RivalIQ: Social Media Industry Benchmark Report 2024

RivalIQ released its 2024 Social Media Industry Benchmark Report. Brands saw a slight drop in engagement this year. TikTok saw a drop of around 50% in engagement, but Facebook actually saw an increase in engagement, so it’s not all bad.

Posting frequency changes

Posting frequency increased slightly on Instagram and TikTok, while it decreased on Facebook and Twitter.

Hashtags about festivals

Almost every industry saw the highest engagement from posts with holiday hashtags.

Movies surpass videos on Instagram

If you’re not posting Reels, you could be missing out on the most engaging types of posts.

TikTok tops the list

TikTok’s average engagement rate this year is 2.63%, which is still better than any other channel.

Higher education and sports are still sectors that need to catch up

These industries outperform their competitors thanks to a smart combination of high-quality content and frequent posting.

Cheer for alcohol brands on Facebook and Twitter

Alcohol brands had above-average engagement everywhere except TikTok this year, where age-restricted content continued to drive down their engagement. They ranked fourth on Facebook and third on Twitter.

Fashion struggles across channels

Fashion brands’ engagement on every channel this year was less than half of the average, proving that social media is a crowded and competitive space for these brands.

FinServ is in the middle of the pack

Financial services brands have been at or below average engagement levels across all four channels this year, despite an overall increase in posting frequency.

Food and beverages perform best on Instagram and TikTok

Food and beverage brands saw the highest engagement on video-focused Instagram and TikTok, while struggling slightly on other channels.

Health and beauty have shortcomings

Compared to other industries, health and beauty brands struggle to attract fans and followers, with engagement rates well below average across all four channels, in part due to market saturation.

Higher education invests in Instagram and TikTok

Higher education is investing in and reaping the benefits of networking more than ever before.

Home Decor Struggles

Home improvement brands ranked last in engagement across all channels, with engagement actually increasing or remaining the same compared to last year.

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