How Much Revenue Did Social Media Platforms Make Last Year? [2024 Revenue Report]

In today’s digital age, social media is more than just a place to share selfies and cat videos, it's a global economic powerhouse. As billions of users scroll, like, share, and shop across platforms, the money flowing through these networks continues to grow at record-breaking speed.

From advertising revenue to paid subscriptions and creator monetization, social media platforms have turned into billion-dollar businesses. But which platform raked in the most in 2024? Here’s a closer look.

Global Social Media Revenue in 2024

In 2024, the total combined revenue of the top social media platforms reached over $225 billion, showing a 9.5% growth compared to 2023’s revenue of around $205 billion. The growth was fueled by AI-driven ad targeting, video content monetization, and the rise of premium features.

This rise also reflects how integrated social platforms are in our personal, commercial, and political lives turning attention into one of the most profitable material.

Platform-wise Breakdown

  • Meta (Facebook & Instagram):

    • Revenue: $134.9 billion

    • Growth Rate: 7.8%

    • Still leads the market with the highest revenue share.

  • YouTube (Owned by Google):

    • Revenue: $44.6 billion

    • Growth Rate: 11.2%

    • Growth driven by short-form content and ad revenue sharing with creators.

  • TikTok (Owned by ByteDance):

    • Revenue: $20.2 billion

    • Growth Rate: 17.5% (highest among all)

    • Growth fueled by Gen Z and influencer-driven engagement.

  • Snapchat:

    • Revenue: $5.3 billion

    • Growth Rate: 4.9%

    • Modest growth with continued focus on AR and younger audiences.

  • X (formerly Twitter):

    • Revenue: $3.4 billion

    • Growth Rate: 2.1%

    • Slowest growth among major platforms.

Meta (which includes Facebook and Instagram) stayed on top in 2024, taking up more than 59% of all money spent on social media ads. YouTube came in second, growing strong thanks to short videos and sharing ad money with its creators. TikTok grew the fastest, mainly because it’s super popular with Gen Z and influencers.

How Social Media Makes Money?

Social media platforms use several monetization strategies:

Advertising
Still the number one revenue source ads placed in feeds, stories, videos, and search results generate billions.

Subscriptions
Platforms like YouTube Premium, Snapchat+, and X Premium (formerly Twitter Blue) charge users for exclusive content and features.

Creator Monetization & Virtual Gifts
With the rise of live-streaming and short videos, platforms enable tipping, digital gifts, and fan subscriptions to support creators.

Expert Insight / Future Trends

Statista says social media ad revenue is expected to go over $250 billion by 2025. As AI and cool tech like AR and VR become more popular, people will spend more time on these apps and businesses will spend more money to reach them.

Conclusion

So, how much money did social media platforms make last year? The answer: over $225 billion with Meta leading the charge. But as TikTok continues to grow and more platforms experiment with new monetization strategies, the digital economy is just getting started.

If you're a marketer, creator, or entrepreneur, keeping an eye on these revenue trends could give you a serious edge in the ever-evolving digital world.


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