The social media industry already has some tech giants. Google, Facebook and Instagram are to name a few among of them. Each of these giants have a tremendous popularity among the people which is evident by the number of subscribers these tech giants enjoy. These facts may look intimidating and discouraging for prospective entrepreneurs who are thinking about starting their own social media platform. However, the key to success in social media industry is not proprietary to any company. In fact, each and every individual has the capacity to write their own rules for success or failure in social media industry. The social media platforms that are currently available in the market are some creative mind’s brain child. Even though some of these companies have been acquired by larger companies, the acquired company still remains someone’s brain child.
Let’s take the example of YouTube that was acquired by Google. YouTube was created by three former employees of PayPal. A platform that allows users to upload and share video content, the people behind You tube’s creation were duly rewarded when Google bought it in November 2006 for a whooping US $1.65 billion and that too within a period of year and half since its creation. As said initially, the secret behind the success of this application is purely the creativity and innovation the trio were able to bring to audience. Let’s take another example to support this context. Facebook website launched on February 4th 2004 had a very small beginning initially, which was to be a platform for communication among the Harvard students. As of March 2016, Facebook has a staggering number of 1.65 billion monthly active users. Facebook also went for its Initial Public Offering in February 2012. All this success of Facebook was not overnight and the reason for success is not luck as well. There are great creative minds behind Facebook who defined its success story. Myspace was already available in the market during the time of launch of Facebook. However, this didn’t stop Facebook in surpassing the Myspace’s subscriber number within a span of few years.
Entrepreneurs should need to be consistently creative and innovative while launching social media platforms. Unlike traditional business, the audience in social media industry are varied with variety of likes and dislikes and the process of identifying the likes and dislikes of these wide variety of audience is a daunting task. Hence, creativity and innovation is the only approach to design an application that meets the taste of such a wide diaspora of audience.