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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Related Report:-
Social
Media Global Market Report 2019
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Ankur Gupta, Head Marketing & Communications
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