The vast majority of social media apps are free for all to use, including Facebook, Reddit, Instagram, Twitter, Snapchat, etc. In exchange for the free use of the platforms, you give the networks the right to harvest your data to assist advertisers in serving you the appropriate marketing materials.
But what if that wasn’t the case? What if, instead, you paid a flat monthly fee for access to specific social media platforms? This is a question we’ve actually covered a few times here at Android Authority, as well as positing a solution in which you share revenues with media platforms.
Now, though, we actually have an idea of what the average person would pay for major services. A company called McGuffin surveyed 2,004 consumers through a paid online market research platform and assembled the data into some handy charts.
Check out what the average person would pay for some of the major social media platforms and other online services below:
Interestingly, the average person would pay more for Pinterest than they would for Snapchat, and Google Drive is nearly $1.00 more expensive as compared to Twitter.
Although the chart above is interesting, things get really interesting when you extrapolate how much a company could earn if it adopted the paid model rather than the free model we see from these major services. In the case of Reddit, it could potentially make 10 times its current yearly revenue if it charged for the service.
Check out that full list below:
Of course, these numbers are likely grossly oversimplified projections. It’s unknown how many users would abandon a platform if it started charging them. Although the chart suggests Twitter could earn nearly 150% more revenue each year by charging for its social media services, it could stand to lose that much revenue (or more) if users simply moved to a different platform rather than pay for it.
What do you think? Are these numbers higher or lower than what you would pay for one of the apps? Let us know in the comments!
More posts about social-media
August 12, 2019 at 07:40AM