social media is far-reaching. The use of online networks is growing alongside the growing digital population around the world, proving that social media and the internet go hand in hand. Once seen as an online space for socializing, the platform is now used for business, dating, politics, everyday communication, and more.
Bigger audiences and even bigger business
By 2023, social media users worldwide will reach approximately 5 billion, with China alone having over 1 billion users and India having over 860 million users. Furthermore, the United States will have 308 million social networking users in 2023. Europe will have approximately 680 million users, with the least number of users being in Central Africa and Central America.
Behind every popular social media platform are huge companies making billions of dollars. In 2023, Meta Platforms, which owns Facebook, Instagram, and WhatsApp, generated more than $134 billion in revenue for the year. By comparison, Microsoft-owned business and job-seeking service LinkedIn generated roughly $15 billion in revenue last year.
Does Facebook have competitors?
Facebook will celebrate its 20th anniversary in February 2024, and as of April of that year, it has more than 3 billion monthly active users, making it the world's most used social network. Approximately 30% of Facebook users worldwide are between the ages of 25 and 34, and almost a quarter are between the ages of 18 and 24, dispelling the myth that Facebook is a platform for older people.
As of early 2024, Facebook reported a 3.1 percent year-over-year audience growth, indicating that the social media giant is still gaining users, albeit at a slower pace than other market leaders such as Instagram, X (formerly Twitter) and Snapchat.
Instagram-friendly content
Instagram has reached 2 billion monthly active users as of April 2024, with the mobile-first network ranking higher than TikTok and Snapchat in terms of viewership. The app attracts a younger audience, with around 32% of them in the 18-24 age group.
While Instagram is often associated with influencers and lifestyle content, users in general are looking for more variety on the platform, with fun and creative content topping the list in 2023. Additionally, 41% of users say they enjoy seeing informative content on Instagram. Hashtags are how online users follow topics, with #love, #instagood and #instagram being the most used hashtags to date.
TikTok: Young social media users are hooked
TikTok is hugely popular with Gen Z, allowing users to create, edit, and share short video clips enhanced with filters and music. In Q4 2023, TikTok garnered around 232 million downloads from users around the world.
TikTok has become synonymous with Gen Z for good reason: 36% of TikTok's global users are between the ages of 18 and 24, highlighting a clear desire for fast, personalized content with a mobile-first design. With just over 1.5 billion monthly active users, TikTok can't currently match the user numbers of Facebook or Instagram, but being the preferred social media platform of an entire generation should bode well for the app.
Social Media as a Marketing Tool
The United States is the world's largest market for social media advertising, with total spending reaching US$72.3 billion in 2023, followed by China and the UK with US$71 billion and US$9.7 billion, respectively. As of January 2023, Facebook is the most used platform among marketers, with 89% of global marketers reporting using Facebook. Additionally, 86% of industry experts say the biggest benefit of using social media as a marketing tool is increased exposure, while 76% say increased traffic is the biggest benefit.
Social media usage is growing and so is the digital population. Facebook will likely dominate for the time being, but TikTok could take the lead as younger generations prefer app-first platforms and unlimited, customized content.
This text provides general information. Statista assumes no responsibility for the completeness or accuracy of the information provided. Due to different update cycles, the statistics may show more current data than those referenced in the text.
