Social media usage is soaring globally, with nearly half (48.3%) of the world’s population engaged on various platforms. Asia-Pacific dominates the landscape, housing 60% of global users, with countries like the Philippines and Vietnam boasting a near-total penetration. However, data privacy issues with platforms like Facebook haven't dampened global enthusiasm.

Facebook's allure is declining, especially among Gen Z. In contrast, Snapchat, notably in India, surpasses TikTok as the fastest-growing platform. With challenges like regulatory constraints and decreasing ad revenues, Meta faces an uphill battle. ByteDance's TikTok and Douyin forecast revenues of $50 billion by 2025, while post-Musk takeover, Twitter grapples with dwindling user trust and ad revenue.

For marketers, social advertising remains a potent tool despite economic hurdles. With Meta's diminishing grip, diversifying ad budgets across platforms is vital. As preferences shift, centering on video-centric platforms catering to Gen Z proves beneficial.