The social media landscape is anticipated to undergo significant changes in 2023 regarding how platforms monetize content and how brands engage with consumers. Publishers and creators must keep up with these developments by being aware of the trends that will shape the market over the next 12 months.
To get their expert analysis on the most important social media trends for 2023 and how publishers can take advantage of them, we spoke to a number of leaders from TheSoul Publishing.
The Demand for Short-Form Content Will Continue
Michael Boccacino, Director of Content Partnerships, predicts: “The race to monetize short-form content will kick into high gear in 2023. Whoever offers creators the best deal will win the day.”
For both audiences and creators, short-form content, like 15-second videos on TikTok and YouTube Shorts, has proven to be very engaging. A new avenue for content creators to monetize their work has been made possible by YouTube’s decision to make shorts eligible for monetization beginning in 2023. Because of this, and because TikTok might update its monetization strategy, content creators will probably gravitate toward the platforms with the most lucrative monetization opportunities.
With this trend in mind, publishers should concentrate on producing and disseminating short-form content across various platforms. Additionally, they should keep up with the most recent adjustments to platform monetization guidelines so that they can modify their content strategies as necessary.
The Use of Shared Viewing Experiences Will Increase
Partnerships between streaming platforms and device manufacturers are anticipated to increase in frequency throughout 2023, especially between streaming platforms and mobile providers, according to Jonathan Shrank, Head of Broadcast Distribution at TheSoul. He explains, “As the popularity of watching content on mobile devices continues to grow, we will see more partnerships between streaming platforms and mobiles, as well as the onward march of those, such as Samsung, who offer content options on both.”
As consumer viewing patterns change, social media platforms will adapt by looking for partnerships to expand their reach and generate revenue on new platforms. A recent survey found that shared viewing activities, such as watching YouTube content on TV, are already becoming more popular, particularly among families. The study also discovered that by engaging in these cooperative activities, parents and kids could strengthen their relationships while fostering the growth of their digital literacy.
By collaborating with streaming services, mobile providers, and other businesses, publishers can take advantage of this trend. For instance, a publisher could make a YouTube channel with content geared toward families and optimized for TV viewing.
The Use of Traditional Advertising Will Decrease
Marat Gubaydullin, Head of Idea Development, predicts: “We will see a departure from the old model of traditional advertising in 2023. We are on the cusp of a new phase for platforms and creators alike — and 2023 will determine what they will be in the next few years.”
New chances for brands to use social media advertising will arise as platforms compete for content creators. We will also see improvements in current models as brands put greater emphasis on using cutting-edge ways to reach and talk to customers.
For example, the development of social commerce enables users to buy goods straight from social media platforms. The ability for brands to tag products in posts and stories has already been introduced by platforms like Instagram and TikTok, making it simple for users to make purchases without leaving the platform. We can anticipate more companies experimenting with this feature and promoting direct sales in 2023.
An additional illustration is the use of virtual reality (VR) to produce more engaging shopping experiences. Companies are looking into using metaverse catwalks and VR fitting rooms to let customers interact with products and try on clothing. In 2023, more brands will test this technology as consumer demand for personalized shopping experiences increases.
By experimenting with novel advertising formats and coming up with strategies to incorporate merchandise into their content, publishers can stay ahead of the curve. This can take many forms, from a fashion blogger producing a YouTube video showcasing a digital changing room to a travel influencer producing Instagram posts that enable readers to book their next vacation directly from the post.
Virtual Influencers Will Play a Bigger Role in Brand Marketing Campaigns
As Vice President of Operations at TheSoul, Patrik Wilkens has first-hand experience with virtual influencer marketing through the digital popstar, Polar. Wilkens says: “We will see more integration between social media, music, and gaming in 2023 and beyond. This will generate various new opportunities for virtual influencers within decentralized media. These digital creations offer content creators the chance to generate revenue through a wide range of partnerships, as well as their own product launches.”
Using virtual influencers will thus become a common marketing tactic for brands as technology develops. Some industry experts forecast that the value of the influencer marketing market will double between 2020 and 2025 as it continues to expand quickly.
Traditional human influencers are being used by brands to keep up with the times and reach Gen Z audiences. Still, in 2023, brands would be wise to investigate the potential ROI of collaborating with virtual influencers. Social media platforms and the metaverse are just two places where these computer-generated characters engage with users. According to a Brandwatch report, they have already demonstrated their ability to encourage purchases, with 40% of sales resulting from virtual influencer promotions coming from Gen Z or millennial customers.
As we move forward into 2023, it is abundantly clear that technology is undergoing rapid change and that brands prepared to take risks and experiment with new technologies will be in a prime position to take advantage of the opportunities this change presents. This is especially true in the gaming and Gen Z communities, which are pioneering innovative uses of existing platforms.