Watching videos online has become a popular pastime around the world, and it turns out that it comprises a majority of the social time that people spend online. Around 56.4% of all social time in 2023 is going towards video, which is up dramatically from the 33% that was reported in 2019. In spite of the fact that this is the case, this number is not expected to grow much more in the coming years.
With all of that having been said and now out of the way, it is important to note that the 20 point increase between 2019 and 2022 will not be a sign of things to come. By 2025, the proportion will increase to around 60.1%, about a quarter of the growth rate that was seen between 2019 and 2022, as reported by Insider Intelligence.
The rise of TikTok has undoubtedly contributed to people wanting to watch more videos than might have been the case otherwise, but even this app has not seen the amount of growth that people had been expecting. In 2022, TikTok’s daily user time increased by 14.9%, but TikTok is only going to see a meager 3.5% uptick in 2023 with all things having been considered and taken into account.
While TikTok’s growth rate has been lackluster this year, it is still managing to outstrip virtually all of its rivals fairly easily. Snap Originals, IGTV on Instagram and Facebook Watch were meant to compete with YouTube, but they have all gone extinct. YouTube itself has survived, but no other company is able to compete with TikTok when it comes to short form videos.
Instagram is moving away from video this year to diversify its offerings. Surprisingly enough, text based communication is on the rise, with Meta’s new Threads platform showing that the Twitter formula can still work despite Elon Musk’s troubled tenure which involved him renaming it to X amid widespread controversy. It will be interesting to see what the numbers look like, since most companies are clearly no longer relying solely on video which will shift the landscape in coming years.
Read next: Inflation Is Causing A Rise In Yearly In-App Subscription Prices, Confirms New Report
With all of that having been said and now out of the way, it is important to note that the 20 point increase between 2019 and 2022 will not be a sign of things to come. By 2025, the proportion will increase to around 60.1%, about a quarter of the growth rate that was seen between 2019 and 2022, as reported by Insider Intelligence.
The rise of TikTok has undoubtedly contributed to people wanting to watch more videos than might have been the case otherwise, but even this app has not seen the amount of growth that people had been expecting. In 2022, TikTok’s daily user time increased by 14.9%, but TikTok is only going to see a meager 3.5% uptick in 2023 with all things having been considered and taken into account.
While TikTok’s growth rate has been lackluster this year, it is still managing to outstrip virtually all of its rivals fairly easily. Snap Originals, IGTV on Instagram and Facebook Watch were meant to compete with YouTube, but they have all gone extinct. YouTube itself has survived, but no other company is able to compete with TikTok when it comes to short form videos.
Instagram is moving away from video this year to diversify its offerings. Surprisingly enough, text based communication is on the rise, with Meta’s new Threads platform showing that the Twitter formula can still work despite Elon Musk’s troubled tenure which involved him renaming it to X amid widespread controversy. It will be interesting to see what the numbers look like, since most companies are clearly no longer relying solely on video which will shift the landscape in coming years.
Read next: Inflation Is Causing A Rise In Yearly In-App Subscription Prices, Confirms New Report
