The social media space has grown tremendously in recent years, becoming an inevitable part of everyday life for billions worldwide. Today, social media platforms count more users than ever, and their number keeps rising. According to data presented by OnlyAccounts.io, as of October 2023, nearly 95% of all Internet users used social media platforms, or 4% more than last year. Although the growth rates in the social media space have significantly slowed down compared to 2020 and 2021, the entire market has still seen a decade of continuous user growth. Since 2019, an average of 350 million people have joined social media platforms each year, pushing the total user count to all-time highs. According to Data Reportal Digital 2023 Global Statshot Report, as of October 2023, there were 5.3 billion internet users worldwide, or 65.7% of the global population. This means that internet users have grown by 189 million, or 3.7% year-over-year.
The social media space has grown tremendously in recent years, becoming an inevitable part of everyday life for billions worldwide. Today, social media platforms count more users than ever, and their number keeps rising. According to data presented by OnlyAccounts.io, as of October 2023, nearly 95% of all Internet users used social media platforms, or 4% more than last year. Although the growth rates in the social media space have significantly slowed down compared to 2020 and 2021, the entire market has still seen a decade of continuous user growth. Since 2019, an average of 350 million people have joined social media platforms each year, pushing the total user count to all-time highs. According to Data Reportal Digital 2023 Global Statshot Report, as of October 2023, there were 5.3 billion internet users worldwide, or 65.7% of the global population. This means that internet users have grown by 189 million, or 3.7% year-over-year.