A new report released by eMarketer’s information service unit Insider Intelligence suggests that new user growth for all social networks is slowing as more than half of the world's population now has at least one social media account.
It also showed that snapchat was poised to OVERTAKE TikTok in new user signups by the end of this year. No worries for TikTok, however, as the same research group claims TikTok will regain it's title in 2024.
All in all the data has shown a slow decline in new-user signups over all of the social networks and in the case of Twitter, a steady and fast decline of users overall, despite Elon Musk's rapid-fire attempts at re-branding.
Does this mean that social media is doomed? Not at all. It simply means that more and more of the new user signups will be coming from countries where it's harder and harder to access the internet and as more and more of those parts of the world are given access, growth will solely be dependent on new people being born.
It also means that as far as marketers are concerned, they have reached the saturation point where new users aren't spending money like the current users are.