And the youthful skew of the Hispanic population yields a receptive audience for platforms like Snapchat and TikTok. Hispanics overindex for social user penetration, but just slightly. We estimate that 68.6% will be social users in 2021, vs. 64.4% of the total population.
There’s only so much room for Instagram to grow in its home market, given the already high penetration among its core 18-to-34 demographic. And as long as TikTok sticks around, Instagram’s short-video feature, Reels, is more likely to heighten engagement among existing users than attract new ones.
And celebrity involvement in Step brings a spotlight that competing services don’t have: Step raised $50 million in December 2020 from celebrity backers including Justin Timberlake and TikTok star Charli D’Amelio, helping Step further appeal to the teen demographic and drive sign-up momentum.
Younger age demographics are also responsible for the shift away from Facebook and the growth in Instagram, Snapchat, and TikTok. A broader array of social networks that cultivate specific audiences will lead to more fragmented social network usage in the years ahead.