Meltwater and We Are Social have unveiled their annual report, 'Digital 2024', revealing social media identities have cracked 5 billion with 266 million new users joining platforms in the last year.

The overview of global social media and digital trends revealed active social media identities now equate to 62.3% of the world's population, with year-on-year growth of 5.6%.

The average social media user spends 2 hours and 23 minutes per day on their preferred platforms and uses 6.7 platforms each month. TikTok has the highest average time per Android user of any social platform globally, with 34 hours per month. Yet Instagram is now considered the world's 'favourite' social platform, with 16.5% of internet users between the ages of 16 and 64 choosing it over others.

The report also delves into data points from across the entire online ecosystem, including smart devices, gaming, and social commerce. The typical internet user now spends 6 hours and 40 minutes online each day. Facebook increased its global ad reach by more than 200 million over the past 12 months, a year-on-year growth of 10.5%. LinkedIn, Snapchat, WeChat, and Pinterest all reported strong user growth year-on-year.

Digital ad spend grew by 10% year-on-year, with almost $720 billion spent on digital ads in 2023. Social ad spend increased by 9.3% to US$207 billion, and investment in influencer activities increased by 17%. The typical internet user now spends 17 minutes per day less watching TV content than they did last year, a decline of 8.2% year-on-year. TikToks tagged with #fyp (for your page) have amassed a total of 55 trillion views, making it the platform's top hashtag.

More broadly in Australia, 46.1% of users aged 16 to 64 pay for a TV or movie streaming service each month compared to a global average of 30.1%. Australia has one of the highest percentages of online gambling or betting website or app users (17.2% compared to global average of 9.4%).

On a privacy note, 44% of Australian internet users are worried about companies' use of their personal data online compared to 31.2% globally.

"As social media enters its next chapter with five billion-plus users, understanding usage patterns, engagement, and emerging trends is crucial to helping brands find their unique voice amidst all the online chatter," Chief Strategy Officer at Meltwater, Alexandra Saab Bjertn, said. "The rise of TikTok, coupled with Instagram's 'favorite' status and the growth of professional networking platforms like LinkedIn, paints a picture of evolving preferences. With so many platform choices, brands need to really understand where their target audience is going for information and shape compelling narratives that engage them with unparalleled precision and authenticity."

Co-founder and group chief executive at We Are Social, Nathan McDonald, saw social media continuing to be a vital part of the way people connect with one another, from building communities to researching purchases and everything in between.

"TikTok's continued popularity has changed the way that people behave online - social is not somewhere where a broadcast approach works for brands, and the importance of thinking social first has never been more important," he said.

"It's encouraging to see strong growth across multiple social platforms, each offering something different, whether that's Pinterest for social commerce or Facebook for connecting with communities. For marketers, understanding platform nuances - and how to use social media to connect in culturally relevant ways - will be more crucial than ever."