What Is Social Media?
Social media encompasses various technologies that enable users to share ideas and information. With platforms like Facebook, Instagram, X platform (formerly Twitter), and YouTube, over 4.7 billion individuals globally, representing about 60% of the world’s population, engage in social media. In early 2023, chat and messaging apps and websites were accessed by 94.8% of users, closely followed by social platforms at 94.6%
Key Takeaways
- Social media enables the sharing of ideas and information through virtual networks and communities.
- User-generated content on social media encourages engagement through likes, shares, comments, and discussions.
- More than 4.7 billion people worldwide utilize social media.
- Social media fosters community building while also facing criticism for propagating disinformation and hate speech.
- Social media plays a crucial role in many companies’ marketing strategies.
- The leading social media platforms globally include Facebook, YouTube, WhatsApp, Instagram, and WeChat.
How Social Media Originated and Evolved
Initially serving as a means for personal interactions, social media evolved to encompass diverse functions. In 2004, MySpace became the first network to achieve 1 million monthly active users.
The proliferation of social media gained momentum with the advent of platforms like Facebook and Twitter (now X platform), attracting businesses seeking to connect with a global audience swiftly.
Global Web Index reported that 46% of internet users worldwide obtain news through social media, surpassing news websites at 40%. Gen Z and Millennials exhibit a higher propensity for consuming news on social platforms compared to other cohorts.
Social media serves as a pivotal component in many businesses’ marketing endeavors, owing to the significant time people spend on social platforms daily. The landscape constantly evolves, with newer apps like TikTok, Signal, and Clubhouse complementing established networks such as Facebook, YouTube, X platform, and Instagram.
What Social Media Is Used for Today
Social media platforms are categorized into social networking, social bookmarking, social news, media sharing, microblogging, and online forums, offering a diverse range of functionalities catering to various user interests.
These platforms serve multiple purposes, connecting individuals globally based on shared interests or beliefs. Entities like entertainers, politicians, and charities leverage social media to engage with their respective audiences or supporters, with governments utilizing these channels for emergency communications.
For businesses, social media acts as a fundamental marketing tool, enabling customer engagement, sales promotion, trend identification, customer service, and data collection, among other functions.
94.6%
Percentage of internet users age 16 to 64 who visited a social networking site in the past month.
Pros and Cons of Social Media
Social media platforms offer real-time information access, social connections, and niche community discovery, fostering global connectivity at its best.
Conversely, social media can propagate misinformation, polarization, and adverse psychological effects.
Research indicates that social media usage correlates with broader social networks and friendships, particularly notable in emerging markets. Teenagers often perceive social media positively, feeling more connected to their peers, although concerns about its impact on mental and physical health have arisen.
Businesses leverage social media as a cost-effective avenue to engage with consumers, enhance brand visibility, and drive sales. Marketers extensively utilize platforms like Facebook for promotional activities.
In 2022, social media and search advertising constituted around 55% of the global advertising spending, demonstrating rapid growth and dominance in the advertising landscape.
The Top 10 Social Media Platforms Worldwide
As of January 2023, the most widely utilized social media platforms were:
- Facebook (2.96 billion users)
- YouTube (2.51 billion users)
- WhatsApp (2 billion users)
- Instagram (2 billion users)
- WeChat (1.31 billion users)
- TikTok (1.05 billion users)
- Facebook Messenger (931 million users)
- Douyin (715 million users)
- Telegram (700 million users)
- Snapchat (635 million users)
Surprisingly, popular U.S. platforms like X platform and Pinterest did not make the top 10 list globally, with X platform ranked 14th with 556 million users and Pinterest at the 15th spot with 445 million users.
What Is the Most Popular Social Media?
Globally, Facebook stands out as the most popular social media platform, boasting nearly 3 billion users based on recent estimates.
How Much Time Do People Spend on Social Media?
As of late 2022, internet users aged 16 to 64 spent an average of 2 hours and 31 minutes daily on social media. DataReportal notes that social media now comprises a significant portion of total online activity, with nearly 40% of online time devoted to social media activities.
What Is Social Media Marketing?
Social media marketing involves utilizing social networks as tools for sales and marketing purposes. Companies can go beyond traditional advertising to establish an online presence and directly engage with their customer base.
Social media marketing particularly benefits local businesses by providing cost-effective outreach opportunities to potential customers without hefty ad expenditures.
The Bottom Line
With over 4.7 billion users worldwide, social media has significantly impacted our lives and revolutionized commerce. It continues to transform business practices and is poised to shape commercial landscapes in the future.