A look at the Insane Growth of The Social Network Industry

Social Networks are no longer a mere platform. To some, they are a necessity where they serve as their real life connections, while for others, they are a great outlet to promote brands, build an image and use them for benefits other than simply ‘connecting’ with their audience.

In the mid 2000s, the emergence and popularity of Social Networks was in its infancy. Fast forward some five years and there Facebook was making headlines, and all of a sudden, everyone wanted to be a part of the network. Fast forward to current day and you will see that this dominance is being shared by some other networks as well. We are talking about Twitter, LinkedIn, Google+, and WhatsApp. Only a couple of years spent being the new kids in the block and they conquered a massive user base. This in turn made the social networking apps a smart and lucrative investment.

The top dominant networking sites are reported by IBIS World to earn $11 billion from only 25.4% annual growth. And that’s not all; with the increasing demand that this industry is witnessing, employment boost has been documented to be around 66,623. The good news is users are not hesitant to try out other Social Networking sites at all.

friendable

Other Social Networks Becoming a part of the Market

With the rise of quality networking sites, juggernauts like Twitter and Facebook already noticed a comparatively lower user growth than what they were experiencing before. In 2014 December, Facebook itself reported that its active users per month only improved by 13.4% while Twitter reported an even lower number, 1.3%. This was only a month after Facebook bought the emerging and trendy app WhatsApp for $22 billion.

Some infant networking sites allow people to have their own place when it comes to doing things that many other dominant networks may not be able to cater to. The idea may have started for one demographic but soon enough everyone wants to check it out when they hear about it. Why? Because unlike before, everyone owns a Smartphone now and wants something new to try.

The Niche Misconception

Social Networks are anything but niche. A person can be on 8 different networks at the same time. People need people around them, no one is an island. Take for instance the app Friendable which can be found in the Apple App Store, which takes that idea and simply provides the convenience of finding like-minded people around you. Even though it is comparatively new, the soaring stats of its growing user base speak for themselves.

Let’s go back to the emerging apps and sites that have made it big in the social networking industry. All of these had some things in common which is a lot like what you will find with Friendable. There is live chat, the ability to view your ‘Friends’ activity, being able to locate your friends through the easy access built-in map, and much more. And the best part is you get all that with a brand that has a fresh vibe of its own.

For more information on Friendable, visit their website at friendable

And on the Apple iTunes Store

Matt Hendry

Matt Hendry

Staff reporter at Startup Dope
Matt Hendry, takes a keen interest in following tech startups and loves covering their travails, as they succeed. Matt, also loves photography, indie films and jazz.
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