Social media giant Twitter (NYSE: TWTR) has recently recorded a gradual increase in its market share, with Elon Musk’s acquisition of the company emerging as a critical catalyst. While Twitter is registering positive growth, Meta Platform’s (NASDAQ: FB) Facebook is witnessing a plunge in its share.
In particular, data compiled and calculated by Finbold on November 8 indicates that Twitter’s market share has surged by 55.86% in 2022. On the other hand, Facebook’s share plunged by 11.86% between January and November 2022. The market share value accounts for desktop and mobile devices worldwide.
A breakdown of the market share indicates that Facebook began the year at 76.85%, the platform’s highest percentage in 2022, while in November, the value stood at 67.73%. Elsewhere, in January, Twitter had a market share of 7.16%, while as of November, the figure stood at 11.16%.
The report highlighted the possible influence of Musk in improving Twitter’s market dominance overall. According to the research report: “Based on the market share data across the year, it can be assumed that Musk has influenced the numbers; for instance, the share spiked around May when the deal was first announced but appeared to plunge after he initially backed out.”
Furthermore, the report acknowledges Twitter’s previous struggles to sustain a stable user base, noting that: “In general, the growing market share is a welcomed development considering that a recent report signaled challenging times for Twitter for losing its most active users. Notably, this factor was among the critical areas of focus for Musk after taking over.”
For Twitter and Facebook to sustain their market share, the companies will need to focus more on attracting users while keeping an eye on the growing competition.