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An Expert Guide to Social Media App Industry Report 2022

The social media app industry has been thriving at an exponential rate. As per Statista, the total revenue in the social networking app market is projected to reach $43.39 billion in 2022. The same source also projects it to grow at a CAGR of 23.4% by 2028. 

Now, this data isn’t just driven by millennials but its worldwide adoption by all age groups. The rising demands of large & small-scale enterprises utilizing social media platforms for marketing purposes are also adding to its enormous growth.

But, what does this data indicates?

It indicates that there has never been a better time to invest in any innovative ideation for a social network. 

Here’s a detailed analysis of the social media industry for all enthusiasts aspiring to start their social network. 

Social Media Industry – Market Overview & Key Statistics

It all started in 1997 when Andrew Weinreich launched Six Degrees – a website that offered features like profile creation, friends lists, and school affiliation among other services. Since then social networking platforms have been on the rise and constitute half of the world’s population today. Especially, in the last decade – from 970 million people in 2010, it has grown to over 4.48 billion in 2021 across all social media platforms. 

Further, it’s a direct result of this worldwide phenomenon that in 2019, the social networking app market size was estimated at $192.95 billion. In addition, a survey from Research and Markets projects it to reach $939.68 billion by 2026. 

Gender-based Analysis of Global Social Media Users

gender based social network usage by platformBacklinko

As per the statistics from Backlinko, the current global social media users split between men and women is 54% and 46% respectively. However, if you look at the monthly active users on top social media platforms, you will get a better understanding of males and females dominating different platforms. 

 

social media users by gender

Region-based Analysis of Global Social Media Users

On a region-based analysis, Western Europe has both male and female using social media services equally. Here’s a data on social media users worldwide.

region based social network users

How much social networking app market has grown over the years?

From 2.07 billion people in 2015, the global social networking app users population has reached 4.48 billion in the last six years. This 

growth rate of active social media users

Key Factors for Continuous Growth in Social Media Industry

As per Grand View Report, here are the key factors for consistent growth in the social networking segment.

  • Rising 5G technology.
  • Ease of access of in-app purchase-based social networking app.
  • Growing investment to provide in-stream ad-free features for global clients.
  • Rising demand for free gaming subscription-based social networking apps.
  • Global trend for live streaming videos & surge in adoption of OTT platforms.
  • Higher adoption of social commerce across the globe.

What’s driving huge revenues in the social media sector?

global social networking app marketGrand View Research

 40% of all internet users worldwide use social media for work purposes – something that’s only increasing with every passing year. This dictates the increasing revenue of social media platforms over time.

people using social media for businessBacklinko

Here’s how social networking platforms generates revenue. 

  • Social media apps provide services to these users to promote their brand or sell their products and services. 
  • It makes huge revenues through advertisements in return for all the free services.

Is it worth investing in a Social Media App in 2022?

Absolutely! Here are some stats that prove it.

In 2022, Statista predicts,

  • In-app purchase revenue in social media services to reach at US$15.54bn.
  • Paid app revenue in the Social Networking segment to grow to US$0.03bn.
  • Advertising revenue in the social media business to reach US$27.82bn.
  • The average revenue per download currently is expected to reach at US$3.88.
  • At present CAGR rate of 8.57%, the projected market volume of US$60.29bn by 2026.

With a large number of new users coming on board each day, the social networking industry is expected to prosper in the coming times.   

What are the Must-have Features for a Social Media App?

  • News Feed: Get all the news updates from all around the world.   
  • Filters & Emojis: Add text, stickers, live face filters, and geo stickers on the go!
  • Story Sharing: Share a glimpse of their daily lives through short video clips.
  • Marketplace: Users can easily promote their products and services to their target audiences.
  • Hashtags: Let your users share relevant content based on popular hashtags.
  • Live Streaming: Live stream your videos in real-time with just one click on our app.  
  • Profile Linking: This gives users the flexibility to link their accounts to other social media apps.
  • Voice Recording: Get an all-inclusive voice recording & sharing feature.
  • Activity Notification: Users get real-time notifications of all the activities happening on their accounts.

Why Choose Code Brew?

At Code Brew, our expert development team has built over 10,000 apps for various industries like social media marketplace, on-demand ride-sharing, online food delivery, e-commerce, online education, healthcare, and a lot more. So, in addition to a social media app and website services, we offer a robust control panel that offers,

  • Powerful Analytic Dashboard

Fetch important details, understand your users’ behavior & target them with better offerings.

  • Manage Users & Groups

Manage all your users’ details in a single place & build steadfast relationships.

  • Channel & Category Management 

Manage different in-app channels and categories created by users & brands.

And that’s not the end of our esteemed services. 

You can build a social networking app with our advanced technology stack. 

  • Chatbots 

Get a highly personalized and intuitive user experience with tools like Chatbots and Virtual Assistant.

  • Artificial Intelligence

Our in-app AI feature assists all users with anything and everything on the application.  

  • Blockchain 

Make your social media application more transparent with our blockchain technology.  

  • Augmented Reality 

Boost your social media app engagement with our AR Camera effects feature.

Got some innovative ideas for a new social media marketplace?

You don’t have to be a tech-savvy person to start any business. Outsource your social media app development to our professional team at Code Brew today!

Want to build a robust social media app?

Contact us today and we’ll be happy to help.

August 11, 2022

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