Last year, TikTok took the lead leaving every other social media platform behind. On the other hand, Twitter got sold out, and Meta faced many challenges. Now, we will discuss some new trends of 2023 which are going to define the future of social media platforms.
Social Trends of 2023
Twitter Will Take the Crown from Netflix
The most important trend of 2023 is that TikTok might take the crown from Netflix. According to the forecast, Netflix will have 172.2 million US viewers this year. These Netflix users spend, on average, 1 hour a day on the app. On the other hand, TikTok has yet to reach this level in terms of viewers and the time users spend on average every day on the platform. However, it will catch up soon as the number of TikTok users is 102.4 million, spending 47 minutes a day on average on the platform.
The question is, “How is TikTok going to cover this gap?” According to an analyst from Insider Intelligence, Debra Aho Williamson, we get to see shorter videos on TikTok mostly, which are now getting longer and will continue the same way. He talked about this in detail in a recent episode of “Behind the Numbers: The Daily.”
What’s the advantage TikTok has over Netflix? Simply put, TikTok is ahead of Netflix in terms of advertising. It’s dealing with all the current challenges effectively. It also just launched an ad-supported tier last year. So, according to Williamson, it won’t be difficult for TikTok to get the desired ad revenues to stay ahead of Netflix and other social media platforms.
On the other hand, Netflix is already struggling to promote its business in the US market. TikTok is getting the lead as it has control over ad revenues. So, it has become a dominant platform in the advertising business. This means you can expect to see a battle between the two in the coming months.
Social Media Platforms Will Share Their Ad Revenues With Content Creators
The other trend is that social media platforms share their ad revenues with the creators. It is something that YouTube is already doing through YouTube Shorts. It gives the platform’s content creators a fair share of their ad revenue. According to an analyst, Jasmine Enberg, other social media platforms will follow YouTube’s footsteps. It will have a domino effect on content creation, for better or worse. Likewise, it will encourage all the creators to create more content to earn more money from the platform, enabling monetization for every piece. So, they will start creating low-quality content in less time as they would need the bulk of content to post on social media regularly.
Small creators will likely jump on the bandwagon to earn more from their content. On the other hand, big creators might not put their high-value partnerships at stake to get a few more dollars. So, they will maintain the quality to meet the expectations of their partners and target audience. Another result you can expect is that some creator economies apps like Geneva or LTK will have some control which will further cause the creator landscape to shatter.
Elon Musk Will Resign Twitter’s CEO
Another vital prediction for 2023 is that Elon Musk might resign as the CEO of Twitter. It will either happen because of public opinion or his personal choice, but it will happen soon anyhow. However, it doesn’t mean he will cut down all types of acquaintances with Twitter. According to analyst Enberg, Alon Musk is under pressure to stand down. But the warning sign is that he says he will still be connected to the software and teams in one way or another. So, he will still have control over how Twitter will function.
The social media trends of 2023 show a lot of ups and downs for different platforms. However, the fact remains that TikTok is taking the lead and leaving other platforms behind. Sharing ad revenues with the creator will also bring significant changes in the dynamics of the ad business or digital world. On the other hand, the future of Twitter is still uncertain, as Elon Musk is not going to give up so easily.
Tabinda has been writing since forever, and it seems that her educational background in Economics, politics, management sciences, and psychology has given her an incredibly deep and comprehensive approach when it comes to display ads and PPC.