How Bright Is The Future Of Social Media (As We Know It)?

After reading the book Jab, Jab, Jab, Right Hook, from Gary Vaynerchuk (2013), I’ve giving a lot of thought on how Social media’s been changing the world in many aspects. Coincidentally, I came across an article published by The Economist last week, where an thorough analysis was made on Facebook’s current challenges and future outlook.

With the advance of technology, and the rise of new companies, as well as channels, social media outlets must constantly reinvent themselves in order to stay relevant and on top. Unplanned incidents, however, can hugely affect certain outcomes, as we have been observing with Facebook over the past few years. Data breach scandals, security issues, amongst others (O’Flaherty, 2018), appear to have severely impacted the company’s path.

Also, recent trend reports have shown that users spend less time on Facebook, and consume less content on public social networks in general (Domonoske, 2018). Adults over the age of 18 are spending 31% less time on Facebook’s core social network compared with two years ago, while the keep transitioning away from public consumption of content on social networks to more private interaction.

As stated by Vaynerchuk (2013), brands need to stay consistent and relevant on Social Media, and that wouldn’t be different for the social media channels themselves.

While Facebook is struggling, Instagram remains on the top of the charts, as the fastest growing SM platform – offering really engaging and successful features, like stories.

Besides that, other hot topics are in the works for 2019, as they keep popping up in digital marketing trend reports.

According to DeMers (2018), by 2020, half of all search queries will be voice-based – which means social media outlets will have to find their way into this technology. Other trends include: promoting authenticity through channels, utilizing VR and AR technologies, and finding innovative ways of implementing storytelling into products.

References:

DeMers, J. (January 9, 2018). Why You Need To Prepare For A Voice Search Revolution. Retrieved from https://www.forbes.com/sites/jaysondemers/2018/01/09/why-you-need-to-prepare-for-a-voice-search-revolution/#224a9e9134af

Domonoske, C. (February 1, 2018). We’re Spending Less Time On Facebook, And Mark Zuckerberg Says That’s Great. Retrieved from https://www.npr.org/sections/thetwo-way/2018/02/01/582469706/were-spending-less-time-on-facebook-and-mark-zuckerberg-says-that-s-great

The Economist (November 22, 2018). Facebook should heed the lessons of internet history. Retrieved from https://www.economist.com/business/2018/11/24/facebook-should-heed-the-lessons-of-internet-history

O’Flaherty, K. (September 29, 2018). Facebook Data Breach: What To Do Next. Retrieved from https://www.forbes.com/sites/kateoflahertyuk/2018/09/29/facebook-data-breach-what-to-do-next/#16cb7fb72de3