Document Type
Article
Publication Date
2023
Journal / Book Title
Journal of Business Strategy
Abstract
The social media industry has entered a new stage with intensifying competition and heightened uncertainty about future directions. The purpose of this paper is to provide analyses of the current challenges and to identify industry-wide trends that may offer a roadmap for the future. This study identified five major trends in the current social media industry: 1) content is king, and that content is moving to visual; 2) artificial intelligence is key to competitive advantage; 3) network effects still matter, but business model innovation can overcome that barrier; 4) the need to broaden revenue sources; and 5) the strive for the everything app. In this changing environment, social media companies need to adapt and innovate their business models proactively to stay ahead.
DOI
https://doi.org/10.1108/JBS-12-2022-0209
Journal ISSN / Book ISBN
0275-6668
MSU Digital Commons Citation
Zhang, Yanli; Nguyen, Huy Will; Jung, Young Hoon; and Ren, Isabelle Yi, "The Social Media Industry: Where Is it Heading?" (2023). Department of Management Faculty Scholarship and Creative Works. 54.
https://digitalcommons.montclair.edu/management-facpubs/54
Published Citation
Zhang, Y., Nguyen, H.W., Jung, Y.H. and Ren, I.Y. (2023), "The social media industry: where is it heading?", Journal of Business Strategy, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JBS-12-2022-0209
Included in
Business Administration, Management, and Operations Commons, Business Intelligence Commons