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According to data put together by the Insider Intelligence team, this year, US adults will spend 25.7% of their social media time on Facebook, down 9.6 percentage points from 2019. Instagram is holding steady at 17.0%. TikTok is the rising star at 16.7%, up from just 4.5% in 2019. This makes sense as people spend less time on older apps as they discover new ones.
The time spent on social media has increased from 59 minutes in 2019 to 1 hour, 15 minutes this year, and it will probably stay around these levels for a few years as the social media market matures.
Market share of people's time is one thing, but who has the established advertising revenues? Meta totally dominates with expected sales of $129 billion for the year. TikTok is way behind with ad revenues worldwide expected reach $11.6 billion despite growing by 200% this year. At that level it will surpass Twitter, Snapchat, and Pinterest.
