Social media has become an integral part of our everyday lives.
Here’s the problem:
Social media platforms are designed to keep users engaged. That means they will show you whatever content they need to keep you on the platform.
Even if that content doesn’t necessarily tell the truth.
After losing the 2020 election, former U.S. President Donald Trump created a new social media platform – Truth Social.
The Truth Social platform attracted plenty of criticism and praise from both sides.
But how successful is it and how does it compare to other social media platforms?
In this blog, we have put together a list of the latest Truth Social statistics so you can see who uses the platform and whether or not Truth Social is likely to become a dominant social media network in the future.
Let’s dive in!
What Will I Learn?
Truth Social is a social media platform developed by the Trump Media & Technology Group.
Does that name sound familiar?
The Trump Media & Technology Group is owned and led by former U.S.
President Donald Trump, who developed Truth Social after losing the 2020 United States presidential election and being banned on Twitter.
Truth Social was founded on 20 October 2021 but wasn’t officially launched until 21 February 2022. Here’s what you need to know:
Truth Social is designed to offer an “uncensored” alternative to popular sites such as Twitter and Facebook.
The goal was to enable users to engage in conversations with limited censorship and moderation.
But do people care enough to change to a new social media account?
Truth Social is a relatively young social media platform.
During the beginning of the launch, they had some pretty fast growth. Here are the key Truth Social statistics you need to know:
The problem with Truth Social is that it feels to most people like a political tool for Donald Trump. This has meant the platform has had limited growth.
But Truth Social has managed to attract a core group of users who engage and post on the platform consistently.
How does Truth Social compare to other social media platforms?
There are around 2 million active Truth Social users.
To give you some perspective, social media user statistics show that Twitter has about 450 million monthly active users and Facebook has 2.91 billion.
So in terms of the bigger platforms – Truth Social has a long way to go.
But Truth Social’s download rank in the Apple App Store currently sits in the 14th spot in the U.S. charts based on its download history.
The platform was also the number #1 most downloaded free media app in the U.S. between 26 April and 1 May 2022.
So there has been a little bit of buzz about it.
Truth Social also reached 170,000 downloads on the first day. It currently gets an average of 8,000 downloads per day.
Here’s a breakdown of the downloads by month since its launch in February 2022:
|Month & Year||IOS Downloads||Android Downloads|
|May 2022||1.5 Million||–|
Based on these download statistics, Truth Social has had over 4.36 million app downloads since its launch date. The release of the Truth Social app on Android has added over 600,000 new downloads for the platform.
Who has the most followers on Truth Social?
Donald Trump has the most followers on Truth Social, with over 2 million.
This is not a lot compared to his Twitter account following of 87 million people, which gave him significantly more reach.
But what about the wider American population?
A survey conducted in the U.S. found that:
Not overwhelmingly positive, right?
But 67% of people who have used Truth Social said they will likely use it again. So the social media platform does have a decent retention rate of users.
Just getting people to use it is the hard part!
As you can imagine…
Truth Social has some very specific demographics.
A survey done in March 2022 found that 31% of Republican voters said they would use Truth Social often and 14% said they plan to use the platform a lot.
On the other hand:
Pretty significant differences based on political ideologies and party loyalty.
What about age?
66% of the 65+ age group don’t use the Truth Social app or website at all.
A separate survey found similar results, with Truth Social being the least popular among the 65+ age group.
To be fair, this isn’t uncommon.
Social media addiction statistics show that the 65+ age group is historically the last age demographic to adopt a new platform.
But what’s interesting is that 50% of the 18 to 34 age demographic said they don’t expect to use the platform. Only 7% of people aged 18 to 34 said they plan to use Truth Social often.
Why is this such a big deal?
18 to 34 is usually the demographic with the highest social media adoption and the stats show that most aren’t interested in Truth Social.
57% of people aged 45 to 64 said they don’t plan to use Truth Social.
When it comes to gender, it’s also a similar story.
61% of women and 50% of men said they wouldn’t use Truth Social at all.
Only 10% of men and 6% of women said they plan on spending a lot of time on the platform.
The problem here is that 65% of men and 73% of women are not interested in using Truth Social.
It’s hard to adopt new users when a large portion of the population is already rejecting the platform before testing it out.
A massive 83% of women and 70% of men who identified as Democrat voters said they don’t plan on using Truth Social. On the other hand, just 12% of women and 16% of men expected to be regular users of the platform.
So what do all of these Truth Social statistics tell you about the demographics of users?
There are two big takeaways:
Only time will tell whether the platform can overcome these barriers.
You might be surprised how much Truth Social is worth based on its small number of users.
Rather than pursuing a traditional IPO, the Trump Media & Technology Group decided to merge with a blank check company called Digital World Acquisition Corp (DWAC) which was already listed on the NASDAQ.
After announcing the merger, the DWAC stock jumped to highs of $101, valuing the company at about $3.9 billion.
But the stock price has slowly been coming back down and as of April 2023, is around $13 per share.
At this share price, the company has a market cap of about $500 million.
It’s reported that Truth Social has boosted Donald Trump’s net worth by up to $430 million, taking his fortune to $2.4 billion a year ago and today around $3 billion.
How much money does Truth Social make?
SEC filing shows the company lost $6 million in the first half of 2022 and didn’t generate any revenue. They do however hold $293 million in a trust that houses most of its assets.
But the big question is – Can Truth Social become profitable?
It’s common for social media companies to lose money for numerous years as they grow their platform and acquire more users.
Larry Ramer (content developer and editor at InvestorPlace) said that if Truth Social can reach 30 million monthly active users (MUAs) and generate an average revenue per user (ARPU) of $30 a year, Truth Social would make about $90 million in annual revenue.
While that’s not huge, it could be an achievable outcome for the Truth Social media company.
It’s also possible they would become profitable with that amount of revenue.
What do we learn from all of these Truth Social statistics?
Here are the key points:
Truth Social is a politically charged social media platform with a strong skew toward users who are Republican voters. Democrat voters are extremely unlikely to even try the platform – let alone regularly use it.
Because of all the political mayhem flying around Truth Social, they will likely have a difficult time adopting new users at scale.
Does that mean it won’t survive?
The most likely outcome based on these stats is that Truth Social will become a niche platform with a relatively small user base. – But they need to figure out a good revenue model.
Truth Social is very unlikely to become a big social media network that competes with major tech companies like:
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