The New Social Media Numbers
You know social media is big but do you know how big? You know it’s growing but do you know how fast? You know social media entails more than just a way to stay in touch with friends and family but do you know what areas are becoming an entire industry of their own? AS a leading nationwide social media management agency, it’s our business to provide the latest, greatest and most reliable information possible. Tune in for today’s article for answers to these and many other fascinating facts surrounding the new social media numbers.
Every once in awhile social media researchers release findings about the growth of social media, the decline of traditional marketing and the emergence of entirely new industries capable of generating immense profits for those “in the know”. Unfortunately, getting your hands on the most recent information isn’t always as simple as it sounds. For example, many articles still toot the number of Facebook users at 800 million. A few go so far as to say 850 million. In reality, the actual number of Facebook users is more than 950 million and expected to reach 1 Billion in a matter of weeks if not days!
The delay in reliable information is somewhat expected given the ultra-rapid growth of social media. For instance, Facebook was at a mere 800 to 850 million just a few months ago. Traditional magazines are barely able to make it into print before the numbers change. So, exactly how big is social media. Well, there is still a bit of ambiguity since it is nearly impossible to put a single number on the entire socialsphere but the most recent round of research indicates that social media is moving into the mainstream with an anticipated revenue of just under $17 Billion dollars projected for 2012…a stunning 43% increase in a single year! Quite an impressive given the severe economic decline throughout the United States and much of Europe. Perhaps even more impressive considering the entire 2011 revenue came in at less than $12 billion.
Awe Struck Advertising
What is responsible for this level of growth? Advertising. Despite numerous reports and criticisms surrounding the immaturity of social media advertising, it is the single most significant driver of social media revenue with a projected total of 8.8 Billion for 2012. Is it time to stop criticizing social media advertising? Yes and No. As a social media marketing agency, we agree…the technology is indeed still in its infancy especially compared to more traditional methods. But that isn’t necessarily a bad thing – in fact, when used properly – it is a distinct advantage! Social media advertising should be taken seriously…very seriously. It should also be recognized as a growth industry still in its infancy with immense potential for those that recognize the benefit to be derived from getting in on the ground floor. The alternative? Increased risk associated with the decision to stay “put” in a declining market.
Gaming might be child’s play but it’s also serious business as evidence by the emergency of an entire sub-industry of its very own…social gaming. Once considered little more than a novelty, gaming in general has now overtaken traditional movies in earnings. Will social gaming follow the same path? Many experts believe the answer is a resounding “yes”. Social gaming doubled between 2010 and 2011 and is on target to do so again. Wondering about the bottom line? In excess of $6 Billion dollars is anticipated for this year alone. Still in the earliest stages of adoption, social gaming is anticipated to be a big winner as adoption rates escalate, subscription fees become the norm and users reach the point of critical density.
Mobile and social are intrinsically intertwined as made so publically clear by none other than Zuckerberg during the Facebook IPO. Unlike many social movements, mobile tends to go largely unnoticed in part, because it feels like such a natural extension of what users are already doing so it may come as a shock to learn that only 17 percent of respondents reported having used mobile marketing! What does this mean for business owners and social media marketing firms alike? Well for one, mobile marketing is still in the very earliest stages of adoption making it a prime candidate for growth and expansion. Those that tap into this lucrative and emerging market will reap the greatest rewards as more and more people join the ranks of mobile marketing users on a daily basis. How many? The Association of National Advertisers estimate it will double within the next year going from only 17% of users to 34% within months.
Video Vroom Vroom
With all the attention on Facebook, Twitter and Google+ it’s easy to forget about one of the hottest growing segments of social media; video. In fact, video is of such importance that nearly 80% of marketing firms plan to use video in the coming year..a significant increase over the reported 64% from last year. Video tends to be viewed as a time-consuming and more complex social media strategy by most business owners which is one reason it has historically been banished to the sidelines. However, the emergency of outsourcing and social media management for hire has allowed small business to compete head-to-head with larger concerns for a fraction of the cost. Great news for business since the effectiveness of video all but undisputed.
Location, Location, Location
Last but certainly not least, location based social applications are expected to grow at a healthy pace with just under 20% of marketing pro’s expected to integrate location based social app’s into their offerings. Still in the early stages, this is yet another high growth area with tremendous potential for those able and willing to establish a claim in the early stages.