Many of us, especially in agency land, have been witness to the ever-shifting tides of the digital space. It tends to constantly evolve and find new methods to innovate, which is why it’s such an exciting space to occupy and operate in. One specific space in digital, social media, is a space that not only has evolved at incredible speed over recent years, but is also at the same time, perhaps more recently, experiencing somewhat of a consolidation and possible crucial shift that’s changing its landscape.
Today, let’s dive into the intriguing topic of the apparent ‘death’ of social media and what it means for advertisers not only in Australia, but around the world.
The Social Media Landscape: Winds of Change
It’s no secret that the once-thriving landscape of social media is experiencing a seismic shift. The big players, the Facebooks and Twitters of yesteryear, are at times seemingly losing their grip. Why? Well, let’s talk numbers to unpack this a little more.
Unraveling Usage Statistics
Contrary to the common belief that people are spending less time on social media, the stats tell a different tale. Aussies are scrolling and tapping away on social apps more than ever. However, there’s a curious paradox at play – while the time spent on these platforms has surged, the act of posting has in-fact dwindled.
In a world flooded with content, users are becoming more passive observers than active contributors. It’s a shift in behavior that advertisers need to comprehend and adapt to.
The Rise and Fall of New Platforms
Enter the new kids on the block – Threads, Lemon8, BeReal, etc – attempting to disrupt the social media status quo. Alas, their journeys have been fraught with challenges. Whether it’s the struggle to gain critical mass or the formidable competition from the established giants, these platforms have faced an uphill battle.
Their struggles underscore a vital truth: the social media arena is not an easy one to conquer. Yet, their presence serves as a reminder that users are yearning for something different, something more authentic.
Teens and the Instagram Conundrum
Now, let’s talk about the demographic that often serves as the trendsetters in digital – teens. Instagram, once their digital haven, is undergoing a transformation of its own.
The DM Dominance
Contrary to the belief that teens are abandoning ship, they are, in fact, spending more time on Instagram. However, the dynamics have shifted. The allure of the ‘Gram now lies in the Direct Messages (DMs). Teens are weaving intricate social tapestries through private conversations rather than in the public domain.
Stories Stealing the Spotlight
Within Instagram, Stories have stolen the limelight. Teens are investing more time in ephemeral moments than the evergreen posts of the feed. It’s a testament to the transient nature of digital content consumption.
Advertiser Opportunities in the New Era
Amidst the changing landscape, savvy advertisers can seize opportunities in unexpected places.
1. Stories Advertising
As users gravitate towards Stories, there lies an untapped potential for advertisers. Paid ad spots within Stories are a goldmine waiting to be explored. It’s an intimate space where brands can engage with users without the clutter of a crowded feed.
2. Influencer Stories
Teens look up to influencers as their digital idols. Collaborating with influencers for Story features offers a direct channel to the hearts and minds of the younger demographic. It’s an endorsement that carries weight in the digital age.
3. Interactive Content
As users become more discerning, interactive content is becoming a formidable force. Polls, quizzes, and engaging Story content can capture attention and create meaningful interactions with the audience.
4. Authenticity Matters
In the age of dwindling user-generated content, authenticity is the trump card. Brands that can tap into the desire for genuine, relatable stories will win the hearts of their audience.
5. Embrace the New Platforms Wisely
While the latest platforms might face teething issues, keeping a close eye on their evolution is a strategic move. These underdogs may eventually offer niches where brands can find a receptive audience.
The Verdict: Adapt or Potentially Waste Significant Budget
As the ‘death’ knells continue to echo through the social media space, it’s clear that the only constant is change. For advertisers, this presents both a challenge and an opportunity. The rules of engagement are evolving, and those who adapt to the shifting landscape will emerge strong.
