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 several activities such as watching movies or shopping together. Several 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 video-conferences that other users can join without creating accounts or installing plugins.
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL SOCIAL MEDIA MARKET AT $35 BILLION IN 2017.
North America was the largest geographic region in the market, accounting for more than one-third of the global market. The USA was the largest country accounting for nearly one-third of the global social media market.
The chart below shows the year-on-year growth of the global social media market during 2017 – 2021:
According to The Business Research Company’s Consultant, Nitin Gianchandani, rise in social media and the increasing volume of consumer data is driving growth and innovation in the book publishing industry. Book Publishers can have broad and deep visibility into their consumers, distributors and other stake holder data. Publishers with digital first model are investing significantly in building in-house data and analytics team. For example, Next Big Sound’s, Next Big Book application provides a dashboard for the publishing industry that draws sales, publicity events, social media, and web trends regularly to offer a holistic view of the books’ performance.
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Facebook was the largest player in the social media market, generating revenues of $27.63 billion for the financial year 2016. Facebook’s growth strategy is to increase its user base in emerging markets, offer new products and services and continue acquisitions to increase its product offerings. Facebook has recently acquired Oculus in order to expand its virtual experiences such as gaming.
Social media portals enable customers to interact, create and share content and information. These portals enable users to share pictures, video and audio files.
Social Media Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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