Every month, 3.1 million adults in Southeast Michigan use social media, according to Nielsen. Seventy-three percent of these consumers use Facebook, far more than other sites like Instagram (also owned by Facebook), Twitter, Snapchat, Pinterest, and LinkedIn.
As a stand-alone medium, Facebook is used by more people in Detroit than watch local cable channels. Only Detroit radio and local TV reach more consumers.
The large audience commanded by social media has attracted a significant amount of advertising dollars from local advertisers. According to Borrell Associates, a company that measures advertising expenditures across the county, Detroit area businesses are expected to spend $343 million on social media advertising, a 26.6% increase over 2022. The overwhelming majority of these dollars are being spent with Facebook.
Yesterday, Facebook founder Mark Zuckerberg announced the company was changing its name to "Meta". This change, though, only affects the name of the parent company. There will be no change to the company's brands like Facebook, Instagram, or WhatsApp.
How will this name change affect Detroit businesses that advertise on Facebook?