Truth Social Statistics 2023: How Does It Compare?

 
Stats • December 12, 2023
 
Social media is now a part of our daily lives. Here is the problem: Social media platforms aim to engage users. This means that they will display whatever content is necessary to keep you entertained on the forum. Even if the content isn’t always true. Former U.S. president Donald Trump launched a new platform on social media after losing the 2020 elections. Truth Social has been criticized and praised by both sides. How successful is it compared to other social media platforms, and what are its strengths? This blog contains a list of the most recent Truth Social stats. You can use this to see who is using the platform and if Truth Social will become a dominant network for social media in the future.

The History of Truth

Truth Social is a social media tool developed by Trump Media & Technology Group. Does this name sound familiar to you? The Trump Media & Technology Group, owned by and headed by former U.S. Donald Trump created Truth Social after he lost the 2020 United States Presidential election and was banned from Twitter. Truth Social was officially launched on February 21, 2022, but it was not founded until October 20, 2021. What you need to Know: Donald Trump as the Founder Current CEO: Devin Nunes Applications: iOS, Android, Galaxy, Web Established: October 20, 2021 Date of launch: February 21, 2022 Active users: Around 2 million Truth Social was designed as an “uncensored alternative” to popular sites like Twitter and Facebook. It was designed to allow users to have conversations without censorship or moderation. Do people care to switch to a different social media account, though?

Key Truth Social Statistics

Truth Social is still a relatively new social media platform. They experienced rapid growth at the start of their launch. Here are some key Truth Social stats you should know: About 2 Million Truth Social users are active today Truth Social has had over 1,000,000 downloads within the first two weeks since its launch, including 170,000 downloads on the first day. Truth Social is used by 12% of U.S. social network users. Only 30% of Truth Social’s current users plan to stay. 77% of Democrat voters stated that they would never use the platform More than 60% of women say they will never use Truth Social Redditers, Esports players, and Reddit users are the most likely to use Truth Social. Truth Social’s current value is around 500 million Truth Social is estimated to have increased Donald Trump’s worth by approximately $430 million Truth Social has a problem in that most people feel it is a tool used by Donald Trump. The platform’s growth has been limited as a result. Truth Social is able to maintain a core of users who are active and consistently post content on the platform.

Truth Social vs. Other Social Media Platforms

What makes Truth Social different from other social media platforms like Facebook? Around 2 million Truth Social users are active. Statistics on social media give us a sense of perspective. Twitter has 450 million active monthly users, while Facebook has 2,91 billion. Truth Social still has a lot to do in terms of bigger platforms. Truth Social is currently ranked 14th in the U.S. charts in the Apple App Store based on the download history. Between April 26 and May 1, 2022, the platform was the most popular free media app downloaded in the U.S. There has been some buzz around it. Truth Social reached 170,000 downloads on its first day. The average number of downloads is 8,000 per day. This is a monthly breakdown of Downloads since February 2022. According to download statistics, since the launch of Truth Social, there have been over 4,36 million downloads. Over 600,000 downloads have been added to the platform since the release of the Truth Social Android app. Who is the biggest Truth Social follower? Donald Trump is the Truth Social user with the most followers, over 2,000,000. It’s not much compared to the 87 million followers he had on Twitter, which gave him a significantly larger reach. What about the rest of America? The results of a survey conducted in the U.S. revealed that:
  • Around 25% of respondents recognized the Truth Social logo and name – meaning that approximately 75% did not recognize the brand.
  • Only 16% of the respondents who recognized Truth Social liked the brand.
Not overwhelmingly positive, right? 67% of those who have used Truth Social say they are likely to use it again. The social media platform has a good retention rate. It’s hard to get people to use the app!

Truth Social User Demographics

Truth Social caters to a very specific demographic. In a survey conducted in March 2022, 31% of Republican voters stated that they would use Truth Social frequently, and 14% indicated they plan to use it a lot. The other hand:
  • 77% of Democratic voters said that they would never use a platform.
  • Only a little over 80% of Democrats registered have been told that they did not plan to sign up or use Truth Social.
  • 20% of respondents said they would create a new account but did not expect to use it much.
  • Fewer than 1% of respondents said they would use the product.
Political ideologies and loyalty to a party can make a significant difference. Truth Social is not operated by 66% of those aged 65+. Truth Social was the least popular app among those 65+ years old in a separate survey. Statistics on social media addiction reveal that historically, the 65+ group has been the last to adopt new platforms. It’s also interesting to note that half of those in the 18-34 age group said they didn’t plan to use the platform. Only 7% said they would use Truth Social frequently.

Why is it such a big issue?

Statistics show that the majority of people who are interested in Truth Social are between 18 and 34 years old. 57% of those aged 45-64 said they do not plan to use Truth Social. It’s the same story when it comes to gender. 61% of women and 50% of men stated that they would not use Truth Social. Only 10% of men and 6% of women said that they planned to spend a lot of time on the platform. Truth Social is not a popular option for 65% of men and 73% of women. It isn’t easy to attract new users if a large part of the population has already rejected the platform without even trying it. Eighty-three percent of women and 70 percent of men who identify as Democrat voters have said that they do not plan to use Truth Social. Just 12% of women and 16% of men expect to use the platform regularly. What can you learn from these statistics about Truth Social users’ demographics? There are two main takeaways
  • #1 – The average Truth Social User is likely to be male, a Republican voter aged between 18 and 34.
  • # 2- Truth Social will have trouble attracting new users because of their political affiliations
It will only take time to see if the platform is able to overcome these obstacles.

Truth Social Market Statistics

You may be surprised at how much Truth Social can fetch based on the small number of its users. Instead of pursuing a conventional IPO, Trump Media & Technology Group chose to merge with a blank-check company called Digital World Acquisition Corp. (DWAC), which was already listed on the NASDAQ. After the announcement of the merger, DWAC’s stock soared to a high of $101. This valued the company at approximately $3.9 billion. The stock price is slowly coming down, and by April 2023, it will be around $13 per share. The company’s market capitalization is about $500 million at this price. Truth Social reportedly increased Donald Trump’s wealth by $430,000,000. His fortune was $2.4 billion last year and is now around $3 billion. What is the income of Truth Social? According to an SEC filing, the company did not generate any revenue and lost $6 million during the first half of 2022. The company does, however, have $293 million in an asset trust, which houses the majority of its assets. The big question, however, is: Can Truth Social be profitable? As social media platforms grow and gain more users, it’s not uncommon for them to lose money over a number of years. Larry Ramer, content developer and editor for InvestorPlace, said that Truth Social could make $90 million a year if it can reach 30,000,000 monthly active users and generate an ARPU of $30 per user. Truth Social Media could achieve this result, even though it’s not that big. With that revenue, they could also become profitable.

Wrapping it Up

What can we learn about Truth Social from these statistics? Truth Social is an extremely political social media platform that caters primarily to Republican voters. Democrat voters will not even attempt to use the forum, let alone regularly. Due to the political chaos that is raging around Truth Social, it will be difficult for them to adopt new users on a large scale. Does this mean that it will not survive? Based on these statistics, it is most likely that Truth Social will become a niche platform with a small user base. But they must figure out a revenue model.