A new report by Finbold has revealed that popular social media platform Meta (Facebook) was losing a majority of its users and revenue to Tiktok and other new social media platforms.
“Facebook’s market share has been affected by the growing competition with newer social media platforms like TikTok. In this line, the company is losing both users and advertising revenue to rivals like TikTok,” the report partly read.
According to Finbold’s most recent report, which was made public on Tuesday, Facebook’s market share value plummeted by 11.86% between January and November 2022, while Twitter’s market share soared by 55.86% during that same period.
Finbold explained that Facebook began the year with 76.85%, its biggest share since 2022, and the value stood at 67.73% as of November 2022. Twitter, on the other hand, had a 7.16% market share in January, but it had increased to 11.16% in November.
Despite the decline in market share value, the report detailed that Facebook was still the dominating social media platform.
Finbold further attributed Twitter’s sustained market share gain to Tesla CEO Elon Musk’s recent acquisition of the microblogging site.
“Based on the market share data across the year, it can be assumed that Musk has influenced the numbers; for instance, the share spiked around May when the deal was first announced but appeared to plunge after he initially backed out,” the report read
“Interestingly, internal reports, also confirmed by Elon Musk, indicate that Twitter’s daily user growth attained an all-time high during the first full week of Musk’s tenure,” it added.
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