In 2023, the fastest growing social media platform is Instagram
In India, Instagram is the most used social media platform in 2023 with 74.70% of registered Internet users. There are 516.92 million active Instagram users in India. Young people, especially teenagers, make up a large portion of Instagram's user base. parent company Meta, which acquired Instagram for $1 billion. It has become a source of revenue for creators and a great sales channel for businesses.
Growth of social media commerce in India
A study predicts that social commerce in India will grow at a compound annual growth rate of 55-60% between fiscal years 2020 and 2025, increasing the current market size from $1.5-2 billion to $16-20 billion. dollars.
The social media advertising market is expected to reach $1.28 billion in 2023 in India
Ad spend in the social media advertising market is expected to reach US$1.28 billion in 2023. Ad spend is expected to grow at an annual growth rate (CAGR 2023-2027) of 3.76%, which would result in a projected market volume of US$1.49 billion by 2027.
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