The social media subscription market has seen exceptional growth, with its size expected to increase from $20.28 billion in 2023 to $24.72 billion in 2024, achieving a CAGR of 21.9%. This growth is fueled by the increasing adoption of social media, content monetization strategies, the boom in influencer marketing, the appeal of ad-free experiences, and privacy concerns. The market is projected to grow further, reaching $50.53 billion by 2028, with a CAGR of 19.6%. Future growth drivers include content diversification, the expansion of the digital economy, AI integration, community building, and global economic trends. Key trends include cross-platform integration, partnerships, gamification, emphasis on education and skill development, and personalization.
Major Driver In The Social Media Subscription Market
The social media subscription market is anticipated to experience growth propelled by the increasing popularity of internet-based streaming services. Modern consumers prefer on-demand access to their favorite content, leading to the rising popularity of online content streaming platforms. Subscribing to specific sites like Netflix and Amazon on a monthly, quarterly, or yearly basis has become a common practice. As of Q3 2021, Netflix boasts approximately 214 million global paid memberships, according to data from Decider, a US-based entertainment and pop culture destination site. Another survey in America revealed a preference for streaming TV shows (53%) and online video streaming (56%) on a monthly basis, with only 46% favoring live TV. Consequently, internet-based streaming services play a pivotal role in propelling the growth of the social media subscription market, with market sizes for 2023, 2024, and 2028 influencing its trajectory.
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Social Media Subscription Market Competitive Landscape
Amazon.Com Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Comcast Corporation, AT&T Inc., The Walt Disney Company, Tencent Holdings Limited, Charter Communications Inc., Discovery Inc., Warner Bros. Discovery, Netflix Inc., ViacomCBS Inc., Bell Canada, Bertelsmann SE & Co. KG, Vivendi SE, Fox Corporation, Spotify Technology S.A., Hearst Corporation, Canal+ Group, Snap Inc., iHeartMedia Inc., Gannett Co. Inc., Zynga Inc., New York Times Company, Conde Nast, Meredith Corporation, National Geographic Partners LLC, Nextdoor Inc., Trafalgar Entertainment
Key Social Media Subscription Market Trend
Social Media marketing is the use of social media platforms by companies to increase sales, drive website traffic, and market or promote their products or brands. The companies do social media management by posting content on their social media profiles, responding to their follower's reviews or comments, and publishing social media advertisements. For instance, in January 2022, according to Sprout Social data, a US-based software company, there are 3.96 billion total social media users across all platforms and the amount of time adults use social media across all platforms is now higher than ever 95 minutes per day.
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Social Media Subscription Market Segmentation
The social media subscription market covered in this report is segmented –
1) By Type: Refill, Customize, and Membership
2) By Payment Mode: Cash on Delivery, and Online Payments
3) By Application: Beauty and Personal Care, Food and Beverage, Clothing and Fashion, Entertainment, Health and Fitness, and Other Applications
4) By End Users: Adults, and Kids
By Geography:The regions covered in the social media subscription market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the social media subscription market in 2023.
The Social Media Subscription Global Market Report 2024 furnishes information about the global social media subscription market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
