Social Media Platforms in the UK - Industry Market Research Report

Bad media: Revenue growth is expected to be constrained by a substantial decline in advertising revenue attributed to Twitter

Social media platforms are an integral part of people lives, offering ways to communicate, create and view content and share information. According to Ofcom, approximately 60% of adults in the UK use social media, messaging, video sharing and live-streaming services provided by online communication platforms. People aged between 16 and 34 and the biggest social media users, although there is rapid uptake among older age groups as the ease of use improves. Advertising is the primary revenue source for social media platforms, although subscription-based services are gaining momentum as platforms seek to diversify their incomes. TikTok is the success story of the last few years, becoming the most downloaded app in 2021 and 2021. Over the five years through 2023-24, revenue is forecast to grow at a compound annual rate of 22.7% to reach £5 billion. This industry includes social networking website publishers and developers. The industry does not include companies that predominantly develop blogs, games, internet content, messaging services, online dating websites, online recruitment websites, online forums and online videos. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.