Competitors Of Facebook: Everything to Know About Them
Table of Contents
Facebook is observed as one of the Big Five technology giants in the world, it was launched in 2004 and actively used by the public since 2006, it is considered as the first-ever social media platform that rose to such heights. For years social media has been synonymous with Facebook, however, in recent times there have been competitors of Facebook who are gaining popularity and status similar to that of Facebook.
Although being a competitor of Facebook is no cakewalk, Facebook has over seven billion active users across the globe, its revenue has increased to 70.7 billion dollars in 2019 and after acquiring WhatsApp and Instagram it has kind of made it a distant dream for all the competitors of Facebook to gain an equal standing in social media platforms.
The Facebook dominance is so robust that its founder Mark Zuckerberg failed to name a single competitor of Facebook when asked during a joint session between the Senate Judiciary and Commerce Committee.
Nonetheless, in such a huge market, the competition is bound to grow, as Facebook is growing by developing new features, so are the competitors of Facebook. Facebook may be an unreachable giant in social media platforms but another aspect of the competition is the online or digital advertising industry, where Facebook faces some major competition.
We shall now see the competitors of Facebook from both the angles, that is, as a social media platform and as an online advertising industry.
While Facebook is quite prevalent in countries like the USA and India, it faces a lot of competition from other social networking sites In countries like the UK. It is interesting to note that Facebook is not the leader in the social media industry in Russia; the economy prefers YouTube over Facebook.
In countries like China, North Korea, and Iran, Facebook services are restricted or prohibited which gives other social media sites an edge to establish their market.
Social media competitors of Facebook
Some of these sites which are proving to be definite competitors of Facebook are:
It was launched in 2006 and has gained vital popularity since then; it introduces the concept of tweets and retweets on all matters that can be political, social, cultural, etc.
It is considered one of the most considerable competitors of Facebook over time with 330 million monthly active users and 145 million daily active users.
When it comes to the structure of use, both the social media platforms are quite different from each other, while Facebook lets you make friends and connect with them, twitter lets you follow the people with whom you feel your ideologies match with.
The constant tweeting and sharing of ideas make Twitter an innovative and new way of connecting which is the main reason for its increasing likeability.
Another paramount competitor of Facebook is Pinterest, it gained popularity soon after its launch even though it was an invitation based platform initially.
In 2020 it is recorded to have 367 million active users and its distinct social media model makes it all the more fascinating.
Pinterest is very different from Facebook in its way of allowing social media connectivity to its users, by allowing sharing of various photos, videos, and links with your friends.
While Facebook lets you create a group of friends, Pinterest only agrees with one active user following another and see what they have to share.
It absorbs a large portion of business commerce for marketing and thus, is proving to be a major competitor of Facebook.
YouTube was created in 2005 and was bought by Google in 2006, it presently has 2 billion active users all across the globe and is the most popular site for sharing videos.
It allows its users to share, upload, download, add to playlist, watch, and listen to the videos they like.
To compete with the video-sharing capability of YouTube, Facebook created a Facebook watch, however, the life of the videos on this platform is a lot shorter when compared to YouTube, making it one of the most stiff competitors of Facebook.
Apart from a social media platform, YouTube will very much acquire the position in the list of online advertising, in 2017, it was noted that over 1 billion hours of content was consumed on YouTube every day, making it an ideal marketing platform.
YouTube works based on views, to count a view on YouTube, the view needs to be clicked on and not auto-played. For YouTube ads, they need to be played for at least 30 seconds to count a view.
While when it comes to Facebook it counts a view on auto-play as well as if the advertisement is played for 3 seconds only.
Hence, YouTube and Facebook have the neck to neck completion in social and advertising industries.
When it comes to a platform that has attracted major professional traffic for connectivity, it has to be LinkedIn, due to being the leading site for its professionalism it proves to be a tough competitor of Facebook.
While Facebook is an informal social media platform where people come together to chat, make friends, and have fun, LinkedIn is where people want to make professional connections and mainly observes strata from the age groups of 25 to 34 years and more who are looking for job possibilities.
With over 660 million users LinkedIn was ranked as the leading social media network for the top Fortune companies in 2016.
LinkedIn and Facebook are very different in the terms of the audience they attract, however, after launching jobs and in terms of attracting advertisements, both of them are cut-throat competitors of each other.
While Facebook is a site used by billions, Snapchat is increasingly gaining its popularity amongst the millennials or Generation Z, due to the fun filters, the option of creating streaks by sending photos and videos to their friends and connecting with people worldwide, Snapchat is proving itself to be the prominent competitor of Facebook.
Snapchat has over 203 million daily users as recorded in 2019 and being launched in 2011, it is the fastest growing social media platform.
The competition between Snapchat and Facebook became more feisty after the former denied to be acquired by Facebook, after acquiring WhatsApp and Instagram, if there is any social media site that can pose any kind of significant threat on Facebook when it comes to targeting the present generation, it is Snapchat and Facebook is fully aware of that. Hence, considers Snapchat a Competitor of Facebook.
Online/digital marketing industry competitors of Facebook
Online or digital media marketing is the fast-growing market in the world, it has grabbed interest from all the big and small business houses to sell their products faster and better. The industry saw a splurge in its spending in 2019 with $333.25 billion of investment which is only expected to grow in the future.
In this industry, there is an oligopoly of big names including Facebook. However, Google and Amazon are big giants that are fierce competitors of Facebook for the advertising market.
Here is why and how are these big competitors of Facebook to look out for:
When recording competitors of Facebook for the online advertising industry, you cannot make the mistake to ignore Google, in fact, for years google and Facebook were considered the duopoly who ruled over the online advertising agency.
Google gives the user an opportunity for online searches, advertising, looking up for information, and receives the highest number of visitors in the world.
Even though Facebook remains the leader in advertising, Google is the leading competitor of Facebook.
While Facebook tried to evict the competition with its boost package, Google, being a search engine still attracts heavy E-Commerce from businesses. Therefore, Google continues to rule the position of the fiercest competitor of Facebook.
Amazon which is considered as the most valuable brand in the world, was established in 1994 for selling books and by 2015 it surpassed Wallmart in selling all kinds of products, Securing a safe and sound position in the Big 5 techno giants in the world, it sure is a competitor of Facebook.
Although from the outside both Facebook and Amazon have very different structures, while Facebook is a social media platform, Amazon is an E-commerce site but when it comes to the advertising agency, Facebook cannot help but list Amazon as one of its largest competitors.
From 2018 to 2019 while facebook’s online market grew by 0.3%, Amazon’s market saw an increase of 2%.
To combat this Facebook introduced Facebook marketplace, but both of these are very distinctive from each other, while Amazon adheres to deliver the products the user has paid for, facebook only features products from different sellers. So, as different as it seems, Facebook and Amazon are competing via Facebook Watch versus Amazon Prime and Facebook Marketplace versus Amazon E-commerce.
Facebook has been trying to rule amazon out of the picture however with a huge market base it is going to be a rigid task to pull off.
One of the holders of Big 5 Microsoft is a technology company that sells software, electronics, devices, and related products.
It was founded in1975 and by 2016 it was the world’s largest Software maker by revenue.
However, the majority of the revenue portion of Microsoft comes from selling software, another mode of its earnings is advertising which makes it a competitor of Facebook, it also acquired LinkedIn in 2016 and Skype in 2011, which again makes Microsoft a big bully for Facebook.
The operating structures of Microsoft and Facebook may defer but the target audience is the same when it comes to the advertising industry.
Thus, Facebook cannot help but include Microsoft in its list of rivals that can possess a threat to the social networking site.
To summarize all of the above, there is no doubt that Facebook is not an enemy that will just let you rule over, it evolves itself with the technology and as it is growing it is also accused of cutting any or all the competition it receives.
WhatsApp and Instagram are two of the most deadly competitors of Facebook, although after being acquired they are not any more of a threat to the site.
New applications today are also growing to become competitors of Facebook. With new emerging applications like Tik Tok, Facebook is also continuously upgrading its features, some messengers are becoming popular in younger generations like WeChat which has more features than Facebook, provides news, entertainment and also a platform for E-commerce, to maintain its status-quo Facebook has to generate better algorithms to beat such new applications.
Technology is a constantly updating field which also gets obsolete pretty fast and to cope up with it Facebook has to keep going the way it does and provide its users with all the features and sources of entertainment and connectivity that people are searching for.
Nonetheless, it is only a healthy competitive market that can prove to be a mother of all great innovations and creations for people worldwide.
Who is Facebook's biggest competitor?
It may seem odd to say that Instagram is Facebook's largest competitor because it's also owned by the social networking behemoth. Facebook bought the photo-sharing site in April 2012 for $1 billion. It's estimated to be valued at more than $100 billion—more than 100 times what Facebook originally paid for the site.
Is Snapchat owned by Facebook?
Snap Inc. CEO Evan Spiegel famously turned down a $3 billion offer from Facebook to buy the then two-year-old Snapchat in 2013. If ever he regretted that decision, he reportedly had a second chance three years later to sell his hot ephemeral messaging app to the social media giant, according to The Wall Street Journal.
Why is there no competition for Facebook?
It is not that Facebook does not have competitors. It is a leading social media player simply because it followed a particular strategy. ... FB has continued to increase its network thru continuous marketing and customer acqusition efforts, enhancing its products, including mobile apps inorder to make FB more accessible.
Are Google and Facebook competitors?
Google is the biggest competitor of Facebook when it comes to advertising. Together, the companies are known as the digital duopoly for dominating the advertising platform. According to a report of 2018, Google occupies 40% while Facebook occupies 22.7% of the UK's ad revenue share.