Over 4.9 billion people worldwide are active on social media platforms, making it one of the most powerful tools for reaching global audiences. Social platforms continue to evolve, offering new features and experiences that cater to diverse interests, industries, and communities.
2024 is shaping up to be the year where the unexpected thrives, with new players breaking through the noise and established platforms evolving in ways no one saw coming.
What if the next big trend isn’t where you’ve been looking? In this post, we’re uncovering the fastest-growing platforms that are rewriting the rules of engagement, connection, and influence. If
you’re on the hunt for the next viral trend or aiming to elevate your brand’s long-term strategy, these platforms represent the frontier of digital innovation and engagement.
But the question is: how are businesses leveraging these platforms effectively in such a crowded space? Let’s see how
The 10 Leading Social Media Platforms in 2024
From Gen Z’s favorite hangouts to the top tools for business growth, here are the 10 leading social media platforms you need to know in 2024.
1. Instagram
- Headquarters: Menlo Park, California, USA
- Launch Date: October 6, 2010
- Founders: Kevin Systrom, Mike Krieger
- Monthly Active Users (MAU): 2.3 billion (Q1 2024)
- Revenue (2023): $47 billion (through parent company Meta)
Since being acquired by Facebook (Meta) in 2012, Instagram as one of the most popular social media platforms of 2024, has grown exponentially, evolving into a visual-first platform for creators, influencers, and brands alike. It has also diversified its offerings by introducing features like Stories, IGTV, Reels, and Instagram Shopping, which allow users to engage with content in various ways.
Approximately 90% of the information processed by the brain is visual, which is why Instagram’s visual-first approach resonates well with users. Brands that invest in high-quality images and videos are more likely to capture attention and engage their audience effectively.
The introduction of shopping features allows brands to tag products in their posts and Stories. Instagram Shopping is a significant growth area, with over 130 million users tapping on shopping posts each month, enabling seamless transactions directly within the app.
Influencer marketing is HUGE on Instagram, with about 78% of marketers acknowledging that influencer marketing is effective on the platform. Companies collaborate with influencers to reach niche audiences and gain authenticity through relatable content that resonates with their followers.
Instagram is primarily a mobile application, with over 98% of its user base accessing the platform via smartphones. This mobile-first design necessitates that brands optimize their content for mobile viewing to enhance user experience and engagement.
2. Facebook
- Headquarters: Menlo Park, California, USA
- Launch Date: February 4, 2004
- Founders: Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, Chris Hughes
- Monthly Active Users (MAU): 2.95 billion (Q1 2024)
- Revenue (2023): $117 billion
Despite being one of the oldest and the most popular social media platforms, Facebook remains at the forefront of social media. It consistently introduces new features to maintain its relevance, such as Facebook Watch for video content and Facebook Shops for e-commerce. It also continues to grow in regions like South Asia, Africa, and Latin America, where it serves as a primary internet platform for users.
While younger users are gravitating toward platforms like TikTok and Instagram, Facebook remains popular among older demographics. Approximately 69% of adults aged 50-64 and 46% of users aged 65 and older are active on Facebook, allowing brands to target these segments effectively.
Facebook’s comprehensive advertising tools, such as Meta Ads Manager, allow businesses to run targeted ad campaigns with precise audience segmentation based on interests, demographics, behaviors, and location.
The platform also offers analytics to track campaign performance in real time. Its Marketplace feature is becoming a valuable e-commerce tool, especially for small and local businesses. For marketers, Facebook offers both paid and organic ways to reach vast audiences while also facilitating engagement through groups, events, and live video.
3. TikTok
- Headquarters: Beijing, China (Bytedance HQ)
- Launch Date: September 2016 (as Douyin in China), August 2018 (global version)
- Founder: Zhang Yiming (ByteDance)
- Monthly Active Users (MAU): 1.9 billion (Q1 2024)
- Revenue (2023): $18 billion
TikTok’s fast-paced content consumption model has fundamentally changed how users engage with social media. Its powerful algorithm learns user preferences quickly and serves up hyper-relevant short videos, making it one of the most addictive platforms for younger generations, especially Gen Z.
For brands, TikTok represents an enormous opportunity to create viral, engaging content at a relatively low cost. TikTok’s trend-based challenges allow brands to ride the wave of viral movements, while the platform’s native advertising options, such as In-Feed Ads and Branded Hashtag Challenges, enable businesses to reach users in a natural, non-intrusive way.
TikTok also offers great potential for organic reach due to its recommendation-driven feed, giving brands the chance to go viral quickly with creative and fun content.
4. YouTube
- Headquarters: San Bruno, California, USA
- Launch Date: February 14, 2005
- Founders: Steve Chen, Chad Hurley, Jawed Karim
- Monthly Active Users (MAU): 2.6 billion (Q1 2024)
- Revenue (2023): $36.5 billion
As the largest video-sharing platform, YouTube has evolved to support a variety of content formats, including short-form videos through YouTube Shorts. It’s the go-to platform for video content, ranging from entertainment to education, and a favorite for creators and influencers alike.
YouTube is ideal for long-form content, tutorials, and explainer videos, allowing brands to build authority and trust with audiences. Ads on YouTube come in various formats, from skippable video ads to bumper ads, making it easy for marketers to tailor campaigns to different objectives.
YouTube’s organic discoverability, paired with advanced targeting through Google Ads, makes it a robust tool for reaching specific audiences and increasing brand visibility.
5. WhatsApp
- Headquarters: Menlo Park, California, USA
- Launch Date: January 2009
- Founders: Jan Koum, Brian Acton
- Monthly Active Users (MAU): 2.5 billion (Q1 2024)
- Revenue: Part of Meta’s overall revenue; WhatsApp Business monetizes through API services for companies
WhatsApp is the most widely used messaging app in the world, especially popular in regions like India, Brazil, and Southeast Asia. It has become more than just a messaging platform, offering video and voice calls, file sharing, and business communication.
WhatsApp’s Business API provides a direct line for businesses to communicate with their customers through personalized messaging, notifications, and updates. It’s perfect for customer service, providing real-time responses to queries, or sending tailored promotions.
With WhatsApp’s end-to-end encryption, users trust it for secure communication, making it an essential platform for customer engagement, especially in markets with low social media adoption.
6. LinkedIn
- Headquarters: Sunnyvale, California, USA
- Launch Date: May 5, 2003
- Founders: Reid Hoffman, Allen Blue, Konstantin Guericke, Eric Ly, Jean-Luc Vaillant
- Monthly Active Users (MAU): 1 billion (Q1 2024)
- Revenue (2023): $15 billion (Microsoft subsidiary)
LinkedIn remains the premier platform for professional networking, recruitment, and B2B marketing. Over the years, it has introduced innovative features like LinkedIn Live and LinkedIn Learning, solidifying its position as a one-stop shop for professional growth.
For B2B marketers, LinkedIn is invaluable. Its precision targeting capabilities enable businesses to reach professionals based on industry, job title, skills, and company size. Sponsored content, LinkedIn InMail ads, and Lead Gen Forms facilitate direct connections with decision-makers.
Recruitment on LinkedIn is a well-established practice. According to LinkedIn data, 95% of recruiters use the platform, and 50% of job seekers report receiving job invites through it. The platform’s endorsement feature, with over 30 billion endorsements given, validates user expertise.
Content marketing is another area where LinkedIn excels. LinkedIn Pulse allows users to publish long-form content, which can reach over 1,000 views if shared within the network. Companies like Adobe and IBM leverage this platform to share in-depth articles and establish themselves as industry thought leaders.
Professional development is a cornerstone of LinkedIn. With over 16,000 courses available, LinkedIn Learning demonstrates the platform’s commitment to lifelong learning.
The pandemic significantly impacted hiring trends. LinkedIn reported a 2.5x increase in remote job postings compared to pre-pandemic levels. This shift has reshaped how companies approach recruitment and talent acquisition.
7. Snapchat
- Headquarters: Santa Monica, California, USA
- Launch Date: July 8, 2011
- Founders: Evan Spiegel, Bobby Murphy, Reggie Brown
- Monthly Active Users (MAU): 700 million (Q1 2024)
- Revenue (2023): $5.2 billion
Snapchat remains a favorite among younger users, particularly Gen Z, for its ephemeral and real-time content. The app has evolved with features like Snap Maps, Bitmoji, and AR lenses, keeping it relevant in a competitive landscape.
Snapchat’s focus on augmented reality (AR) offers unique opportunities for immersive advertising experiences. Brands can use AR lenses to create fun, interactive campaigns that engage users in new ways. Snapchat ads, such as Snap Ads and Story Ads, allow businesses to target specific demographics with personalized content. The platform’s Discover feature also offers space for branded content, making it an ideal platform for reaching younger, mobile-first audiences.
8. Pinterest
- Headquarters: San Francisco, California, USA
- Launch Date: March 2010
- Founders: Ben Silbermann, Paul Sciarra, Evan Sharp
- Monthly Active Users (MAU): 480 million (Q1 2024)
- Revenue (2023): $3 billion
Pinterest is primarily a discovery platform where users can find inspiration for everything from home décor to fashion, recipes, and DIY projects. It’s particularly popular among female users and serves as a key driver of e-commerce.
Pinterest allows brands to showcase products in a visually compelling way. Rich Pins, Product Pins, and Promoted Pins make it easy for users to discover and buy products directly from the platform.
Pinterest is especially valuable for long-tail marketing, as Pins often generate traffic long after their original post date. Its focus on intent-based browsing means users are often in a buying mindset, making it a highly effective platform for driving conversions.
9. Twitter (X)
- Headquarters: San Francisco, California, USA
- Launch Date: March 21, 2006
- Founders: Jack Dorsey, Noah Glass, Biz Stone, Evan Williams
- Monthly Active Users (MAU): 450 million (Q1 2024)
- Revenue (2023): $3 billion (estimate, post Elon Musk acquisition)
Twitter is often the first platform where news breaks. Over 80% of users say they use Twitter for news, showcasing its role as a primary source for current events and trending topics.
The platform’s “Trending” section allows users to discover hot topics at any given time, making it a hub for conversations around global events and trends.
67% of Twitter users are more likely to engage with a brand’s tweet than with a brand’s post on Facebook, highlighting Twitter’s effectiveness for real-time customer interaction and support.
Brands that respond to customer inquiries on Twitter can foster a sense of trust and loyalty, with interactions leading to a 20-30% increase in sales.
Promoted Tweets are a way for businesses to extend their reach on the platform, often achieving up to 3-5 times higher engagement compared to organic tweets.
Tweets that include at least one hashtag tend to receive 33% more engagement than those without. The use of hashtags helps categorize content and increases visibility in relevant conversations.
Hashtags are widely used for events (e.g., #Oscars, #Olympics2024) to aggregate all related tweets, facilitating real-time engagement and updates.
Tweets posted between 12 PM and 3 PM on weekdays tend to perform better in terms of engagement, indicating optimal times for brands to post.
10. Reddit
- Headquarters: San Francisco, California, USA
- Launch Date: June 23, 2005
- Founders: Steve Huffman, Alexis Ohanian, Aaron Swartz
- Monthly Active Users (MAU): 560 million (Q1 2024)
- Revenue (2023): $700 million
Reddit is home to over 100,000 active communities (“subreddits”) where users engage in discussions on a wide range of topics, from tech to niche hobbies. Its diverse user base and highly specific communities make it one of the most unique platforms for targeted marketing. Reddit enables hyper-targeted marketing based on the specific interests of these subreddit communities, offering both organic participation in discussions and paid options like Promoted Posts and Display Ads.
Approximately 62% of Reddit users are aged between 18 and 29, with about 40% being male, making it especially popular among younger audiences. Reddit is organized into over 2.8 million subreddits, which are specialized communities focused on topics ranging from niche hobbies to global news. Each subreddit fosters active user interaction, resulting in millions of posts and comments daily. The most popular subreddits can attract thousands of comments and votes within hours.
Reddit features an upvote/downvote system, allowing users to curate content. This democratic approach ensures that engaging and high-quality posts rise to prominence, while less relevant content is deprioritized. Some Reddit communities, notably the r/wallstreetbets subreddit, have gained widespread attention for their influence on stock prices, such as the GameStop short squeeze in early 2021, highlighting the platform’s power in financial discussions. Subreddits like r/memes and r/wholesomememes also showcase the community’s creativity, influencing internet culture on a broader scale.
Reddit hosts discussions on virtually every topic imaginable, from hobbies and personal finance to existential questions. Subreddits like r/relationships or r/personalfinance offer support and advice to users facing various life challenges. Reddit’s allowance for anonymous posts and comments further encourages open discussion on sensitive subjects. This anonymity has fostered the creation of support communities focused on mental health, addiction, and personal challenges, where users can seek advice and share experiences without fear of judgment.
Are Any of These Social Media Platforms Facing Decline?
Several popular social media platforms appear to be losing some steam. Here’s a detailed look at some of them.
1. Twitter (Now X)
After Elon Musk’s acquisition, Twitter underwent several changes that alienated many users.
According to a report by Statista, Twitter’s average monthly user count dropped from about 330 million in Q4 2021 to around 250 million in Q2 2023, indicating a substantial decline.
Data from SimilarWeb suggests that web traffic to Twitter decreased by approximately 30% in early 2023 compared to the previous year.
In a comment to CNBC, former Twitter CEO Jack Dorsey stated, “The platform was not in a good place before Elon took over, but it seems like it’s definitely become more fragile since.”
2. Facebook (Meta)
Facebook, once the premier social media platform, has struggled to retain younger users who are increasingly turning to TikTok and Instagram.
According to data from eMarketer, the number of U.S. users aged 12 to 17 on Facebook is expected to decline by over 14% from 2020 to 2023, while TikTok’s user base in the same age group is expected to increase significantly.
Meta reported in its Q2 2023 earnings call that the average time spent on Facebook was down by approximately 10% year-over-year.
3. Zoom
In the wake of the COVID-19 pandemic, many professionals and organizations have reverted to in-person meetings and hybrid work models. As a result, the increased reliance on virtual communication that characterized 2020 and 2021 diminished, leading to a decline in Zoom’s user engagement and frequency of usage.
Other platforms, such as Microsoft Teams, Google Meet, and various social media applications, have enhanced their offerings for video conferencing and online collaboration. These competitors have integrated more social features, making them more appealing to users seeking multifaceted communication tools, which has drawn users away from Zoom.
Users have expressed “Zoom fatigue,” a phenomenon where excessive video calls lead to burnout. As people have become more selective about virtual meetings and social interactions, the novelty of using Zoom for casual social gatherings has diminished.
4. YouTube (in terms of creators)
Although largely successful, YouTube has faced criticism from content creators regarding monetization and algorithm changes.
Many creators have expressed frustration over the shifting algorithm, which they claim has limited their reach. According to a survey from Tubefilter, 45% of creators indicated that they have seen a decrease in views and monetization.
YouTuber Philip DeFranco mentioned, “YouTube is a fickle mistress; one week you’re the king, the next you’re barely hanging on.”
5. BeReal
BeReal, a social media app launched in 2020, gained significant popularity in 2022 for its unique concept of encouraging users to share unfiltered snapshots of their daily lives through a once-a-day notification to post at a random time. However, as of late 2023, BeReal appears to be facing challenges in maintaining user engagement and growth.
BeReal’s daily active user (DAU) count dropped from around 15 million in early 2023 to approximately 10 million by mid-2023. This significant decline raises concerns about the app’s ability to maintain its user base over time.
How Has Social Media Usage Evolved from 2023 to 2024?
Social media usage has seen notable shifts between 2023 and 2024, influenced by changing user preferences, platform innovations, and evolving digital trends.
1. User Growth and Demographics
- Increased User Base: By the end of 2024, social media platforms are projected to reach over 5.5 billion active users globally, reflecting a growth rate of approximately 10% from 2023.
- Diverse User Demographics: The fastest-growing demographic on platforms like TikTok and Instagram includes users aged 35-44, indicating a shift as older generations embrace social media for personal branding and networking.
2. Shift Towards Privacy and Security
- Enhanced Privacy Features: Following growing concerns about data privacy and misinformation, many platforms, including Facebook and Twitter, have introduced stronger privacy settings and transparency tools, empowering users to manage their data more effectively.
- Digital Well-being Focus: In 2024, there’s an increased emphasis on digital well-being, with platforms implementing features that encourage users to limit their time online and promote healthier social media habits.
3. Rise of Video Content
- Video Dominance: Short-form video content continues to dominate user engagement, with platforms like TikTok and Instagram Reels driving up to 80% of user interactions. This reflects a 25% increase in user preference for video over static content compared to 2023.
- Live Streaming Growth: Live streaming has gained popularity as a tool for real-time engagement, with platforms like YouTube and Twitch seeing a surge in live content creation and viewer participation.
4. Emergence of New Social Media Platforms
- Alternative Networks: New platforms focused on niche interests and community engagement, such as BeReal and Clubhouse, have gained traction, offering users distinct experiences outside mainstream social media.
- Decentralized Social Media: An increasing number of users are exploring decentralized social platforms, such as Mastodon, emphasizing privacy, user control, and reduced censorship.
5. Influencer Marketing Evolution
- Authenticity Over Reach: In 2024, brands are prioritizing partnerships with micro and nano-influencers who have highly engaged audiences. This shift represents a departure from simply targeting influencers with the largest follower counts, focusing instead on authentic engagement.
- Increased Regulation: As influencer marketing matures, regulations around disclosures and advertisements have tightened, ensuring clearer communication of promotional content to audiences.
6. Integration of Augmented Reality (AR) and Virtual Reality (VR)
- AR Features: Platforms like Snapchat and Instagram have expanded their AR capabilities, with a notable increase in the use of AR filters and effects, fostering higher engagement rates through interactive content.
- Metaverse Developments: As discussions around the metaverse persist, several social media platforms have started to experiment with VR social interactions, allowing users to engage in immersive environments.
7. AI and Personalization
- AI-Driven Content Curation: The use of AI algorithms to tailor content feeds has intensified, leading to more personalized user experiences. This trend has resulted in higher engagement rates but also raised concerns about echo chambers and content diversity.
- Chatbots and Customer Service: Brands are increasingly utilizing AI chatbots on social media for customer service, enhancing response times and user experience while reducing operational costs.
8. Increased Focus on Community Building
- Niche Communities: Platforms are placing greater emphasis on community features, with many encouraging users to join smaller, interest-based groups where they can connect with like-minded individuals.
- Discussion and Support: Subreddits and Facebook groups have become more popular for sharing personal experiences, advice, and support, reflecting a growing desire for authentic connections in a virtual space.
9. Shifts in Content Consumption Patterns
- Short-Form Content Preference: The appetite for bite-sized, easily digestible content continues to grow, with users leaning toward platforms that cater to quick consumption, resulting in a decline in long-form written articles.
- Interactive Content: Quizzes, polls, and interactive posts are increasingly favored, engaging users and encouraging participation in content creation rather than passive consumption.
10. Cross-Platform Strategies
- Multi-Channel Presence: Brands are adopting integrated social media strategies, utilizing multiple platforms simultaneously to reach diverse audiences. This trend emphasizes the importance of consistency in messaging across channels.
11. Monetization and Creator Economy
In 2023, creators faced challenges regarding monetization, particularly on platforms like YouTube and Instagram, where algorithm changes adversely affected visibility. Looking ahead to 2024, platforms are introducing better monetization options for creators, including subscription models and ad revenue sharing, to attract and retain top talent within the creator economy.
Conclusion
As platforms adapt to meet the ever-changing demands of their users, it’s evident that agility and awareness are paramount for businesses, marketers, and individuals navigating this dynamic landscape. The innovations and trends we see today are not just fleeting moments; they represent a pivotal shift that will influence the future of social media for years to come.
What will the next wave of change look like, and how can you position yourself to ride that wave? Stay tuned, as the next chapter in social media promises to be even more intriguing and transformative than the last! And suppose you are looking for someone who can make social media marketing easy and effective for businesses and brands. In that case, we here at DigiXL Media will help you connect with your audience. Our in-house social media experts will design and tailor unique strategies according to your business needs. We can’t wait to create some magic together!