Social media portals enable customers to interact, create and share content and information. These portals enable users to share pictures, video and audio files.
The global social media market was valued at $33.8 billion in 2017. North America was the largest geographic region accounting for $11.3 billion or 0.3% of the global market. The USA was the largest country accounting for $9.4 billion or 0.3% of the global social media market.
Companies in the social media market have been heavily investing in the online video market such as digital hangouts. Digital hangouts include apps that let the user video chat with multiple people simultaneously, and possibly engage in a number of activities such as watching movies or shopping together. A number of apps have started offering this service and has attracted a large user base. For instance, Google launched Hangouts Meet, a digital hangout platform for businesses. Hangouts Meet gives the users an option to participate in video meetings with their colleagues. Hangouts Meet allows the user to create and share links to videoconferences that other users can join without creating accounts or installing plugins.
Companies Covered: Facebook, Youtube, Instagram, Twitter, LinkedIn
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