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Social Media Statistics Marketers Need to Know for 2024

Arushi Monga
Written By

Arushi Monga

Published on

Last Updated

With the marketing landscape changing rapidly, knowing social media stats should be a top-shelf priority for digital marketers everywhere! 

Armed with the latest data about social media usage, you can work on strategic planning of marketing campaigns and understand consumer behavior better. Getting a detailed overview of social media advertising statistics will also help you redirect marketing efforts to channels that are more likely to yield positive results.  

Here are some of the crucial social media marketing statistics you must know before heading to 2024! 

Table Of Content:

  1. Social Media General Usage Statistics
  2. Social Media Marketing Stats for User Engagement
  3. Social Media Insights for Video Statistics
  4. 2023 Stats for Influencer Marketing
  5. 2023 Stats for Social Media Advertising

General Social Media Usage Statistics 

  • As of October 2023, 65.7% of the world’s population is active on the internet. Out of these 5.3 billion people, 4.95 billion are using social media. 
  • Facebook reigns as the most used social media platform, with over 3 billion Monthly Active Users (MAUs). 
  • In terms of MAUs, YouTube is in 2nd place with 2.5 billion users. There’s a tie between Instagram and WhatsApp for 3rd highest MAUs with 2 billion people. 
  • Every 3rd social media user in the US is a millennial. Leaving behind Gen Z, Millennials are now forming a 68.5 million user base in the United States. 
  • By 2027, almost 6 billion people will be active on social media. 
  • Social media is actively replacing search engines. Almost 40% of young adults are now using Instagram and TikTok to look up places to visit. Similarly, 51% of Gen Z women are more likely to use TikTok’s search ads, rather than Google. 
  • Between October 2022 and 2023, 215 million new users joined social media. This indicates an overall increase of 4.5%, with 6.8 users signing up for different social media platforms every second. 
  • On average, every person has 8.4 social media accounts. India ranks at the top with 11.5 accounts per person and Japan lowest with 3.8. 
  • Between 2020 and 2022, TikTok was the fastest-growing platform with 100% growth, followed by Snapchat with 45.8%. 

Social Media Marketing Stats for User Engagement

  • On average, an internet user aged between 16 and 64 spends approximately 2 hours and 31 minutes per day on social media. 
  • According to SocialPilot, total social media usage all across the globe goes up to 12 billion hours per day.  
  • According to research conducted by HubSpot, approximately 90% of social media marketers believe in the power of online communities. Facebook and Instagram rank at the top in terms of the effectiveness of communities.      
  • 84% of users are sharing content outside the social media applications and using messaging platforms like Email, SMS, messenger, etc.
  • Facebook page fan engagement rate is 0.07% as of January 2023. Out of all the content formats, images draw the highest engagement, i.e., 0.12%. 
  • Only 8% of total Instagram users fall in the age group of 13 to 17. 50% of these teenagers use the platform at least once a day and 10% check it constantly. 

Social Media Insights for Video Statistics

  • In 2023, 91% of businesses are actively using video content marketing, compared to 86% in 2022 and 2021. 
  • Video content can help increase email click-through rates by 300% and landing page conversion rates by 80%. 
  • As per social media stats given by Sprout Social, short-form videos are 2.5 times more engaging than long-form ones. Additionally, 58% of viewers will watch a brand’s video till the end if it is less than 60 seconds long. 
  • 95% of digital marketers say that video marketing has helped improve brand awareness. Also, 91% of them believe incorporating videos into marketing campaigns has helped improve brand traffic.
  • 37% of total social media users prefer to watch live video streaming. 
  • Video marketing has also helped improve product knowledge. Almost 43% of marketers report a significant reduction in personal support calls. 
  • Out of all the video content on Facebook, 71% comes from accounts with more than 100,000 followers. 
  • Video ads on social media get shared 12x more than image-based ads. 

2023 Stats for Influencer Marketing

  • 67% of social media marketers aim to work with micro-influencers (profiles with 10K – 100K followers). Only 29% of marketers prefer to work with mega influencers having more than a million followers. 
  • Influencer marketing is noticing all-time high success rates. Compared to the $1.7 billion valuation in 2016, it has now reached the $21.2 billion mark in 2023. 
  • Only 12% of brands have worked with more than a thousand influencers. 39% of brands have only worked with 10 influencers or less. 
  • When it comes to product recommendations, influencers trump celebrities. 50% of millennials are known to trust influencers, while only 38% rely on celebrity endorsements. 
  • For every $1 spent, businesses on average make $5.20. The number increases to $20 for the top 13% of businesses worldwide. 
  • Compared to banner ads, influencer marketing gives 11x ROI. 
  • Social media marketing statistics by Influencer Marketing Hub say that 62.9% of decision-makers are actively planning to use AI and ML to create effective influencer marketing campaigns. 
  • 52% of influencers show interest in working with brands associated with social causes.

2023 Stats for Social Media Advertising 

  • 54% of social media users use various platforms to research different products. 
  • By 2024, 50% of display and 25% of digital ad spending will be going to LinkedIn. 
  • 67% of users have made purchasing decisions after coming across social media ads. 
  • 77% of small businesses are using social media to reach out to potential customers. 41% of them are also using it as an active revenue driver. 
  • 47% of small business owners manage their marketing with no external help. 
  • According to Statista, total social media ad spending is expected to touch $300 billion in 2024, as compared to $270 billion in 2023.

Conclusion 

To say that data is fuel for social media advertising won’t be an exaggeration. With the help of the latest social media stats, one can make informed decisions and work on improving their overall brand presence on socials. Hopefully, this data will help power your marketing decisions for 2024! 

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