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.  By November 2021, Facebook had 2.098 billion monthly users (the majority are on mobile devices), Instagram has 1.283 billion and TikTok had 755.0 million according to eMarketer.  LinkedIn, for example, 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…

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