Such bizarre timing…

• On May 7, Skorr launched on the App Store. Skorr uses AI to measure your social media influence across all platforms – sort of like Klout used to (for those you who remember that app and its “Klout Score,” from back in 2011).
• On May 10, three days after Skorr launched, Klout announced it was shutting down. Current owner, Lithium Technologies, bought Klout for $200 million in 2014 for its artificial intelligence (AI) and machine learning capabilities. The announcement stated that Klout was no longer in alignment with its current owner’s long-term strategy.
• BTW, I checked out the Skorr app – LAME!! Don’t bother.

However, DO read on below for some of the best social media usage statistics I’ve come across recently, especially the influence of Instagram on the art market. Damien Hirst’s story is especially interesting.

 

SOCIAL MEDIA USAGE

(Source: Skyword/Content Standard)

#1:  Over 3 billion people use social media each month

• 42% of the total global population
• Usage globally is up 13% since 2017
• In the United States, 71% of the total population uses social media

#2:  Every second, 11 people use social media for the first time

•  For perspective, that amounts to 1MM new social media users every day

#3:  Facebook is now growing ONLY among those 65-and-older

• The 65-plus age group on Facebook grew by 20% in 2017
• Usage among under-25’s is declining.
• Younger generations are skipping Facebook altogether, getting hooked on Snapchat and Instagram instead.

 

INSTAGRAM RULES THE ART MARKET (Source: Hiscox Online Art Trade Report)

 

Instagram only took two years to dethrone Facebook as the social media platform favored by art galleries.

• 62% said Instagram was the most effective tool to raise awareness, up from 57% the year before.
• 79% of young collectors (under-35) have discovered new artists on Instagram
• 82% use Instagram to keep up with artists they already follow.

The art world institutions/figures who have the most Instagram clout.

• NYC’s MoMA leads among institutions with 3.5MM followers
• The MET (NYC) is next with 2.3MM
• London’s Tate comes in 3^rd with 2.1MM

Among artists: Banksy, Shepard Fairey, and KAWS, each have more than 1MM followers

TIP FOR ARTISTS: Damien Hirst saw his follower count go up by over 100% after he started writing the captions himself and sharing backstories behind some of his better known works and series. He now has 396K followers.

 

Online Art Buying Is The Future

• Online art sales are expected to double to $8.37 billion by 2023
• Over the last year, the percentage of young collectors with no preference between physical and virtual galleries grew to 42%.
• Indicates that wherever the art is, the next generation will buy it.

 

Bottom Line.

It’s all converging on social media – despite all the privacy hooplah, we clearly value what social media offers and we’re spending more of our time there.

Its impact on business is huge and will get even bigger. And while Instagram is the top dog at the moment, it may not remain that way forever, the barriers to entry are relatively low.