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Overview of the Social Media Industry, Business and Industry Trends Analysis

Since most social media accounts and activities are free-of-charge, the challenge for social media firms has been to monetize their vast user bases. As of the first quarter of 2024, Facebook had 3.05 billion monthly active users (the majority are on mobile devices), Instagram had 2.4 billion and TikTok had 1.1 billion according to DataReportal and Insider Intelligence.

Meanwhile, LinkedIn has been quite successful in generating revenues. It not only sells advertising, but also sells subscriptions to account upgrades for users who are interested in deeper services. Since LinkedIn, largely aimed at business professionals and job seekers, is a popular way for salespeople to initiate conversations with potential customers, and for corporate recruiters and human resources managers to seek new hires, the site has had significant success in generating recurring revenues.

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