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In a plot twist worthy of a bingeworthy drama, the so-called demise of Twitter, now rebranded as X, has been significantly overstated. According to the latest data from SimilarWeb, Elon Musk‘s X isn’t just surviving—it’s thriving.
The platform saw a dramatic turnaround in user engagement after its May 2024 rebranding, with growth rates skyrocketing to a peak of 28% in mid-July. By the end of August, X managed to sustain a solid 22% increase in year-over-year growth, proving that Musk’s social media venture still packs a punch.
Read Also: Elon Musk’s X Faces 26% Ad Spend Decline By 2025 Amid Steep Decline In Brand Safety, Survey Reveals
Meanwhile, across the social media battlefield, Mark Zuckerberg's Facebook offering from Meta Platforms Inc (NASDAQ:META) is grappling with a more troubling narrative.
Once the reigning king of digital socialization, Facebook has been trudging through a steady decline, with year-over-year traffic consistently dropping by 9% to 10%. The platform's troubles are emblematic of a broader trend where traditional giants are struggling to keep pace with newer, more dynamic competitors.
Enter Pinterest Inc (NYSE:PINS), the little engine that could. While Facebook flounders, Pinterest has been on a growth spree, boasting a robust 13% increase in user engagement by late August.
Pinterest's consistent double-digit growth suggests that users are gravitating towards visually-driven content and creative inspiration, areas where the platform has firmly established itself.
The real surprise, however, comes from the realm of app-based social platforms like TikTok (owned by ByteDance) and Snap Inc‘s (NYSE:SNAP) Snapchat, which are showing impressive resilience. With steady growth rates between 9% and 15%, these platforms are capitalizing on their engaging, short-form content to attract and retain users.
LinkedIn, the stalwart of professional networking, has seen its growth slow to a crawl. From a high of 13% in early April, its growth has decelerated to just 4% by August, highlighting the challenges even niche social networks face in a rapidly evolving digital landscape.
Globally, the rise of discussion forums like Reddit Inc‘s (NYSE:RDDT) Reddit and Discord underscores a shift towards more interactive and community-focused platforms. These forums have seen significant growth, with traffic increasing up to 20% by the end of the period.
So, while Facebook may be feeling the heat, and LinkedIn faces a slowdown, X is proving that it’s far from a lost cause. With its impressive rebound and sustained growth, Musk's X is not only holding its ground, but actively reshaping the social media landscape.
The battle between Zuckerberg and Musk is far from over, and if current trends are any indication, X might just be the comeback kid of the social media world.
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