The social media market entails of sales by several entities (organizations, sole traders or partnerships) that allow the customers to interact, generate and share content and information. Social media allows the users to share pictures, video and audio files. This market comprises revenues from sales from advertisment and other services proposed on the social media platforms.
According to the report analysis, ‘Social Media Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that Facebook; YouTube; Instagram; Twitter; LinkedIn and many more are the great companies which recently functioning in social media global market more significantly for leading the highest market growth in the forecast duration for leading the highest market growth and dominating the handsome value of market share around the globe while increasing the applications of such, analysing the strategies and policies of the government as well as corporates, implementing the policies of the profit making and enlargements, delivering the better consumer satisfaction, employing the young and intellectual and active personnel, establishing the several research and development programs, spreading the awareness connected to the applications of such, developing the specifications and benefits of such and improving the qualitative and quantitative measures of such.
In addition, the companies in the social media market have been deeply investing in the online video market such as digital hangouts. Digital hangouts comprise the apps that let the user video chat with multiple individuals simultaneously, and perhaps engross in a number of activities such as watching movies or shopping together. A number of apps have underway offering this service and has concerned a large user base. For instance, Google launched Hangouts Meet, a digital hangout podium for businesses. Hangouts Meet deliver the users an option to contribute in video meetings with their colleagues. Hangouts Meet enables the user to generate and share links to videoconferences that other users can join without generating the accounts or installing plugins.
However, the outbreak of the Coronavirus disease (COVID-19) has acted as an important restraint on some of the social media markets during 2020 as businesses were disrupted due to lockdowns obligatory by governments globally. COVID 19 is a transferrable disease with flu-like symptoms involving the fever, cough, and difficulty in breathing. The virus was initial identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread internationally including Western Europe, North America and Asia. Steps by the national governments to cover the transmission have resulted in a deterioration in economic activity and restricted movement of goods and services with the countries ingoing a state of lockdown. The outbreak is expected to remain to have a negative impact on the businesses throughout 2020 and into 2021. However, several media markets have been genuine or benefited from this as they diffuse their content remotely through the digital channels. It is expected that the social media market will improve from the shock across the forecast duration as it is a ‘black swan’ event and not linked to ongoing or fundamental weaknesses in the market or global economy.
Furthermore, increment in usage Of Internet Accessible Devices – increasing the penetration of mobile, tablet and several other electronics and growing data consumption will propel the social media market. Augment the in sales of internet accessible electronic devices likewise smart phones and tablets leads to an augment in time spent on social media websites.
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Ankur Gupta, Head Marketing & Communications