The role of social media in our lives has never been more substantial than it is today. Engagement drives social media and people will show you any content they can to keep you engaged. Whether or not that content is accurate is a different story.
In 2020, after losing the presidential election, former President Donald Trump announced the creation of Truth Social. This new social media platform quickly drew praise and criticism from all sides.
The former president’s popularity can’t be denied, but what about his social media adventure? How does Truth Social stack up against the other social media platforms?
The History of Truth Social
Truth Social came into existence after the 2020 election. The former president had lost the election, and he had also been banned on Twitter. It wasn’t until February of 2022 that the platform was fully launched and ready to go.
It was created and is run by the Trump Media & Technology Group. This is an organization that former President Trump leads. It was designed to offer an uncensored content experience. Unlike the heavily moderated content on Facebook and Twitter, the point was to allow free conversation.
Key Statistics of Truth Social
Truth Social is still very young, and almost all social media platforms grow as they age. Here are a few statistics about Truth Social that you should be aware of:
- There are two million active users, with one million downloads in the first two weeks alone.
- Over 10% of social media users in the United States have visited Truth Social.
- Around 70% of users claim that they will stay with Truth Social.
- Truth Social lacks appeal across the aisle, with 77% of Democrats not using it.
- Over 60% of women polled said they would never use the website.
- Gamers, particularly esports and Reddit users, are the two largest sub-groups.
- It is estimated that Donald Trump’s net worth went up by over $400 million since launching the website.
- Truth Social is believed to be worth around $500 million.
A big issue that Truth Social faces is the accusation that it is a mouthpiece for the political ambitions of its founder, President Donald Trump. While there is a core group of users, this connection to politics has caused limited growth for the platform.
Another area for improvement faced by the platform is that it is only available in the United States and Canada.
Comparison With Other Social Media
Truth Social is new, having just come out a few years ago. In that time, it has garnered over two million active users. This is impressive, but Facebook has almost three billion active users, and Twitter (now X) has 450 million monthly active viewers.
There were periods when it was the most downloaded app, particularly in April and March of 2022. Truth Social is in the 14th spot among the most popular social media platforms in the United States.
Truth Social has had over four million downloads since its release, with an average of eight thousand downloads daily. Compare this to the other three billion downloads TikTok has had, and the scope of comparison becomes clear.
One of the biggest problems that Truth Social faces is that it needs more buzz or exposure. 75% of Americans polled didn’t even recognize the brand, and of the 25% that did, 16% said they liked it.
Compare that to a retention rate of almost 70%, and it becomes clear that one of the issues facing Truth Social is reach. The former president has two million followers on Truth Social, while his Twitter account peaked at around 87 million.
User Demographics
It is perhaps no surprise that there are some stark demographic issues facing Truth Social. Due to the polarizing nature of its founder, it would seem more popular among Republicans and independents who lean to the right. This doesn’t seem to be the case, however.
Forty-five percent of Republican voters said they would use the app. Thirty-one percent of Republican voters polled said they had used the website frequently. Around 14% said they used the website all the time. When you compare that to the left, it draws the starkness of the comparison.
Seventy-seven percent of Democrat voters said they would never use the platform. Twenty percent said they might sign up but didn’t expect to use it often. Less than 1% of those polled said they would use the social media app regularly.
Age
Among Americans 65+, the app has very little interest, but that isn’t unusual. The 65+ age bracket is often the last to adopt new technology or social media apps.
Among younger Americans, only 7% of 18- to 34-year-olds regularly used the Truth Social app. 50% of those polled in the 18-34 category said they would never use the app. That number increases slightly when you reach the 45-65 category, among which 57% say they would never use the app.
Gender
Truth Social also underperforms with women, with 61% saying they wouldn’t use Truth Social at all. Fifty percent of men also claimed the same thing—ten percent of men and 6% of women planned on using the App regularly.
The numbers are even worse among those who are registered Democrats or who identify as liberal.
Demographic Concerns
This presents a significant issue moving forward, as Truth Social may struggle due to people deciding they dislike the platform before they even try it out. The average user of Truth Social is, therefore, a white male Republican who is aged 18-34.
Truth Social will continue to face issues in drawing more users, as many have strong opinions about the political affiliation of the platform.
Valuation
One of the reasons why Truth Social is worth so much is due to the fact that it has merged with another corporation that was on the NASDAQ. This company helped increase the stock’s price and was called Digital World Acquisition Corps.
The stock price peaked at around $100 per share when the merger occurred. Today, the stock has come down to a more reasonable $13 per share. One of the main concerns about Truth Social is that it doesn’t make any money.
According to the filings it made with the SEC, the platform has lost around 6 million dollars. However, this isn’t surprising, as all new social media platforms tend to post losses. The good news is that Truth Social only needs around 30 million active users to earn up to $100 million per year in revenue, which could be an achievable goal for the platform.
Truth Social in a Nutshell
The fact of the matter is that Truth Social does not have broad enough appeal to become a major social media platform. However, that doesn’t mean that it won’t be successful. Due to the nature of its founding, it can be expected to become a niche platform that caters to a mostly conservative and Republican user base.
The unresolved issue is whether or not Truth Social can figure out a good model for revenue building. As long as that takes place, there shouldn’t be any issues with the app becoming profitable as time passes.