According to a recent Pew Research Report, 81% of the US population uses YouTube.
Facebook? Just 69%.
And that number is falling a lot among the younger generation. Reportedly, only 27% of teens now use Facebook versus 94% in 2012 (when it was seemingly everything).
Here are some of the biggest takeaways from this report – and what they mean for marketers.
What you should know:
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Reddit is the fastest-growing social platform
Only 18% of adults in the US use Reddit, but it’s growing quickly. And considering their push for new features (audio), it’s a platform to watch.
Reddit’s the latest in a long list of platforms rumored to be working on their own Clubhouse-style audio rooms feature.
How it will work: Audio rooms may be included in Reddit’s “power up” program, which was announced in August 2020. Power-ups let you pay a subscription fee to gain access to premium Reddit features, like uploading HD videos and leaving GIFs in subreddit comments.
Why should you care: Live audio chat is on its way to becoming the next major content format. Discord launched Stage Channels and Spotify acquired a live audio app to make more of a push in this direction
Live audio is the current gold rush in social media. Clubhouse hopped on the trend, and now it seems like everyone (including Reddit) is trying to get a piece of it.
Facebook and Instagram are still dominant
They’re first and third, respectively, on the frequency of use metric.
Both Facebook and Instagram as platforms aren’t losing much ground.
YouTube is underutilized
The most popular social platform is also an underutilized acquisition channel.
Much of the ad world is still focused on Facebook. YouTube is still not used to its full potential.
YouTube has outlined its plans to become the go-to platform for live shopping in 2024:
YouTube plans to offer creators the ability to launch live product drops, exclusive discounts, and poll fans during their live shopping streams.
Connect with a shop
Creators will be able to link a Shopify store to their YouTube channel, tag their favorite products and then create a live shopping stream.
Creators will also be able to create trailers for their upcoming live events, allowing fans to set up reminders.
What this means for you
More chances if you do influencer marketing.
When you work with influencers, for example, you can tell them not only to mention your product, but also to connect with your store and provide product links where viewers can click and purchase right away.
With the way things are going, it looks like the livestream shopping craze will be in full swing in 2024.
We find the statistics about YouTube particularly interesting.
It’s proven to be an underutilized acquisition channel, but more marketers are talking about it.
There are some interesting ad options, as well: Like the option to only pay when someone watches your ad for at least 30 seconds, or clicks on it.
This can improve return on ad spend by not having to worry about paying for impressions that aren’t genuine engagements.