According to new data, Truth Social, the microblogging platform launched by former President Donald Trump’s media company, is struggling to retain its small U.S. user base nearly two and a half years after its launch. Daily visits to Truth Social have declined by more than 21% in May compared to April, and over 35% compared to March. The site’s average number of monthly visits over the past year has also decreased by more than 39%. Despite Trump being the most prominent user of Truth Social, the platform has seen a decline in traffic even as it gained attention due to his criminal trial and White House bid.
Data from digital intelligence platform Similarweb and two other firms show that Truth Social is facing challenges in maintaining its user base and engagement levels. Trump Media, the parent company of Truth Social, does not track key metrics typically used by social media platforms, including active user accounts, daily and monthly visitor numbers, revenue per user, and ad impressions. The company has stated that tracking these metrics may not align with its best interests. The recent declines in user engagement could negatively impact the platform’s appeal to advertisers and may have repercussions on Trump Media’s business.
Despite reporting a first-quarter net loss of nearly $328 million on revenues of about $771,000, mostly from advertising, Trump Media has a market cap of slightly over $8 billion as of the end of May. The company’s stock price has fluctuated since going public in March, reaching as high as $70 per share and as low as $22 per share. The use of stock market valuation methods by Trump Media has raised concerns among analysts, as the company’s digital indicators do not seem to align with its high market capitalization.
Truth Social showed a surge in monthly active users in the U.S. in the first quarter of 2024, as Trump Media prepared to start trading on the Nasdaq. This surge was likely fueled by significant press coverage surrounding the company’s public merger and volatile trading debut. However, analysts predict that this surge may not lead to sustained engagement levels. Daily active U.S. users on Truth Social declined by 19.7% year over year in a recent four-week period, indicating potential challenges in maintaining a growing user base.
GWS Magnify identified two main obstacles facing Truth Social in building an engaged user base. The platform has a retention problem, with users checking the site fewer than two days a week and spending less time on the platform compared to users of other social media networks. Additionally, Truth Social lacks unique features that set it apart from larger microblogging sites like X. Trump Media is focusing on adding new features to the platform, such as live TV streaming, to enhance its appeal. However, the most distinctive feature currently is Trump himself, who is an active user on the platform.
Despite Trump’s regular presence on Truth Social and the national media coverage surrounding his activities, the platform has not been able to attract users away from its competitors. The lack of engagement, unique features, and differentiation from larger social media networks pose challenges for Truth Social’s growth. The platform’s future success may depend on its ability to engage users effectively and provide features that set it apart in the crowded social media landscape.
