As we step into 2024, market researchers are setting predictions on what is to come from the world of tech and startups. Data.ai, a San-Francisco based mobile data analytics provider, has just unveiled its predictions for the year ahead, offering insights that promise to shape the way we interact with technology and consume content.
In this edition of The Gee Code, we’ll dive into a portion of these forecasts and add a Gen Z take. Be sure to be back next week for part two.
- The Sun Sets on Microblogging – Despite X (formerly Twitter) peaking at 316 million Daily Active Users in 2023, data.ai forecasts this will drop to 250 million in 2024. Their analysts stand firmly on video being the king of media as more consumers flock to platforms such as TikTok for news and to vlog (rather than writing blogs).
This Summer, YR Media reported on the rise of X’s competitors which range from Meta’s Threads to Spill, a Black-owned platform led by ex-X employees Alphonzo “Phonz” Terrell and DeVaris Brown who had visions of building a social platform that put the safety of marginalized communities first.
While these competitor platforms have gained traction, I do believe and agree that video content is king. Regardless of the platform, short-form video content is thriving. Especially among Gen Z because iIt is highly engaging and can be consumed quickly on the go. 80% of Gen Z prioritize using TikTok, Snapchat, and Instagram over other platforms, which can definitely foreshadow X’s decline in popularity amongst the generation (and those that come after).
- GenAI To Unleash A Wave Of New App Functionality – It’s no secret that 2023 was the year of artificial intelligence. Downloads of Generative AI apps grew 9 times during 2023 and in 2024 and because of tha data.ai projects that 2.3 billion app downloads will include GenAI functionality. Data.ai believes this will fuel a surge of creativity in genres such as Video Editing and Selfie & Beauty Editor products.
AI is becoming king in tech, just as video has become king on social. From big corporations to everyday consumers, AI has become a tool to increase productivity and efficiency across various sectors.
In 2023 alone, YR Media’s The Gee Code covered generative AI developments in obtaining abortion information, news anchoring, graphic design and more. Whether it’s an app, or an online browser extension, AI usage is definitely going to increase as the world becomes more familiar with its ever-evolving use cases.
- In-App Purchases to Be the Next Battleground for Revenue in Social Media Apps Historically, social apps monetized through the use of ads. However, in 2024, Data.ai predicts that more platforms will monetize directly from consumers.
TikTok led the wave on this front, by introducing In-App Purchases as a way to offer content creators added income opportunities. With YouTube and Instagram following TikTok’s lead, Data.ai predicts that the switch will represent a 152% increase in consumer spend for social media apps in 2024.
Let’s face it, with influencers being the new marketers on social media, it only makes sense to add an option to shop the products they promote directly on the platform. This eliminates the need for influencers to use external links to sell products, which is oftentimes less user-friendly. On the flip side, it allows social media platforms an added opportunity for monetization as sales will be made directly with them, making it a win-win on all sides.
Keeping it gee, As we embrace the future outlined by data.ai’s predictions, it’s clear that the digital landscape will continue to shape the way we connect, consume content, and even influence our spending habits. 2024 promises exciting innovations and challenges as we adapt to these changing dynamics, bringing us closer to a more authentic and user-controlled online world.
Miranda Perez (she/her/hers) is a Jersey City, NJ-based journalist who covers the tech industry. Follow her on Twitter and Instagram: @mimithegee.
Edited by NaTyshca Pickett