Unravelling the State of Social Media in 2024

As we move into 2024, social media stands on the brink of significant change, propelled by emerging technologies and shifting user behaviour. 

This article goes into some of the dynamic shifts shaping the digital sphere, from the rise of social commerce, plus the influence of AI on content creation.

Anticipate the predominant trend set to shape the industry going forward revolves around a focus on AI assistance. Dare to say that there could even be the emergence of channels and profiles created solely with AI-generated content. 

With advertising revenue taking a hit with the present economic climate, social media companies are anticipated to explore alternative monetisation strategies, aiming to sustain profitability while upholding user trust. New avenues in e-commerce are expected to open up with TikTok Shop making headway this year.

Video content has been on the rise for years and will likely continue to be a dominant force. Short-form videos, live streaming, and interactive video content will be essential for engaging audiences throughout the year.

Social media platforms could increasingly incorporate Augmented Reality (AR) and Virtual Reality (VR):  technologies, offering more immersive and interactive experiences for users. Apple will launch its Vision Pro headset at a hefty $3,500 price tag. The hype surrounding Vision Pro is building up with the headset device allowing users to view films immersively and browse websites. With Apple profits taking a hit in the ever-competitive mobile retail sector, the chances are Vision Pro would be a slow-burn seller catching on with a smaller niche audience. The astronomical price tag in a device-saturated world without eye-catching software is hardly sounding like good value for money. We all remember how Meta failed miserably with Occulus, even with the marketing clout of the Metaverse (remember that one!). The feeling is that the humble smartphone app would still show mileage for facilitating AR, just as it did with the famous Pokemon hunt craze those few years ago.

The Metaverse and How We’ll Build It Together – Zuckerberg introduced the social / business platform: Metaverse in 2021 but later downscaled ambitions and employees associated with the idea.

Improved AI algorithms will lead to more personalized user experiences, and chatbots will become more sophisticated in handling customer inquiries and engagement on social media. AI can sculpt a new type of content – the rise of the fully AI-generated influencer. 

With growing concerns about online privacy, there could be a shift towards more secure and private social media platforms. Users may become more selective about the information they share, leading to changes in advertising and targeting strategies. The continued political fallout from China and Taiwan will mean TikTok will come under renewed scrutiny. Certainly, politicians in the US have growing concerns over TikTok and the use of data in the event of escalated tensions with the Chinese government; a government that can easily gain access to data obtained by Chinese companies. In a worst-case scenario, TikTok and other Chinese tech companies could see their software and hardware banned for use in Western countries.

While major platforms like TikTok, Facebook and Instagram, will likely maintain their dominance, there could be a rise in popularity for niche platforms catering to specific interests or demographics. BeReal, for instance, will see more popularity as a counter-proposition to the oncoming AI storm. As platforms embrace their unique strengths, content creators must tailor their strategies accordingly. Identifying the distinct purposes of each platform, such as community building on Instagram, audience expansion on TikTok, and authority establishment on YouTube, is vital for crafting effective social content.

In the case of X (formerly Twitter), the expectation is to see a further slide for this beleaguered platform this year after a torrid 2023 for owner, Elon Musk. Musk has managed to cut 70% off Twitter’s valuation since purchasing the company for $46bn. The list of company missteps has been long since 2022. The messy sacking of 60% of employees. The hurried and unexpected rebrand from Twitter is confusing. The botched attempt to verify users with blue ticks led to copycat profiles tricking users. The list goes on. While Musk supposedly champions an unrestricted “free speech” approach, risking the platform from undesirable and uncensored extreme right-wing commentary and misinformation. Which advertiser in their right mind would want their ads placed next to vile racist messages? His foul-mouthed outbursts against certain advertiser boycotts don’t exactly help Xs predicament either. Elon Musk himself has been under attack for sharing anti-semitic posts. Again, this kind of behaviour doesn’t help him or endear Musk to members of the Jewish community that uses his platform.

Elon Musk speaking at the UK AI Summit in 2023

I can’t help but wonder if X/Twitter is not the name it once was in the industry.

X is expected again to fall in user numbers, especially since they are looking into paid subscription access (unheard of for social media platforms). Even an expected $1 subscription sounds like a petty way to milk its user base of money – it will be an unpopular move for sure. However, X wouldn’t disappear off into the sunset. Musk has plans for X to become the all-in-one platform breaking from its micro-blogging roots. Soon you could see yourself banking through the X app or gaming with streamed games. But, if it’s going to be anything like the glitchy debacle that was the US presidential hopeful, Ron DeSantis and Elon Musk Twitter livestream, then perhaps we should steer clear.

There were two micro-blogging challengers to Twitter in 2023, one from Mastodon and the other from Meta’s Threads.  Mastodon was talked up but sign-up and installation confusion followed quickly because of open-source nature of that technology.  Threads initially gained significant traction with over 100 million users. However, despite its connection to Instagram and being a viable alternative to Twitter (during its issues) couldn’t sustain its momentum, leading to an eye-watering 85% usage drop over time.

While Threads experienced a surge in downloads, surpassing the top 10 apps combined, it faces the same challenges this year. With X/Twitter’s ongoing platform issues, there is potential for a comeback (especially when Meta is involved). The focus remains on building a stable user base in 2024 and beyond. I found the lack of a desktop app a real annoyance while the platform needs to break away from its Instagram roots with much better personalisation. Hopefully, new features and improvements on the Threads schedule indicate a commitment to enhancing the user experience and making it a real player in the market.

Social media platforms will continue to enhance their e-commerce features, allowing users to discover and purchase products without leaving the app. This trend was already apparent with the introduction of features like Instagram Shopping.

TikTok Shop is emerging as a global phenomenon, transforming the way creators interact with their audience. With over 200,000 creators registering as sellers, the platform enables a seamless checkout process, contributing to its growth. This innovative approach allows products to find users, marking the start of a new content form termed “social commerce.” Some creators are finding success, earning significant income through TikTok Shop, highlighting its potential as a monetisation option.

Creators and brands seeking to diversify their income streams are advised to consider TikTok Shop, while users can now manage their experience by long-pressing videos to avoid similar shop advertisements. This shift marks a departure from traditional advertising methods, placing products directly within the content, creating a rather unique shopping experience.

Conclusion

As we navigate the ever-changing landscape of social media in 2024, embracing these trends and predictions is crucial for creators, users, and brands alike. From the evolution of social commerce to the rise and challenges of new platforms like Threads and the integration of AI in content creation, the future promises a dynamic and innovative social media experience.