What's Next, Now: November 2022
This month, our crystal ball predicts a new era of social media, the rebirth of cable, a spotlight on salary transparency, and more.
We couldn't write this month's report without acknowledging the obvious: Twitter is on a knife-edge right now. From fluctuating features and a slew of resignations and layoffs (followed by sorry-we-laid-you-off-please-come-backs) to the hostile takeover of the platform by parody accounts, it’s hard to go a single day without seeing a headline about Elon Musk’s next move. Some brands have been reacting to the chaos by pulling advertising. The exodus has forced Musk to cater to ad execs in the hopes of retaining the much-needed revenue stream (or come up with another quick-turn tactic to make up for it).
But while certain users are calling for the death of Twitter, some hopefuls continue to hang on, including many journalists who have built careers on the platform as a medium to reach their audiences in an instant. It’s safe to say all eyes will be on Twitter in the coming months, awaiting what’s next as the platform adjusts to life under its new chief.
While Twitter news might be the focus of our timelines, Meta and Instagram are also suffering under the weight of economic pressure and misaligned leadership. Meta continues to go all-in on experiential technologies like VR and the metaverse that have yet to produce viable results for the company, while Instagram is facing backlash for its harried attempts to emulate the success of every social media platform’s number one rival, TikTok. Like several of its Big Tech siblings, Meta also recently announced mass layoffs and disappointing earnings.
Among the tumult, winners have emerged: the current king of social, TikTok, and niche social media platforms, like Mastodon. TikTok seems to have the current magic formula when it comes to social media — trendy, appealing content and a strong algorithm that feeds the hyper-personalized content to users. Another key to TikTok’s success is a healthy relationship with its creators, which Twitter has never been able to master, and Meta continues to struggle with. And alternative and niche platforms have been on the rise since pre-Musk Twitter, but the purchase has prompted a boost of émigrés from Twitter and other legacy platforms looking for a new home.
It’s a moment of reckoning for social media. No, it’s not dying — just evolving. A new wave of challengers is emerging and legacy players are being forced to shift strategies to keep pace. Several startups are joining the throngs, and as we watch to see how things settle, the market is primed for someone new to break away from the pack.
The first player to take a shot was Mastodon, an open-source social network that markets itself as an alternative to Twitter. While Mastodon saw an influx of new user sign-ups of late, the platform has been struggling to keep up with its growing user base. Also, many users are finding the features clunky and confusing, leaving some to wonder if it’s the next Clubhouse. Who will be next to enter the ring?
As a result of the chaos, brands are currently facing added scrutiny for their social media decision-making, as the media is closely following which companies are making changes, especially as it relates to Twitter. Brands Musk make a decision — whether to ride out the current uncertainty or shift budgets and efforts elsewhere.