WHAT WE LEARNED FROM THE BIG SOCIAL EARNINGS

Last week all of the biggest platforms reported their earnings, which always cuts through the spin to reveal what’s actually going on under the hood. This time they all told roughly the same story: Growth is good, and so are earnings.

In Meta’s case, the big headline was that they have crossed 3 Billion users – just another sign of their dominance as the world’s largest social network, by a lot.

THE DIGITAL ADOPTION OPPORTUNITY GAP IS BIGGER THAN EVER

“We’re a mess - our competitors’ digital strategies are so well put together, why can’t we be more like them?”

Sound familiar? It’s a near-direct quote that I’ve heard hundreds of times.

HERE’S WHAT WE LEARNED FROM YOUTUBE’S REPORT ON CULTURE & TRENDS

YouTube is an absolute beast when it comes to popular culture and people’s preferences. If you were to ask anyone under the age of 25 who their favourite “celebrities” are, the list would almost certainly contain several names that can only be found on YouTube, so when they put together a Culture & Trends report, you know it’s going to be good.

IT’S A WEIRD TIME IN SOCIAL MEDIA

The only constant, as the say, is change – but this is getting ridiculous.

Just a year ago it seemed that the biggest adaptation we’d all have to make was the growth of TikTok and the shift to Reels-style video content.

Now, TikTok and Reels are still very much a thing; Twitter is melting down; Meta has launched an alternative called Threads that 100 million+ people signed up for, but no one seems to know what to do with it; and Canadian news organizations are getting shut out of their accounts.

WELCOME TO THE THREADS ERA

It’s fair to say that Meta’s Threads launch has been a success. The head of Instagram, Adam Mosseri, Threaded that the network had already crossed 100 million users on Sunday, just 5 days after its launch.

That makes Threads the fastest growing app in history, by a lot.

For context, it took Twitter 5 years to hit that same number. Although that’s a bit of a cheap shot because Twitter launched in a very different time and had to literally teach people how to post a social media update.