The social media industry is continuously growing.
It has become so ingrained in our lives that we can’t imagine living without it.
It has become a medium people use to communicate to the world.
But as time progresses, social media is more than just applications and platforms; it’s a digital space that’s unmistakably changing how marketing is done.
Businesses today utilize social media to communicate and promote their products and services to their target audience.
Since social media has been used by almost half of the world’s society, it gives businesses a chance to reach a larger audience within the comfort of their homes.
This article will walk you through the key statistics you must know about the social media industry.
Including how much is the social media industry worth, social media users’ yearly growth, most used social media platforms, and a lot more.
- 1 Key Statistics
- 2 The Social Media Industry
- 2.1 1. How much is the social media industry worth?
- 2.2 2. Social media platforms are used by 4.9 billion people.
- 2.3 3. Globally, an average individual spends about 145 minutes on social media.
- 2.4 4. 77% of companies use social media as a tool for advertising.
- 2.5 5. 76% of social media users have made an online purchase after seeing it there
- 2.6 6. By 2023, spending on social media advertising is expected to reach $207 billion
- 2.7 7. The US generates the majority of global advertising spending
- 2.8 8. A person has an average of 8.4 social media accounts
- 2.9 9. Tiktok is used for influencer marketing by 56% of marketers
- 3 10. 87% of marketers claim that video marketing increased their revenue
- 4 Conclusion
- The social media industry is valued at $231.1 billion.
- 4.9 billion people utilize social media platforms.
- Social networking is a marketing technique used by 77% of businesses.
- 76% of social media users have purchased the items they have seen online.
- Most international advertising spending is from the US.
- A regular person has an average of 8.4 social media accounts.
- 87% of marketers claim that the use of video marketing has raised their sales.
The Social Media Industry
Social media is no longer merely a tool for fostering interpersonal relationships.
As it expands, people now utilize it to sell their products and services globally.
Businesses benefit from it since it enables them to interact with their clients and target audience.
It allows them to improve their brand recognition and generate leads.
Ads, subscriptions, and e-commerce are just a few of the ways social media platforms make money.
But how much is the social media industry worth in 2024?
The social media industry is now valued at $231.1 billion.
(The Business Research)
2. Social media platforms are used by 4.9 billion people.
Social media is used by over two-thirds of the worldwide population.
In 2023, there are about 4.9 billion users of social media.
Aside from its significance in people’s interpersonal relationships, social media also has a significant impact on the economy.
It boosts economic growth, produces tax money, and provides jobs to the people.
Before, most people used social media platforms to communicate with other people.
But with the rise of short-form videos and different types of advertisements, people also use social media for entertainment.
According to data, globally, an individual spends about an average of 145 minutes using social media.
The United States does not stray far from this figure; a person in the United States spends around 127 minutes per day on the internet.
The vast majority of businesses use social media to reach their target audience and promote their products or services.
77% of businesses utilize social media for advertising.
Business owners chose to use social media platforms to promote their business because it has a large and engaged user base.
This means that businesses can reach a much larger number of potential customers through social media platforms.
Most users have made a purchase as a result of seeing a product or service promoted on social media.
Data shows that 76% of customers make purchases after seeing a product on social media.
Due to the diversity of ad styles available, product advertising on social media platforms has become a huge success.
This includes interactive advertisements as well as text ads, picture ads, and video ads.
As a result, companies may produce interesting and inventive advertisements that are likely to grab the attention of their target market.
In 2023, it is expected that businesses would spend around $207.1 billion on social media advertising.
This figure reflects how important social media is becoming as a tool for marketing.
The targeting choices available on social media sites are diverse.
This enables companies to focus their advertisements to particular demographics, interests, and behaviors.
7. The US generates the majority of global advertising spending
The United States of America generates the majority of global advertising spending due to a number of factors, including its large economy, competitive landscape, consumer culture, and diverse media landscape.
In 2023, an estimate of $72,330 million will be spent on advertising.
Globally, an average person has 8.4 social media accounts.
Some people have different accounts for different purposes, such as a personal account, a professional account, and a gaming account.
On the other hand, an American has an average of 7.1 social media accounts.
9. Tiktok is used for influencer marketing by 56% of marketers
TikTok has over 1 billion active and engaged users.
The typical TikTok user uses the app for 89 minutes each day.
Tiktok has been the most popular influencer marketing channel and over 56% of marketers use Tiktok for influencer marketing.
Advertisers often choose this platform to promote their products and services since they have access to a sizable and interested audience for their influencer marketing initiatives.
(Influence Marketing Hub)
10. 87% of marketers claim that video marketing increased their revenue
Short-form videos are designed to be watched quickly and easily, and they are often accompanied by music and visuals that are designed to capture the viewer’s attention.
This high level of engagement makes short-form videos ideal for marketing purposes.
Around 87% of marketers claim that video marketing has helped them drive more sales and engagement from their viewers.
11. There are more than 950 million users and 63 million businesses registered on LinkedIn
LinkedIn is a professional networking platform that allows users to connect with other professionals, businesses, and organizations.
There are over 950 million members and 63 million companies registered in LinkedIn in 2023.
LinkedIn is mostly used to build brand awareness, generate leads and sales, find and hire top talent, connect with potential customers and partners, research competitors and market trends, and stay up-to-date on industry news and trends.
Social media is used by over 4.9 billion people worldwide.
Among all social media platforms available at the tip of our hands, as of January 2023, Facebook still remains to be on top of the list with over 2.95 billion users.
The Big Six of Social Media:
- Facebook with over 2.95 billion users.
- Youtube has over 2.5 billion users as of January 2023.
- Whatsapp with 2 billion users.
- Instagram also has over 2 billion users worldwide.
- WeChat has been used by 1.3 billion people globally.
- TikTok has been growing rapidly and now has 1.05 billion users.
Social media usage has been continuously increasing for a long time, and this trend will most likely continue.
In 2023, 4.88 billion people are expected to use social media globally in 2023, or 60.6% of the world’s population.
This indicates that more than 50% of people worldwide are now using social media on a regular basis.
Let’s take a look at how the social media users progress annually:
- Social media is being used by 2.73 billion people in 2017.
- In 2018, 3.1 billion people are using social media worldwide.
- In 2019, the number of social media users hit a whopping 3.51 billion.
- Social media is used by 3.9 billion people in 2020.
- Globally, there are 4.26 billion social media users in 2021.
- 4.59 billion people are using social media in 2022.
- In 2023, it is anticipated that 4.89 billion people are now using social media.
Social media is one of the most dynamic and rapidly evolving industries in the world.
It is being used by almost half of the global population.
With its evident presence and impact on our daily lives, people are wondering how much the social media industry is worth.
The industry is now worth a whopping $231.1 billion in 2024 and is expected to be worth more in the coming years.
A lot of businesses have been utilizing social media to communicate with their customers and target market.
The global economy is significantly impacted by it.
It helps other businesses like marketing and advertising while also producing employment and tax money.
In the upcoming years, it is anticipated that the social media sector would expand more and be worth more than it is valued today.
Thanks for reading our article on how much is social media worth!