Exciting Social Media Video Statistics and Trends for 2024
While many of us entered 2021 with the expectation that widespread introduction of vaccines and changes to everything from how we work to how we interact in stores and how we engage in public would result in us returning to “normal” following the Pandemic year 2020, 2022 seemed to be a direction towards normalcy.
However, there’s one thing that can be said of the COVID-19 pandemic, and that’s that it gave way to a rise in working from home opportunities and remote business operations, increased use of the social metaverse for digital connection, and rapidly accelerated shifts towards eCommerce in lieu of shopping in person. Certainly, there have been benefits experienced for some in regards to the pandemic, despite the suffering and widespread disruption to the economy as we once knew it.
We expect many of these elements, such as the hybrid work model and rise of eCommerce over in-person brick and mortar shopping to continue well into 2024 and we also expect that social media is going to continue to evolve, playing an integral role in communications, connections, and relationships. Specifically, if you’re still not sure what the metaverse has to do with your business, it’s time to step up the plate and be one with the changing times.
There’s definitely no shortage of excitement, particularly on social media. Consider these exciting social media video statistics for 2024 which focus on the evolving metaverse, a rise in eComm sales, and platform based trends that we expect to playout over the next 12 months in regards to building relationships, engaging with customers, and growing businesses in every industry imaginable.
Facebook Becomes Meta
That’s certainly not a prediction, it’s reality as of just a couple of days ago, but what does all of this mean? Despite challenges and some dips or declines amid a stream of controversies, Facebook continues to be at the top of the social media pyramid accounting for more than 2.89 billion monthly active users as of the second quarter of 2021 and growing continuously into 2024.
Zuckerberg, in a controversial move, announced that Facebook is now “Meta” a response to his earlier assumptions that the social media world was a “metaverse” of sorts in which social-media platform growth opportunities push far beyond merely representing what was once a college dorm built platform of social connection. Meta represents a concept that seeks to blend augmented reality, virtual reality, and the interconnection of virtual communities in an attempt to see the brand into the next generation of internet users. We see this as a direct move by the platform to find ways that it can interconnect and build stronger relationships with younger audiences that Facebook may have previously been losing touch with.
Live eCommerce Shopping on Facebook & Instagram
It looks like platforms Facebook (Meta) and Instagram have put a lot of effort into launching their in-stream shopping experiences for 2024. Users should expect to see the expansion of various shopping experiences including shoppable posts, streamlined payment processing, and in-stream product alerts that will allow viewers to make purchases within the app, on the spot.
The live-stream shopping trend that has been popular in China since 2017 is also expected to rise in popularity here in the United States on social platforms. While China has seen a rise in eComm live shopping from 2017 to 2020 accounting for 280%, the industry represents a $423 Billion dollar market by the end of 2024. Business owners, particularly eCommerce businesses, should be prepared to engage in live-shopping and the use of social media videos that specifically target the creation of shoppable experiences for their followers.
Twitter Blue & Monetization Options
For 2024, Twitter is going to continue to build pathways for its creators to monetize and profit from their Tweets. In fact, one of the most exciting social media video statistics and trends for 2024 that we’ve been focused on for Twitter is in regards to the introduction of Twitter Blue and other monetization options such as Super Follows and Ticketed Spaces, which directly provide Twitter users with monetization opportunities like never before.
The introduction of Twitter Blue subscription only feature will provide creators with special access to tools that will assist them in building up their network and accessing a subscription only section of the platform in which all the “noise” is taken out of the mix. While this alone doesn’t seem like the most valuable option for Twitter, if they can come up with some value add features that would help users increase their earning potential through the subscription we think they could be on the right track.
Of course, like other platforms that are heavily focused on eComm for 2024, Twitter is going to make it possible to shop via a Tweet in the coming months. Professional brands will be able to include in-stream buttons that link users to the shoppable products they offer. The effectiveness of this begs to be seen, but we think it’s going to be pretty popular.
Instagram Focused on eCommerce
Like the other social media giants, Instagram is focused on eCommerce for 2024. Do we see a theme here? Most certainly!
It looks like Instagram is going to continue to build in shopping features to its platform adding everything from object identification tools that will function to provide immediate item shopping from posts and stories, to improvements in its advanced product search features and discovery panels. It looks like 2024 is all things shopping for the Gram, in a positive push that we believe is going to provide more opportunities for monetization for creators while helping new businesses forage up amazing opportunities to grow and leverage their brands online.
Pinterest Incorporates Live Shopping
Are you surprised? Pinterest, following suit with other major providers and social networks, is focusing much of their 2024 effort on live shopping experiences. Although live-streaming is currently not part of Pinterest’s product offering, we expect to see a push toward live-stream shopping via the platform early in 2024.
Pinterest is already testing out features and options so that it can launch its live-shopping experience Q2 of 2024. Expect to see the platform push video pretty extensively, particularly for eCommerce brands but also to businesses in a variety of industries as the platform steps up real-time shopping experiences for its viewers and provides access to features and easier connection options that make buyable pins more prominent than ever before.
These are just a few of the most exciting social media video trends and statistics that we see for 2024. What else do you expect from social media in the coming year?