The Industry

Social media has changed the significant norms of our society. From the way we live our lives to the way we interact with our loved ones. Social media is everywhere. It’s unavoidable, it’s powerful, and it’s here to stay. Over the last ten years, social media has been growing exponentially, and it hasn’t reached the peak of its popularity yet. There’s no denying that social media platforms are now a significant source of information, communication, and entertainment. Not only do they provide a platform for users to communicate beyond local and social boundaries, but they also offer countless possibilities to share user-generated content, like photos, videos, and stories. Since going mainstream over a decade ago, hundreds of millions of Americans have embraced social media channels, from established players like Facebook and Twitter to LinkedIn and now new star players like TikTok. People use them to share stories, photos, and videos, for social networking, like maintaining relationships with friends and networking for business relationships. Over the five years before the pandemic, the industry has surged at an annualized rate of 28% to $55 billion. Social media statistics from 2019 show before the pandemic there were 3.4 billion social media users worldwide. During the pandemic, social media usage skyrocketed. Statistical research had uncovered that users spend an average of 3 hours per day per person on social networks and messaging. Currently, there are 4 billion social media users worldwide. Imagine the possibilities for growth as we shift to a post-pandemic society with the technological advancements in mobile networks and connections. Social media is here to stay and become a dominant form of social interaction in everyone’s lives.