Reddit is bucking the trend! According to a recent report by digital market research company eMarketer, Reddit is seeing the biggest growth in daily time spent by users in the US compared to other social media platforms.
Reddit Users Spending More Time
The forecast predicts a significant jump in daily Reddit usage for 2024. Redditors can expect to spend an average of 31 minutes per day on the platform, which is an 11% increase from 2023's average of 28 minutes.
Growth for Instagram, Decline for Others
While Reddit shines, some other platforms see mixed results. Instagram is projected to experience a modest increase of 1.3% in daily usage. However, the outlook isn't as bright for the biggest names in social media.
Facebook and TikTok See Slowdown
Facebook, the current king of social media in terms of monthly active users, is expected to see a decline in both user growth and daily usage. eMarketer predicts a -1.2% dip in average daily time spent on Facebook in 2024. Surprisingly, the wildly popular short-form video platform TikTok is also expected to cool down slightly, with a projected -1.2% decrease in daily user activity.
Twitter and Snapchat Continue to Struggle
The news gets worse for Twitter (formerly known as Twitter) which has faced challenges since Elon Musk's takeover in 2022. eMarketer forecasts a steeper decline of -3.8% in daily user time for Twitter. Messaging app Snapchat isn't faring much better, with a predicted -4.5% drop in daily usage.
Reddit's Rise Linked to Ad Revenue Growth
The rise of Reddit usage is translating to growing advertising revenue. eMarketer predicts a 28% increase in ad revenue for Reddit in 2024, reaching an estimated $741 million. This growth is likely fueled by Reddit's expanding user base. Backlinko's findings show that Reddit boasted approximately 73 million daily active users in the fourth quarter of 2023, a significant 27% increase from the same period in 2022 (57.5 million daily active users).
The Bottom Line
While some social media platforms are seeing a decline in user engagement, Reddit is defying the trend. With daily usage on the rise and ad revenue growing, Reddit is establishing itself as a major player in the social media landscape.
