1. Mobile exclusive platforms. 189 million of Facebook’s users only ever access the site through their mobiles and more and more people are ditching traditional computers and laptops for tablets. In the emerging markets of Africa and Asia most people can only afford one or the other so Apps would seem to have the most potential for expansion. Facebook’s recent attempt to purchase Snapchat for $3 Billion only makes this seem more likely.
2. Video based social media. Youtube is already the world’s third most visited site and the recent rise of Vine has only served to showcase the potential that videos can play in social media. Vine is already integrated with Twitter giving it great potential to reach a massive audience and it will be interesting to see how far it can develop. Youtube already reaches more US adults aged 18-34 than any TV network, so not utilising the possibilities afforded by video streaming would be nonsensical. So far, only a few brands have taken up the opportunities presented by Vine. Dunkin’ Donuts actually made their Super Bowl 2013 TV advertising campaign entirely from submitted Vines. If a picture says a thousand words, how many does a video say?
3. Wearable technologies. Technology is changing; Google Glasses, Samsung’s Galaxy Gear, Apple’s rumoured smart watch. Social media will have to adapt to the changes in the way people access and interact with their sites and in turn the way the site’s interact with their users will change. You could for example be in a meeting and you need to quickly get some information on the people there with you; facial recognition on your Google Glasses could instantaneously tell you all you needed to know.
4. New players. Since the early days of social media innovation has been key. If you fall behind the curve users will leave in their droves as happened with MySpace. There has already been a surge in the number of new social media sites in recent years and there’s no reason to think that this will stop. If there’s a niche market somewhere you know that someone will be trying to fill it. LinkedIn is a prime example, serving as both an online CV and also as a way to meet and interact with other people in your profession. It has grown from 32 Million users in 2009 to over 300 million in 2014. Facebook is one of the companies that has managed to brave the storm and avoided being left behind by purchasing and integrating the companies into their existing platforms but young people are still slowly leaving the site. As the saying goes ‘if you can’t beat it, buy it’ (needs to be shorter point)
5. Exponential growth. It may already seem like everyone from your grandmother to your 10 year old cousin has a Facebook account nowadays but a surprising amount of the world’s population don’t even have dial up. It took until 2005 for the first billion people to get online, 5 years later another billion were surfing the web and it’s expected that by the end of 2014 the total number of people online worldwide will be around 3 billion. In 2014 estimated that 72% of all people with access to an internet connection have a social media account and it’s predicated by 2020 that the figure will be in the high 90s
Social Media Sites to watch out for:
Pintrest, Instagram, Mobli (backed by the world’s richest man and Leonardo DiCaprio)
Other related posts: