UK Social Media: Sharing and Socialising Market Report 2023
£ 2,195 (Excl.Tax)
Description
Stay ahead of the curve and future-proof your business with Mintel’s UK Social Media: Sharing and Socialising Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest social media platform trends and consumer behaviours affecting your business. Get a 360° view of social media platforms, including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Topics Analysed in this Report
- Recent launches by social media platforms, including the launch of Threads.
- Frequency of use of social media platforms.
- Frequency people post on social media.
- Features people would pay for and those they would get rid of.
- Attitudes towards AI on social media.
- Brand research for major social media platforms.
Social Media Platform Trends
The current cost of living crisis and inflation have impacted advertising revenue for the major social media platforms, as brands have pulled back spend. This will gradually improve as brands respond to growing consumer financial confidence. With advertising revenue compromised, social media platforms have sought out alternative revenue generation options, especially subscriptions.
Future Outlook: Social Media Platform Trends
The AI conflict
While AI presents many exciting opportunities, the easy proliferation of AI-generated misinformation will be a major concern for social media platforms, with consumers and governments expressing considerable concern about the issue. Updated policies and considerable investment will be needed to attempt to take on AI misinformation, and ensure people are aware of what they are consuming.
Twitter’s rebranding
Twitter, or X as it was rebranded on 25 July 2023, has been immersed in ongoing controversy since Elon Musk’s takeover in October 2022 and some users have grown frustrated. Many social media users would rather use a Twitter-like alternative than Twitter. This desire has opened the door for Twitter competitors, including the high-profile launch of Threads.
- Social media platform trends: 21% of social media users would rather use a Twitter-like alternative than Twitter.
To learn how to connect with your audience, purchase our full UK Social Media: Sharing and Socialising Market Report 2023. Discover lucrative innovation opportunities to help your business grow during times of financial uncertainty.
Leading Social Media Platforms
Twitter, X, Instagram, Facebook, Threads, TikTok, YouTube, Snapchat, LinkedIn, Pintrest, Twitch, BeReal.
Additional Features Included with Your Purchase
- Interactive Data Book: This gives you unlimited access to a consumer confidence tracker that is segmented into 25 different demographic categories.
- Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as Word and Excel.
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Expert Insights from a Media Analyst
This report, written by Rebecca McGrath, a leading media analyst, delivers in-depth commentary and analysis to highlight social media platform trends and add expert context to the numbers.
Threads is looking to capitalise on the issues and controversy surrounding Twitter. The popularity of Instagram, and the commitment to being ‘friendly’ means the platform can have broad appeal, including among those who have never been Twitter users. However, even if Threads can find success, it doesn’t mean there isn’t going to be a place for Twitter.”
Rebecca McGrath
Associate Director for Media and Technology
Table of Contents
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Overview
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- Key issues covered in the Report
- Products covered in this Report
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Executive Summary
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- The market
- The five-year outlook for sharing and socialising on social media
- Figure 1: Category outlook, 2023-27
- Improved economic situation should filter through to advertising revenue for social media platforms
- Figure 2: Household financial sentiment index, 2009-23
- New technologies hold great potential for social media
- Online Safety Bill enters final stages
- Companies and Brands
- Threads launched to take advantage of Twitter controversies
- Major rebrand for Twitter
- Users think TikTok is excellent but there are concerns it is harmful
- The consumer
- Instagram’s large user base provides broad potential audience for Threads
- Figure 3: Social media platform use, 2023
- Figure 4: Use of social media, 2020-23
- Facebook’s daily usage remains high
- Figure 5: Frequency of use of social media platforms, 2023
- Many are passive users of social media
- Figure 6: Frequency of posting on social media, 2023
- Most people are happy with a range of reaction options
- Figure 7: Social media features, 2023
- There is willingness to pay for social media features
- Figure 8: Paid features on social media, 2023
- There is an appetite for Twitter alternatives, opening the door for Threads
- Figure 9: Attitudes towards Twitter, 2023
- Generative AI holds great potential for social media
- Figure 10: Social media and AI, 2023
- Platforms should be giving users greater input into their feeds
- Figure 11: Attitudes towards social media, 2023
- Concerns over data are putting some people off TikTok
- Figure 12: Attitudes towards data and TikTok, 2023
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Issues and Insights
- Twitter’s problems have opened the door but Threads has a way to go
- Major rebrand for Twitter risks alienating users
- Generative AI holds great potential for social media but lessons from the past need to be learned
- Twitter’s problems have opened the door but Threads has a way to go
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Market Drivers
- The five year outlook for sharing and socialising on social media
- Figure 13: Category outlook, 2023-27
- Consumers’ financial wellbeing has fallen from the highs of 2021, but sentiment is picking up
- Figure 14: Household financial sentiment index, 2009-23
- Improved economic situation should filter through to advertising revenue for social media platforms
- New technologies hold great potential for social media
- Figure 15: Interest in future technology, 2023
- The five year outlook for sharing and socialising on social media
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Regulatory and Legislative Changes
- Online Safety Bill enters final stages
- Bans placed on the use of TikTok
- Further bans could be coming
- Calls for regulation of AI ramp up
- Online Safety Bill enters final stages
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Brand Research
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- Brand map
- Figure 16: Attitudes towards and usage of selected brands, 2023
- Key brand metrics
- Figure 17: Key metrics for selected brands, 2023
- Brand attitudes: TikTok is a trend setter
- Figure 18: Attitudes, by brand, 2023
- Brand personality: Pinterest is associated with being ethical
- Figure 19: Brand personality – macro image, 2023
- YouTube is viewed as user-friendly and helpful
- Figure 20: Brand personality – micro image, 2023
- Brand analysis
- The positive view of YouTube is growing
- Facebook has high levels of trust compared to most other platforms
- Instagram is viewed as fun
- Users think TikTok is excellent but there are concerns it is harmful
- More people now view Twitter as unethical
- Non-users do not have a strong sense of Snapchat
- Teenagers are the most likely to use Pinterest
- Growth in those who think LinkedIn is helpful and informative
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Meta
- Meta’s user growth picks up
- Figure 21: Meta family daily and monthly active people, 2021-23
- Figure 22: Facebook daily and monthly active users, 2015-23
- Revenue up slightly year on year
- Figure 23: Meta revenue, 2020-23
- Threads launched to take advantage of Twitter controversies
- Threads had a bombastic start but has a long way to go
- Twitter and Threads are not necessarily targeting the same people
- Figure 24: Threads’ interface, 2023
- Content moderation will be a key distinguishing feature of Threads from Twitter
- Meta adds generative AI music feature
- New avatar options show future of virtual socialising
- Following in Twitter’s footsteps, Meta adds paid verification, but with a crucial difference
- Meta’s user growth picks up
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YouTube
- YouTube’s ad revenue performance highlights a difficult market
- Boosting interactions through Shorts
- Making speeding up videos easier
- YouTube’s ad revenue performance highlights a difficult market
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Twitter
- Twitter has lost half of ad revenue following Musk takeover
- Twitter has dramatic rebrand to X
- Musk’s takeover and changes have already been polarising for users
- Twitter uncertainty and restrictions of access opens the door for rivals
- Breaking news and politics are key weapons in battle with Threads
- Twitter makes more features subscriber only
- Keeping creators happy through ad revenue sharing
- Twitter adds more video elements
- Twitter has lost half of ad revenue following Musk takeover
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Snap Inc
- Snapchat sees steady growth in use but losses increase
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- Figure 25: Snapchat daily active users, 2019-23
- Figure 26: Snap financials, 2016-22
- Snap quick out of the gate with AI chatbot
- Combining generative AI and AR lenses
- Snapchat sees steady growth in use but losses increase
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TikTok
- TikTok reaches 150 million users in the UK
- TikTok tests visual product search
- Cautious testing of generative AI chatbot begins
- New AI powered filters introduced
- TikTok offers parents greater control
- Users are allowed to refresh their algorithms
- TikTok reaches 150 million users in the UK
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Pinterest
- Pinterest sees growth in revenue and users in 2023
- Figure 27: Pinterest MAUs (Monthly active users), 2018-23
- Figure 28: Pinterest global revenue, 2018-22
- Pinterest looks to improve diversity in search results
- Taking initiative on children’s mental health
- Pinterest sees growth in revenue and users in 2023
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LinkedIn
- LinkedIn reports further member growth
- LinkedIn utilises generative AI as a writing tool
- LinkedIn reports further member growth
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Social Media Platform Use
- Instagram’s high user base provides broad potential audience for Threads
- Figure 29: Social media platform use, 2023
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- Figure 30: Use of social media, 2020-23
- TikTok’s growth continues and AI could further boost its use among young men
- Figure 31: Use of platforms among 16-24s, 2022-23
- Twitch under threat from new platform Kick
- Figure 32: Use of social media, 2020-23
- Instagram’s high user base provides broad potential audience for Threads
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Frequency of Use of Social Media Platforms
- Facebook’s daily usage remains high
- Groups and organisational elements help keep engagement high, especially among mothers
- Figure 33: Frequency of use of social media platforms, 2023
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- Figure 34: Frequency of use of social media platform (NET), 2023
- Reddit could benefit from Twitter’s woes but needs to avoid alienating its current users
- Facebook’s daily usage remains high
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Posting on Social Media
- Many are passive users of social media
- The more time people spend just watching, the more important creators become
- Figure 35: Frequency of posts on social media, 2023
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- Figure 36: Frequency of posting on social media, by age, 2023
- BeReal’s lessons on engagement
- Many are passive users of social media
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Social Media Features
- Most people are happy with a range of reaction options
- Avoid a one-size-fits-all approach to reaction features
- Figure 37: Social media features, 2023
- Dislike buttons can be utilised as a user moderator tool but they should be private on most platforms
- Figure 38: Think dislike button should be removed from social media, by age and gender, 2023
- Most people are happy with a range of reaction options
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Paid Features on Social Media
- There is willingness to pay for social media features …
- … but varied perks will need to be offered on a subscription
- Figure 39: Paid features on social media, 2023
- Twitter’s struggles could be accelerated by creating too big of a distinction between subscribers and non-subscribers
- Making verification paid for can devalue it
- There is willingness to pay for social media features …
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Social Media and AI
- Generative AI holds great potential for social media
- Generative AI chatbots needs to been kept under tight leash
- Figure 40: Social media and AI, 2023
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- Figure 41: AI on social media, by age and gender, 2023
- AI misinformation concerns could limit engagement
- Trusted sources can take advantage of misinformation concerns
- Figure 42: AI and social media misinformation, by age and gender, 2023
- Many fear losing the personal touch due to AI
- Generative AI holds great potential for social media
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Attitudes towards Twitter
- There is an appetite for Twitter alternatives
- And rivals are taking up the challenge
- Figure 43: Attitude towards Twitter-like alternative, 2023
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- Figure 44: Interest in using Twitter-like alternative platform, by generation, 2023
- People have varied opinions on a Twitter-alternative
- Twitter Blue attracts young men
- Figure 45: Twitter Blue, 2023
- There is an appetite for Twitter alternatives
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Attitudes towards Social Media
- Platforms should be giving users greater input into their feeds
- Figure 46: Attitudes towards social media, 2023
- The ‘Fediverse’ could create a more integrated social media world
- Concerns over data are putting some people off TikTok
- Figure 47: Attitudes towards data and TikTok, 2023
- People have varied views on TikTok bans
- Platforms should be giving users greater input into their feeds
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Children on Social Media
- Social media platforms need to alleviate concerns about children and social media
- Social media platforms need to alleviate concerns about children and social media
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Appendix – Data Sources, Abbreviations and Supporting Information
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- Abbreviations
- Consumer research methodology
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About the report
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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