MMM: Truth Social App Downloads Soar Along with Share Price

Key Takeaways:

• Recent politically motivated events in the news led to a material uptick in adoption, traffic and user engagement for the Donald Trump-backed social media platform, Truth Social. Per ST data, Truth Social mobile app downloads on Saturday July 13, 2024 rose more than 300% DoD and 600% vs the previous Saturday (July 6, 2024) while DAUs increased 27% DoD and 174% vs the previous Saturday

  • Per ST, daily average user time spent on the Truth Social mobile app increased 41% DoD on July 13, vs -3% on desktop web (on truthsocial.com). This divergence in user engagement trends on Truth Social’s its mobile app vs its web platform may have been driven by the fact that this recent politically motivated event occurred on a weekend, when many users are likely away from their desktop computers

• 77% of Truth Social users in the US across the past 30 days engaged with the platform via desktop on a daily basis, compared to 17% on mobile web and 6% via mobile app, demonstrating that the platform has far more users engaging with it via traditional desktop computers than it does via mobile, which may hinder user engagement, loyalty, and presumably, monetization at some point

• Driven by a slew of international launches in the prior year in addition to recent interest tied to the upcoming presidential election, Truth Social mobile app MAUs in 2Q24 were up 89% YoY, compared to a 70% decline for competing alt-tech social media platform Gettr

  • Despite this strong growth in users over the past year, Truth Social still had fewer than 500k MAUs in 2Q24, compared to more than 342mn for X (Twitter), which indicates that the alt-tech social media platform has a long way to go in terms of closing the gap and effectively competing within the social media landscape

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