According to Recon, which is referring to eMarketer research, Facebook lost about 2.8 million U.S. users under 25 in 2017. More importantly, eMarketer estimates for 2018 show that Facebook will lose about 2.1 million additional users in the U.S. under the age of 25 this year, i.e. the next generation of internet users in the U.S. who are Snapchat’s core. As Facebook serves as a digital record keeper, and many young people don’t seem to care about saving their life publicly, this might explain why Snapchat and Instagram’s ‘stories’ are growing in popularity among this demographic, reports Recon. However, eMarketer believes that Facebook’s, and particularly Instagram’s overall U.S. audience will continue to grow for the next few years, whereas their long-term social media dominance is under a question mark.
So what does this mean for companies and brands seeking a sustainable and long-term relationship with their current and potential customers? The answer might be in developing a community of their own with network effects, as suggested by Gina Bianchini – a founder and CEO at Mighty Networks.