Attention is the new currency, and social media apps are doing a great job of benefiting from it. According to Reuters, TikTok owner ByteDance’s revenue grew by 70% in 2021 alone.
By now, It registered $18.3 billion in revenue during the first three months of 2022. That’s a 54% increase compared to the previous year.
TikTok key statistics
- TikTok generated an estimated $4.6 billion in revenue in 2021? That’s a 142% increase from the previous year
- TikTok had 1.2 billion monthly active users in the fourth quarter of 2021 and it is predicted that it will reach 1.8 billion users by the end of 2022
- In China, TikTok is used by over 600 million people on a daily basis
- TikTok has been downloaded over three billion times.
What makes an app, popular for primarily sharing bite-sized dance and music videos, so lucrative?
All social media apps run on a specific set of algorithms; years of research, case studies, and observation have contributed to curating them. What fascinates me is how freakishly accurate these algorithms are. One need only create a new account and engage with the app for less than an hour to find that they’re consuming a precisely relevant set of content.
How Does Social Media Algorithm Work?
Social media algorithm is an automated technology that determines what the consumer finds engaging and relevant. Every social media has its own algorithm and favors different content accordingly.
For instance, Facebook’s algorithm is wildly hostile to any organic content or external links, but favors paid content. Users find that posting a video on Facebook itself generates more likes and views than sharing a YouTube link!
Why Are Social Media Algorithms Fascinating?
On Twitter, a staggering 6000 tweets are sent every second, and Instagram receives 95 million posts daily.
With all this content to analyze, social media algorithms are working tirelessly. Have you ever wondered how Instagram knows you’re interested in celebrity wedding photos, or how Twitter knows you love puns and sends push notifications when you need a break?
And how does Facebook know you’re searching for phone cases before you’ve even verbalized it? In the past, you would have had a difficult time finding a specific person on Facebook unless you knew their full name, school, and location. But now, Facebook can even suggest sending a friend request to someone you saw at a coffee shop. There’s so much going on in social media that it can be overwhelming at times and we all need a break.
Social media statistics for Nepal in 2022
There were 13.70 million social media users in Nepal in January 2022, Datareportal
Social media use in Nepal is growing rapidly, and the trend isn’t expected to slow down anytime soon. By 2023, it is estimated that more than 20 million people in Nepal will be using social media platforms.
Facebook continues to be the most popular social media platform in Nepal, with over 17 million users in 2022. This represents a 6-year growth rate of more than 275%, making it the most rapidly growing social media platform in Nepal. YouTube is the second most popular platform, with more than 8 million users, followed by Twitter and Instagram.
What’s interesting to note is that mobile usage accounts for more than 90% of all social media usage in Nepal. This means that mobile devices are playing a key role in driving the growth of social media in the country.
The majority of social media users in Nepal are between the ages of 18 and 34, with young males being the biggest demographic. This is unsurprising given that almost 70% of the population is under 35.
In terms of usage habits, Nepali people are spending more time on social media than ever before. The average user spends over 8 hours per week using various social media platforms, and this number is expected to increase by 2023.
Overall, the future looks bright for social media use in Nepal. With mobile devices set to continue driving growth and usage habits continuing to evolve, it’s likely that we’ll see even more people using social media platforms in the future.
The Future of Social Media Algorithms: Predictions and Implications
The future of social media algorithms is a topic that has been gaining a lot of attention recently as technology advances and algorithms become more sophisticated. Social media platforms are using these algorithms to personalize our feeds and recommend content. As technology continues to evolve, we can expect to see more changes in the way social media algorithms work.
What does the future hold for these algorithms, and how will they shape the way we communicate and consume information online?
One prediction is that artificial intelligence (AI) will play a greater role in social media algorithms. Already, some platforms are using AI to automatically generate content or to personalize recommendations based on a user’s browsing history and engagement. As AI technology improves, it’s likely that social media algorithms will become even more sophisticated and able to better predict a user’s interests and preferences.
Another possibility is that social media algorithms will become more personalized and tailored to individual users. Some experts predict that algorithms will be able to customize feeds in real-time based on a user’s location, activity, and social connections. This level of personalization could lead to a more relevant and engaging user experience, but it also raises concerns about privacy and the potential for manipulation.
While it’s difficult to say for certain what the future of social media algorithms will look like, it’s clear that they will continue to evolve and play a significant role in our online lives. As users, it’s important to stay informed about these developments and to be aware of the potential implications for our privacy and the way we consume information.
Ultimately, it’s about understanding how people think and make decisions. Algorithms are based on extensive research and testing to understand human behavior and preferences. As software developers, you gotta know that if someone enjoys something, they are more likely to engage with related content.
Isn’t it incredible how a machine can understand and predict our actions and interests so accurately in such a short amount of time? While it may be invasive and unethical at times, what technology doesn’t have its drawbacks?