Although Facebook spent billions acquiring Instagram, the social media photo site has been steadily losing its influence amongst teens in favor of Tick Tock and Snapchat. Leo says it's a natural trend progression, as teens seek their own space. But adults will eventually follow, prompting teens to move on to the next big thing.
Pew Research Center on Internet and Technology did a study on social media and the stats for early 2018 were surprising. 78% of 18-24 year olds use Snapchat, and most of them visit the platform many times a day. 71% of 18-24 year olds also use Instagram, and only 45% Twitter. Roughly 2/3rds of US adults say they use Facebook, and 3/4 of that number on a daily basis. Facebook is easily used by the majority of Americans every single day. YouTube's numbers were even higher. 73% of adults say they use YouTube.
In a clear sign that they are going after Snapchat, Facebook announced that they are opening up their API to allow app developers access to the camera in the Facebook app. They will also add support for filters, overlays, and other features that are similar to Snapchat, luring users away.
Leo says that Facebook is going after augmented reality in an effort to stay on top of the virtual genre. Leo says that competition is good. It'll be interesting to see how Snapchat and other companies respond.
Facebook and Oculus had their big confab this week and they're focusing on Augmented Reality, which will bring virtual elements into the real world through a headset that shows you the real world, with virtual elements overlaid on it. Leo says that Facebook is looking to that because they are aware that everyone is getting into VR and they are worried about losing their edge in the genre. So look for Facebook to add AR to Oculus VR. Facebook is also going to add vanishing messages to Instagram in an effort to bury Snapchat since they couldn't buy them.
Snap's IPO was launched yesterday, selling at $17 a share, with total value of $34 Billion. That's a heck of a lot for a single app called Snapchat. But is it worth more than Marriot? Leo says it's rather over valued. Why is it so high in value? Leo says that people wants to know how to reach young people and Snapchat is where the kids are. Kids don't watch TV anymore, they watch YouTube and talk amongst themselves. And Snapchat is their platform.
Steven has created a new tooth brush that fights bad breath. However, he's been told he needs to get on social media. But he's scared about hiring someone to do his social media. Leo says don't! Do it yourself! And since his wife did an amazing job on his website (check out NeutralizerPlus.com) she can easily navigate the waters of social media. Go with Facebook and Twitter, and maybe Snapchat for the younger crowd. That's it. Also have a YouTube channel.