Important trends you need to know about social media
Recent announcements at Google I/O have propelled social media into an even larger share of the web spotlight. Platforms such as TikTok, Instagram, Facebook and YouTube are poised to become powerful marketing stages for your brand to interact with your audience.
And these major changes in search mean it’s now crucial for marketers and small businesses to understand current social media trends and evolving user behaviors on these platforms. Our carefully curated list of 2023 social media statistics provides a vital snapshot of the current social media landscape.
Key Social Media Statistics
In 2023, an estimated 4.9 billion people use social media across the world
The number of social media users worldwide has swelled to a record 4.9 billion people globally. What’s more, this number is expected to jump to approximately 5.85 billion users by 2027.[1]
These aren’t users tied to a single platform, either: The average user now spreads their digital footprint across a staggering six to seven platforms every month—highlighting the need for a multi-platform approach to social media marketing.
The social media app market in 2022 was valued at $49.09 billion
This number isn’t expected to stay stagnant, though, with forecasts predicting a compound annual growth rate (CAGR) of 26.2% from 2023 to 2030.[2] The driving force? The increasing global adoption of 5G technology. Social media platforms will need to continuously evolve to meet the demands of this blistering rate of growth, which means marketers will need to adapt and evolve their strategies to keep up.
The most used social media platform in the world is Facebook, with 2.9 million monthly active users across the world
Facebook’s reign continues into 2023, but it doesn’t stand alone. YouTube is hot on its heels, clocking in with 2.5 million monthly active users.[3]
These staggering numbers aren’t just statistics, either. They highlight the expansive influence and potential of social media platforms. The takeaway for marketers? To harness the increasing power of social, marketing strategies will need to leverage these platforms effectively to engage with audiences. Using social media management tools effectively is crucial to capturing this traffic.
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Influencer Statistics
Half of Millennials trust influencers’ product recommendations
In a twist of trust worthy of prime-time consideration, 50% of Millennials place their faith in social media influencers’ product recommendations, surpassing their trust in their favorite celebrities, which stands at 38%.[11] The key driver behind this trust? Authenticity: An impressive 88% of Millennials say they value authenticity in the influencers they follow—laying out a clear framework, rooted in relatability and sincerity, for marketers to follow.
3.8 million posts on Instagram had the hashtag “ad” in 2021
Instagram saw an impressive uptick in ad content in 2021, with 3.8 million posts worldwide donning the #ad hashtag—a significant 27% hike from the 3 million reported by the social media platform in the previous year[3] and a clear sign of its evolution as a key player in the digital advertising world.
Influencer spending hit $4.14 billion in 2022
Influencer marketing took a quantum leap in 2022, as expenditure in this realm skyrocketed to $4.14 billion.[3] It’s an impressive number, marking an increase of around a billion dollars from the previous year’s numbers. With this kind of trajectory, the future looks bright for influencer marketing.
The minimum average cost of a sponsored YouTube video with 1 million views is $2,500
On the YouTube sponsorship landscape, 2022 saw an average minimum price tag of $2,500 for videos garnering over a million views. Videos that racked up between 500,000 to a million views came in at a more modest $1,105—and a more hefty average maximum price of $16,234.[3]
The minimum average cost of an Instagram post with 1 million followers is $1,200
Influencers on Instagram with over a million followers saw their star power translate into posts that fetched an average minimum price of $1,200 in 2021. Macro-influencers (with followers ranging from 100,000 to a million), meanwhile, settled for a lower average minimum cost of $185 per post, with potential to escalate to an average maximum cost of $2,500.[3]
The minimum average cost of a Tik Tok post with 1 million followers is $1,034
TikTok mega-influencers, with a fan base of over a million followers, commanded an average minimum price of $1,034 per video. Macro-influencers on the platform, with followings of between 100,000 to a million, saw a lower average minimum of $151 per post, with the possibility of netting an average maximum of $793.[3]
The Bottom Line
Social media is about more than just apps and platforms: It’s a digital environment that’s clearly reshaping the world of marketing. Platforms such as TikTok, Instagram, Facebook and YouTube are the arenas where your brand can truly connect, engage and grow with your audience. With our 2023 social media statistics as a road map, embrace the evolution of social media and watch your brand story unfold in captivating ways.
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Social Media Usage Statistics
The average person spends about 145 minutes on social media every day
Time is a precious commodity. So it’s significant that the average person globally spends a significant portion of their day—about 145 minutes—on social media. Interestingly, Americans fall slightly below this average, clocking in at 2 hours and 7 minutes daily.[4]
To put this into perspective, if the average person maintained this usage over an average life span of 73 years, the end result is an astonishing 5.7 years spent on social media platforms.[7] For marketers, these numbers highlight the reach and potential of an effective social media strategy.
The most engaging type of content on social media is short-form videos
Both brevity and authenticity are winning the day on social media, with short-form videos—typically less than a minute in length—capturing the attention of 66% of consumers. Highly shareable, these bite-sized videos are 2.5 times more engaging than longer videos, and 34% of consumers appreciate the more genuine nature of the shorter form.[5]
The most common way people access social media is a mobile device
It comes as no surprise that the majority of people are tapping into social media through their mobile devices, but the number itself might raise some eyebrows: 99% use a tablet or smartphone to connect to social media, while 78% do so exclusively from their phones. At 1.32%, desktop social media users are dwarfed by their mobile-loving counterparts.[4] It’s clear, then: mobile-focused social media strategies are key. Make sure that when you create a website for your business, you utilize a website builder that can reflexively optimize your site for both desktop and mobile experiences.
The country where people spend the most average hours on social media is Nigeria
Nigeria tops the global charts in social media use, with its citizens averaging more than four hours a day on social networks—far surpassing the global daily average of 2 hours and 27 minutes.[3] Other emerging markets with youthful demographics such as the Philippines and India also show high engagement levels, highlighting the importance of demographic and regional considerations when planning social media campaigns.