It’s been a bit of a wild year in the world of social media. Twitter’s new management has made headlines, while Mark Zuckerberg’s Meta is also in transition. Although no one can say with certainty what’s to come, we discuss a few possibilities here. Regardless of how 2023 shakes out for the “big three” social platforms (Facebook, Instagram, and Twitter), one thing remains true: social media remains a vital tool for connecting with others.
Facebook has begun to fall out of favor with the younger crowd as it struggles to find its footing among the changing landscape of consumer behaviors and ad trends. The platform is now changing its strategy, and users should expect to see more AI-recommended content in the coming year. Zuckerberg himself has said as much, noting that recommended content will continue to take a more prominent role on the newsfeed. This development is likely due to TikTok’s popularity, but it’s unclear how users will react as more of their feed (possibly up to 40%) includes content from pages and people they aren’t following. According to Zuckerberg, high-quality AI-recommended content has the potential to make the platform even more engaging.
As part of Meta, Instagram is also experiencing some changes. The rise of TikTok has caused Instagram to evolve to keep up, and thus far, its efforts are paying off. The platform that was once exclusively for photo sharing only has found success with Reels, and monthly active users are up. In 2023 and beyond, be on the lookout for Instagram, like Facebook, to incorporate more AI-generated content.
Creators are hopeful that the platform will offer new features geared toward different types of content, such as AR or 3D capability. Brands may be looking forward to the possibility that Instagram will turn its focus to shopping features, such as livestream shopping.
TikTok
TikTok remains hugely popular with Gen Z and Millennials. Although this app (which doesn’t identify as a social platform) is under scrutiny for security concerns, its usage is expected to continue to rise. Despite the app’s massive following, creators haven’t been able to generate as much revenue on TikTok as they can on YouTube. This is largely because it doesn’t yet have the capability for mid-roll ads. The channel has already begun experimenting with solutions for this, including looking into an ad revenue sharing program.
Douyin, the Chinese version of the app, has had success with in-stream shops. Although this may not translate well in the U.S. and other markets, it’s likely that TikTok will continue to push for live-stream shopping.
YouTube
YouTube has several changes coming up in 2023. For starters, the video-sharing platform is allowing creators with a smaller following to apply to the YouTube Partnership Program (YPP). To be accepted, applicants must obtain 1,000 subscribers and 10 million Shorts views within 90 days. This is great news for creators, and opens up the possibility for monetization for more contributors. New features are also coming to Shorts, including an expansion of the temporary Shorts Fund and an overhaul to YPP Fan Funding.
After experiencing some turbulence, Pinterest appears to be on an upward trajectory once again. The initial COVID-19 shutdowns brought an influx of users to the platform, only to have its audience bottom out after stores reopened. However, the new CEO (Bill Ready, former Google Commerce Chief) has spurred Pinterest to reimagine its product discovery and eCommerce push. In 2023, watch for Pinterest to focus on international markets and add more products (such as improved tools for product comparison) to its roster.
Even if you’re not a devoted Twitter user, chances are that you’ve heard the chatter about Elon Musk’s takeover of the platform. Twitter is currently free to use, but that may change in the future as Musk considers subscription-based services to boost revenue. Although it’s impossible to tell what’s to come for Twitter, it’s probably safe to say that more changes are coming down the pike. In addition to the possibility for fees, Twitter may offer features including new and improved analytics tools and additional verification levels.
The coming years are sure to bring changes to the social media realm. With Musk’s acquisition of Twitter and the rebranding to Meta, the only thing that’s certain is change.
Regardless of how the top platforms evolve and which newcomers may arrive, it’s important for your business to stay adaptable. If you want to ensure that you have a solid strategy in place, working with a digital marketing consultant is crucial. Our team would love to assist you in creating a tailored campaign, so please contact us when you’re ready to learn more.