Social media is taking over the world; you can’t go two seconds without consuming it – well, you can, but who doesn’t love an exaggeration? It’s everywhere you look: tablets, adverts, ideas, communication, business, sport, the list is endless. Good luck trying to avoid it, being *that* person who chooses not ‘to have Facebook’ doesn’t mean your exempt from social media creeping into your life in some way, shape, or form; it’s unavoidable.
The lucky few who are creative enough/bright enough to drop out of the likes of Harvard to create such social media platforms are the real winners; the visionaries who win at life by being different. Take Evan Spiegel, founder of Snapchat, and worth the small amount of $3.7billion; whenever the entrepreneur Tweets, he deletes it after a set amount of time to supposedly ‘live in the present’; it seems more like the American’s living and breathing the brand, especially when Spiegel produces gold dust quotes such as: “Today, pictures are being used for talking.”
The constant innovation of redesigning social media platforms is what makes the market so competitive; the fact there’s over a billion users on them also plays its part. That demand for greater efficiency and what platforms offer as a service has seen sites drop off the face of the earth when they had previously been the monopoly in the market: RIP to the likes of MSN, Bebo and Blackberry Messenger et al.
— InGear Media (@InGearMedia) November 9, 2017
However, other leading social media sites are starting to fall behind. The major players in the last few years are losing ground with the audience demanding more features and development than ever – greedy Millenials.
If you can’t keep reinventing, there’s a danger you’re bound for the social media graveyard.
With Snapchat’s stocks falling nearly 20%, it caused a 60% drop in advertising rates. Its lack of growth caused Spiegel to announce a whole new redesign in order to stay competitive; hence why that notification keeps popping up in your chat menu telling you to verify your email in case you forget your password.
Along with Snap struggling for growth rates since 2016, Twitter looks set to follow the same trend; just a 5% growth rate has highlighted the problem that Twitter has a loyal fan base, but they’re the ones keeping the platform in business. The site isn’t recruiting new users, just the same ones which is stumping the growth of the site.
The real winner, despite only having 300million daily users is YouTube; the growth of 40% since 2016 goes to show the importance of the video world, and how it’s the way forward in social media.
Snapchat’s USP of being ‘instant’, although wonderfully different, could be the death of them as they look to make video content more permanent with the introduction of features such as ‘stories’.