The three social giants, YouTube, TikTok, and Meta, continue to compete for the user's attention. While more and more social media users are joining TikTok due to its bite-sized videos, we're seeing YouTube and Meta's Instagram double down on their efforts to beat the competition.
Currently, TikTok is the number one platform on the internet. Due to its short-form videos and vertical-video content format, social media users, brands and marketers, and content creators use TikTok to go viral.
YouTube is constantly tweaking its 'Shorts' feature to make it a Millennial and Gen Z favorite. And it seems their efforts are working! A report published by YouTube points out that more than 1.5 billion people watch YouTube Shorts every month, which is very close to TikTok's 1.6 billion monthly viewers.
Meta, too, is making progress with its Instagram Reels. Mark Zuckerberg stated in an interview that in the 2022 second quarter, over 20% of user time spent on Instagram came from watching Reels. In the third quarter, he witnessed a 30% increase in the time users spend on Reels across Facebook and Instagram.
With YouTube and Meta closing in on TikTok in the race, who do you think will win in 2023? It's tough for us to say.
However, industry leaders like Neve Fear-Smith, Neal Schaffer, Amar Jacob, and Pamela Seow have been following trends for a long time and know exactly which platform your brand should focus on in 2023.
"There will be greater growth for TikTok and YouTube at the expense of Instagram and Facebook. Instagram will be squeezed between the two," says Neal Schaffer, Digital and Social Media Marketing Consultant, Speaker and Author.
Check out our latest 2023 influencer marketing trends report, including first-hand platform data that gives interesting insights on the topic.
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