Social media subscriptions - statistics & facts
Social media is still very much available as a free to use product, but there has been a recent push for users to sign up for subscription services. This comes at a time when companies are looking to generate significant revenues in other ways, rather than relying heavily on advertising profits, which have been declining after a COVID-induced boom. The traditional business model of social media considers the user the product – the service is free, but the user is subjected to advertising, and gives away some of their personal data in the process.
Social media businesses pitch subscriptions to consumers as added security against account impersonation, extra customer support, and a higher audience reach for their posts. Some consumers will undoubtedly be willing to pay for the privilege of additional protection in an era of misinformation and online data breaches.
