Social networking use has doubled since 2007, and it’s all thanks to Facebook, Twitter and an array of other social companies reaching record traffic highs. Website comScore’s latest numbers are out, and they paint a familiar story: social networking is on the rise. It’s the rate of growth that’s surprising, though.
According to the web analytics firm, the average online user in the U.S. now spends nearly 16% of his or her time on social networking sites such as Facebook, LinkedIn, Tumblr or Twitter. That’s up from just 8% in July 2007. In the last year alone, social networking use has increased by approximately 25%.
The biggest reason for the increase in social networking is Facebook and its 700+ million users. In August 2005, Facebook was tiny compared to MySpace, its primary competitor. Facebook attracted less than 10 million monthly U.S. visitors, compared to MySpace’s 20+ million.
It wasn’t until May 2009 when Facebook finally caught up with its competitor, and ever since then Facebook has been on the rise, while MySpace has experienced a dramatic fall from grace. In May 2011, Facebook garnered 157.2 million visitors, more than four times the size of Myspace (34.9 million visitors). Facebook now reaches 73% of the U.S. Internet population each month, while MySpace has lost nearly 50% of its audience in the last year alone.
It’s not just Facebook that’s doing well, though: LinkedIn, Tumblr and Twitter all hit record highs in May, 2011. LinkedIn now attracts 33.4 million U.S. visitors, more than Twitter’s 27 million and Tumblr’s 10.7 million. Tumblr is the fastest-growing of the three companies though, boasting 166% growth in the last year. LinkedIn’s U.S. audience rose by a strong 58% in the last twelve months.
The spotlight is shining bright on these companies, thanks to a string of successful IPOs. LinkedIn shares soared during its public offering, while Pandora upped its share price twice due to heightened demand. The light is brightest for Facebook though, which could be one of the largest IPOs in history. comScore’s data contradicts recent reports that Facebook’s growth is slowing down.