Facebook is the biggest social media platform, with more than 2.5 billion global monthly users. The massive user base of Facebook is used to sell targeted advertisement to business clients, which is the primary source of income for the company. As of 2019, the company has earned nearly USD 69.66 billion in revenue from advertising. The rising popularity of social networking among its users, especially in the younger section of the population, has attracted other market players as well. Even though Facebook is not one of the first social media platform, but it has gained significant popularity over the years and at the same time it has also made a lot of rivals. In this article we have identified and discussed about the top competitors of Facebook to help you with writing papers in college. The rival firms have been chosen based on how their business operations can influence the performance of Facebook
As mentioned earlier, Facebook earns its revenue from selling targeted ads to advertisers. This business model is being adopted by various other companies as well. Any company can that attract advertisers to purchase ad space from them, is a potential competitor of Facebook. Let us now look at some of the most dominant players in the market that you can mention in your college essay as Facebook’s competitors.
Google is probably the biggest competitor of Facebook, when it comes to digital advertising. The company is best known for its search engine and mobile operating system (Android), along with other services. Despite of the highly diversified business venture, the majority of the company’s revenue is earned from selling advertisements. As of 2019, the company has earned USD 160.74 billion in revenue; more than 80% of which came from advertising. Google earns money from its placing targeted ads on its search engine results. The pay per click model of payment allows the advertisers to pay based on the degree of advertisement exposure that they want for their brand. The massive user base of Google’s search engine has enabled the company to sell more targeted advertisements than any other company in the industry.
Although YouTube operates under the umbrella of Google, but the sheer volume of revenue earned by YouTube alone is quite substantial. In the year, 2019 YouTube has earned nearly USD 15.15 billion in revenue from advertisement. It should be noted for your professional essay writing that YouTube has the advantage of being the largest video sharing and streaming platform. With more than 2 billion monthly users, YouTube can attract a lot of advertisers, who can reach to the massive user base of the company. Moreover, business model of YouTube is slightly different from that of Facebook. YouTube incentivizes the content creators to encourage them to make more videos, which can bring more viewers, thereby creating more opportunity for targeted advertising. However, Facebook attracts its users by offering new set of features that makes it much easier for people to socialize and build community. The fact that YouTube and Facebook both attracts advertisers by offering the same core value, makes them rivals to one another.
Twitter can be considered as the most direct competitor to Facebook, as it is also a social media platform, which allows users to post content and interact with one another. However, it should be noted that the features and attributes of Twitter is different from that of Facebook, even though both of them offer the same fundamental functions. As of 2019, twitter has earned USD 2.99 billion in revenue from advertising, which is more than 85% of its total revenue. Twitter allows its users to promote a post (Tweet), promote an account and promote a trend. These inorganic promotions are the primary source of its revenue. Just like Facebook, Twitter also relies on attracting users by offering them better set of features and services, that improve their social networking experience. This as a result makes Twitter a relevant competitor for Facebook.
WeChat is a private messaging application, which is a direct competitor to Facebook’s WhatsApp. It is the third most popular messaging application, with a monthly active user of 1.20 billion. It earns money by acting as a medium for small and even large businesses to communicate with their customers. This is the same business model just like WhatsApp Business. Over the years, WeChat has become quite popular among the users, owing to a host of new features added by the company. It can prove to be a dominant rival for Facebook’s WhatsApp, by offering more attractive value for the business clients and its users.
The PlayStation VR from Sony is the biggest rival for Facebook’s Oculus. Facebook acquired Oculus, a VR device manufacturer in order to tap into the future potential of VR. However, it faces steep competition from Sony PlayStation VR. Sony already has a massive customer base for its PlayStation gaming console, which is leveraged by the company to sell its VR devices. Moreover, Sony also has the added advantage of having its own game developing division, which can create attractive entertainment content for the VR devices.
Before you call someone and say, ‘write this paper for me’, let us recap what we have learnt from this article. Facebook is the biggest social media platform, which earns substantial revenue through its targeted advertisements. The rising popularity of social media platform and increasing effectiveness of digital advertisements have attracted a lot companies which earn by following almost the same business model as Facebook. Facebook faces steep competition in digital advertisement from Google, YouTube and Twitter. Each of these companies attract advertisers by offering them targeted advertisement to the service users. Facebook also faces significant competition from other sectors such as private messaging and VR devices.
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