If we want to keep up with the different innovations in social media platforms, it is worthwhile to take a broader look at the changing trends in content consumption from time to time and how users use the different platforms from time to time.
The report, "The Evolution of Social Apps", by App Annie, looks at how social media usage trends have changed over the past decade, with the rise of live streaming, the growth of social commerce, and the rising trends of TikTok and Snapchat.
Here are some exciting facts from the report to ponder!
In recent years, the ability to place products on more and more platforms has emerged. Even Facebook and Instagram now have a dedicated „Shop” tab, where brands can showcase their products using their images and users can shop through the platform. However, this feature is not yet fully operational in Hungary. Products can be viewed on the platform, but shopping is still only possible in the webshop.
Related to this phenomenon, one of the report's most interesting findings is that consumer spending on social apps totalled $3.2 billion worldwide in the first half of 2021, up 50% from a year earlier.
So, if you've been thinking about posting your products on Facebook, it might be worth a look.
The report also looked at what users are spending most of their time doing on social media sites, and live stream creators will be pleased to see the results.
Most of the time spent on the top 5 social apps is spent watching live streams, with half a trillion hours just on Android phones. This is followed by time spent chatting and looking at pictures and videos.
Facebook, YouTube and TikTok have also developed their own live-streaming platforms. Users feel that live streaming gives them a more direct connection with a brand or social media influencer, and these instant connection processes also help build community.
The changing activity of the platform's users is shaping new trends. For example, there has been a big shift from the past few years, when social media platforms were primarily used to allow users to share their thoughts and opinions publicly between 2014-2018, to a shift towards messaging and private groups, which Facebook is trying to follow in order to maximise engagement on the app.
The report also looked at the growth of TikTok, and according to data published by App Annie, TikTok has now surpassed YouTube in both the US and UK in terms of average monthly time spent per user on the app.
The growth of TikTok is staggering, but its popularity is not turning the platform into a sustainable business for the company and its TikTok stars. This is because short-form videos offer fewer opportunities for advertising and, therefore lower revenue opportunities for creators. The potential for effective revenue generation is still missing, but TikTok is continuously working on ways to provide a more direct connection between brands and users and is also experimenting with longer format videos to provide more advertising opportunities for creators.