Social media platforms Facebook, Instagram, TikTok, Twitter and LinkedIn are huge parts of our lives, but they are huge businesses in their own right that play a big part in the economy. Our highly knowledgeable Kiplinger Letter team will update you on all the important developments in this market (Get a free issue of The Kiplinger Letter or subscribe). Here’s the latest forecast…
One way to identify the biggest winners from a potential TikTok ban is to look at other platforms popular with TikTok users.
Instagram is the most popular, with 73% of TikTok’s U.S. users also using Meta’s (META) widely popular photo-sharing app, according to December 2022 data from eMarketer.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Meta-owned Facebook comes in second, with 64%, followed by Pinterest (55%), Snapchat (53%) and LinkedIn (42%). Facebook, Instagram and Snapchat come closest to replicating TikTok’s short, viral video posts. Alphabet’s (GOOGL) YouTube also has very similar short videos. In fact, many TikTok videos are shared on other social media sites, showing the power of the China-owned app.
Though TikTok users would be irked by a U.S. ban or other crackdown, there are plenty of alternatives that would snap up consumers’ time. Ad dollars would likely follow, as would many popular creators who post videos.
LinkedIn changes: good news for employers
Hiring managers will benefit from LinkedIn’s new free verification process. It should make it easier to vet candidates because both a user’s identity and current place of employment will be authenticated via a government-issued ID and a work email address.
The experiment is powered by tech from Microsoft (MSFT), LinkedIn’s parent company, to ensure profiles are genuine and to fend off scams and identify fraud. Boosting trust and security on the 900 million-user website will push other social networks to follow suit.
Facebook’s verification tool
Meta-owned Facebook has a similar tool that runs $12 per month for users to verify their identity and get additional features.
Meanwhile, Twitter’s changes to its "blue tick" verification system are drawing criticism, as the company overhauls the old method of authentication and pushes paid versions. It may get harder to distinguish who is genuinely authenticated and trustworthy, a potential problem for local governments and others that use Twitter to communicate.
This forecast first appeared in the The Kiplinger Letter. Since 1925, the Letter has helped millions of business executives and investors profit by providing reliable forecasts on business and the economy, as well as what to expect from Washington. Get a free issue of The Kiplinger Letter or subscribe.
Read more
-
Is Mint Mobile's Home Internet a Game-Changer or Just Another Option?Mint Mobile recently unveiled its new home internet service. We break down how it works so you can determine if it's a great value for your needs.
-
How to Add Your Driver’s License or State ID to Google WalletStore and use your digital ID securely on your Android device for TSA, age verification and more.
-
Will AI Videos Disrupt Social Media?The Kiplinger Letter With the introduction of OpenAI’s new AI social media app, Sora, the internet is about to be flooded with startling AI-generated videos.
-
What Services Are Open During the Government Shutdown?The Kiplinger Letter As the shutdown drags on, many basic federal services will increasingly be affected.
-
The Economy on a Knife's EdgeThe Letter GDP is growing, but employers have all but stopped hiring as they watch how the trade war plays out.
-
Banks Are Sounding the Alarm About StablecoinsThe Kiplinger Letter The banking industry says stablecoins could have a negative impact on lending.
-
Apple Readies for AI Upgrade with New iPhonesThe Kiplinger Letter The tech giant has stumbled when it comes to artificial intelligence, but a new batch of iPhones will help it make headway.
-
Japan Enters a New Era of Risk and ReformThe Kiplinger Letter Japan has entered a pivotal moment in its economic history, undertaking ambitious policy and structural reforms to escape from decades of stagnation.
-
How Consumers Are Tinkering with Cutting-Edge AIThe Kiplinger Letter Companies launching artificial intelligence tools are jostling for consumer attention. Some products are already building a deep connection with users.
-
After Years of Stagnant Growth, Hope Emerges for EU EconomyThe Kiplinger Letter Can a German fiscal push outweigh French political peril?
