I'm loving the Cake format! Made me think of a recent report from Business Intelligence. The thesis is that the stories format (similar to what we're seeing here on Cake) is likely the future of the social media industry.
Key messages from the report are below,,,
TREND AND IMPACT
•Stories are on track to become the main format for social media consumption, providing brands with a massive and vital opportunity to reach consumers. Facebook CEO Mark Zuckerberg claims the format will supplant News Feed use as soon as mid-2019, a much quicker pace than the social network anticipated.
•The vast majority of Stories usage happens on Facebook-owned properties, followed by Snapchat. Combined, Stories features on Facebook-owned platforms command a whopping 1.5 billion daily active users (DAU), though some may be double-counted. Snapchat's audience is significantly smaller, though still sizable at 190 million DAU as of Q1 2019.
•The viral acceptance of Stories, their accelerating usage, and their highly engaging nature make it imperative for brands to use the format to reach consumers. Brands can particularly leverage the opportunity presented by Stories to reach younger demographics in a native format.
•Brands looking to implement Stories campaigns to reach younger consumers should consider their target audience segments when choosing a platform to prioritize.
oMillennials prefer Instagram for consuming Stories. Millennial users are more likely to watch Stories on Instagram (60%) than Snapchat (53%) and Facebook (48%), according to VidMob.
oGen Z — comprised mainly of teens — favors Snapchat for watching Stories. Teens are heavy viewers of Stories, and 73% of Snapchat's Gen Z audience consume content via Stories, compared with 70% of Instagram's and 34% of Facebook's, per VidMob.
•But brands also face some challenges in adapting content to the ephemeral nature of the Stories format. They need to post content in the format consistently. And social platforms need to offer brands more tools to measure and verify the engagement that results from Stories content.