Onya’s Take on the 2024 Social Media Landscape

2024 is HERE!

This new year, it is essential to take a closer look at?social media predictions and how they can impact your organization so you can prepare and leverage growth opportunities.?

Let us explore some of the most significant trends and developments expected to shape the social media landscape in 2024.

The Growth of Short-Form Video Platforms?

Short-form video platforms like TikTok and Instagram Reels have gained tremendous popularity in recent years. This trend is expected to continue in 2024 as TikTok alone is projected to reach over 1.2 billion monthly active users, according to a report by Fox Business. Marketing teams and organizations should consider using these types of platforms for regular planned content or paid advertising, especially in reaching younger audiences.?

The Increased Use of Augmented Reality (AR) and Virtual Reality (VR)?

AR and VR are poised to revolutionize the social media experience as we know it. We know...you’re all thinking, “Isn’t this more of a gamer’s realm than something that would show up on social media?” Not necessarily!

Do you know Snapchat’s AR filters and Facebook’s Oculus VR? Those are just the beginning. Statista reports that the AR and VR market is expected to grow by 209.2 billion by 2024.?

Social media platforms will increasingly integrate AR and VR features for enhanced engagement and interactivity. While this may seem still slightly far off in how this impacts your business, realize the potential: users may be able to experience or see a virtual representation of what it is you’re selling. And THAT can make all the difference in converting clients.?

The Action on Privacy Concerns and Regulation

This one comes up nearly every year and every year it plagues social media companies as they attempt to run platforms ethically. With continued concerns about data privacy, we can anticipate more stringent regulations in the social media space.?

A Pew Research survey found that 79% of Americans are concerned about how companies use their data. In response, platforms will likely implement stricter privacy policies and more transparent data practices (or so we hope).?

The Rise of Ephemeral Content

Ephemeral content, which disappears after a set period, is gaining major traction on platforms like Snapchat and Instagram Stories. In 2024, we anticipate many more social platforms adopting this format to suit the user's need for constant content engagement and entertainment.?

Stories have become a valuable tool for marketers and advertisers. A survey that was commissioned by Facebook Inc. proves this as 62% of the respondents say that they are more interested in a product or a brand after seeing it in Stories.?

The Evolution of Influencer Marketing

This is another one that comes up every year but that’s because it’s still relevant for people to look up to leaders or way-makers in the world.?

We expect that influencer marketing will continue to evolve for 2024 with brands. As more and more influencers form deeper and more authentic connections, their content will not be just about the pay but what they strongly feel about.?

According to Influencer Marketing Hub, the influencer marketing industry is set to be worth 22.3 billion in 2024. Again, the biggest drivers will be authenticity and leveraging micro-influencers for success in this space.?

The Expansion of Social Commerce

Social commerce, or the integration of e-commerce with social media platforms, is set to expand significantly!?

A 2021 study by Accenture predicts that the global social commerce market is expected to grow into a $1.2 trillion wave of change by 2025.

With features like Facebook Shops and Instagram Checkout, brands will increasingly use social media as a direct sales funnel. If online commerce isn’t something you currently use for your sales pipeline, now might be the time to get started.?

The social media landscape promises to be dynamic and incredibly promising, filled with opportunity for those who chase after the new advances. The areas listed above are just one of many in the great world that is social media, and we all know things could change quickly.?

Onya is always here to keep you up on the latest trends and changes. We promise to help shape and grow your business in this ever-changing world of digital marketing. Be sure to reach out today to get a jump start on the new year!