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How has the market share of social media networks changed over the past 5 years?

Kathlene Spurrett

Over the past five years, the market share of social media networks has undergone significant changes. The ever-increasing demand for social networking sites and social media platforms has presented a competitive marketplace for many of these networks to flourish, merge, or shut down altogether. The largest social media companies, such as Facebook, Twitter, Instagram, and Snapchat, have seen growth, but the growth has not been evenly distributed. Newer social media platforms have emerged, aiming to fill specific niches and appeal to new audiences, while others have been overtaken by newer competition.

One of the most noticeable changes is that Facebook's dominance has waned. Facebook still remains the largest social media platform, but its market share has diminished over the years. As users look for newer and more engaging options, they have turned to other platforms that provide fresher experiences. In 2021, Facebook's market share has dropped to 60.6%, compared to its peak in 2016 when it had 90% of the market share.

Twitter, on the other hand, has held its position as a popular micro-blogging platform, but its market share has been dwindling slowly, hovering around 1%, although it still has a significant user base. Instagram exploded in growth over the past five years and was acquired by Facebook to provide an alternative and visually appealing option for users. Instagram's market share rose from 9% in 2015 to an estimated 33.5% market share in 2021.

Snapchat also experienced significant growth, catering to a younger population with its famous filters that have since been copied by several other social media platforms. Instagram and Facebook have also copied some of Snapchat's unique features like short-form videos, ephemeral messaging, and AR filters.

Additionally, newer social media platforms like TikTok have been created and have exploded in popularity over the past few years, challenging Facebook's established market position. TikTok has been a game-changer, rapidly gaining the attention of millennials and Gen-Z users worldwide.

The competition among social media platforms has led to innovation and new features being introduced, which has kept users engaged. In the past five years, the use of visual content and user-generated content has become increasingly popular, while influencer marketing has grown in popularity.

However, with social media's continued growth, there are concerns about the potential negative impacts of increased usage, such as addiction, cyberbullying, and privacy concerns. Therefore, it is essential to be cautious while using social media platforms, especially for people who spend significant amounts of time on such platforms, making it essential to have a healthy relationship with social media.

Looking to the future, one may wonder which new social media platform will dominate the market in the coming years, or how social media will evolve as technology advances. Will AR/VR integration become more common among social media platforms, or will interactive voice features take over? Only time will tell, and it will be interesting to see the changes brought on by emerging technology and this digital era.