Let’s BeReal: 2022 was a tough year for most social platforms. Next year will bring new competition from Gen Z-focused rivals, a (mostly unsuccessful) quest for alternate revenue streams, a social commerce rewind, a complicated situation with creators, and amped-up competition for video viewers.
TikTok needs to watch its back. True, it’s still Gen Z’s favorite app; we expect nearly 70% of Gen Z internet users to use it monthly in 2023, up from 64.1% in 2022. But emerging competitors like BeReal are gaining traction, based on a comparison of fall 2022 Piper Sandler survey data with our forecasts.
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