FT Tech Tonic
Peak social media: The future
Aug 1, 2023
FT correspondents discuss the future of social media, including the transformation of platforms into shopping malls, the rise of TikTok and professional content creators, the cycle of new social media platforms, emerging trends like virtual reality and AI, the influence of AI and the metaverse, and the evolution of social media from simple photo sharing to fragmented platforms.
21:17
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Quick takeaways
- Social media platforms are transforming into marketplaces, leading to a decrease in authentic interactions and a rise in professional content creators.
- Community-led platforms are growing in popularity as users seek smaller networks that foster genuine connections and conversations among individuals.
Deep dives
The Shift from Social to Shopping on Social Media Platforms
Social media platforms such as Instagram and TikTok have transformed into marketplaces and shopping malls. This has led to a decrease in authentic interactions and a rise in professional content creators. TikTok, especially, has become a dominant app, challenging Facebook and Instagram. These platforms now focus on generating revenue through advertising and e-commerce. TikTok has even introduced a marketplace feature, allowing users to buy products directly on the app. However, the adoption of social media as a marketplace has been slower in Western markets compared to Asia, where live streaming and purchasing products through social media is more common.
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