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|How Social Media Platforms Actually Make Money From You by digitalxpat(m): 12:37pm On Oct 03, 2019|
Let's start with these stats. There are 277 million users on LinkedIn and Twitter, 1.2 billion on Facebook and 540 million people on Google+ (mostly people who haven’t yet figured out how to delete their profiles while keeping their Gmail accounts intact). Instagram the new wave has over 1 billion+.
Now understand this, the product they use in making money from is YOU the user. They sell your attention to ADVERTISERS and get paid for that exchange. That is why they make sure YOU stay active. They create alot of features to keep you glued.
The funny thing is that they don't have CONTENT, you the user have been creating content for them for free.
Using an advertiser-supported model, rather than charging each user individually, is unquestionably the easiest way for Facebook to garner as many users as possible. The more users on the site, the greater the number of advertisers willing to engage them, and the more those advertisers are willing to spend. Making for the most virtuous of circles for Facebook’s management and shareholders.
As a business, you shoot yourself in the foot when you don't run online advert. Why? Because all the tools necessary for you to reach your exact target has been provided by these facebook, twitter, linkedin giants. Also, almost everybody you see has a smartphone.
Another way they make money is from SUBSCRIPTIONS. Only Linkedin has been successful with this because they target PROFESSIONALS and these set of people in their platform have the money to pay.
Would you pay money if these social media platforms asks you to and which one? Let's hear your view.
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