Steemit is a blockchain-based service for bloggers and journalists that was launched in 2016. On the eve of the service’s third birthday, DataLight has decided to study Steemit’s social indicators.
Analysis of the project’s social media
The project started gaining subscribers more rapidly on January 1, 2018, which can be associated with the growing popularity of cryptocurrencies during that period.
At the beginning of 2018, Telegram community actively mentioned the project in chats, but this indicator decreased by the end of the year. However, the beginning of 2019 saw this indicator increasing and reaching a half-year-old level.
Starting from November 15, 2018, DataLight has been tracking Twitter mentions of all crypto assets. The chart above shows Steemit’s Twitter mention count starting from 16.11.2018. As we see, Twitter Hype has increased by 3 times over the last three months.
Comparison to Medium
Medium is one of the largest blogging platforms on the internet. That is why we have decided to compare its indicators with Steemit’s*. This comparison will allow us to understand how Steemit fares compared to the market’s leader.
At the beginning of 2018, Steemit’s popularity was very high, reaching 30,000,000 visits per month. However, in the last 18 months, this number has fallen by 73%. Medium, Steemit’s direct competitor, increased its number of visitors by 28%.
The same phenomenon can be seen in the number of unique users: Steemit loses attendance, while Medium is growing.
However, user engagement is higher on Steemit; in particular, Steemit has a higher average number of viewed pages and longer average visits.
In February 2018, Steemit’s indicators were twice as high as those of Medium. In 14 months, the average time spent on the site almost halved.
Comparing the number of accounts on those two platforms gives the following results.
Comparison of Medium and Steemit blockchain capitalizations:
Right now, Steemit is significantly behind Medium, but during the 2017 hype, Steemit’s capitalization reached $2 billion, which is much higher than its competitors’.
Geo distribution of users on Steemit
As seen in the graph, the US takes first place, with 2.5 times more visitors than South Korea in second place.
Among those countries, Germany has the longest visits and highest average number of viewed pages. Venezuela takes the second place, and the US is in the third place.
Conclusion
Comparing a detailed analysis of Steemit’s platform to Medium, an industry leader, produced the following conclusion:
In the beginning of 2018, users spent more time on Steemit than on Medium, but by February 2019, Medium users spent significantly more time on that platform.
Steemit’s peak attendance was registered in winter 2018 during the general hype around crypto.
Having 28 times fewer accounts than Medium, Steemit’s attendance was only three times lower in January 2018 and 12 times lower in February 2019.
Steemit’s social media community keeps growing; it has almost doubled since the beginning of 2018.
In the last 3 months, Steemit’s Twitter mentions have increased 3 times.
The platform is most popular in the US, South Korea and Indonesia.
Steemit is the most popular social network related to blockchain, with more than a million registrations in three years. The highest visitor indicators were observed in the beginning of 2018, but today they have fallen by 80%. The platform’s development is slow, hindered by Steemit firing 70% of its employees.
Steemit’s high visitor count in the beginning of 2018 was associated with crypto hype rather than the platform itself.
What do you think about the platform’s future?
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What I think is due to the sharp decrease in the price of bitcoin had the investor worried for a long time, but now the people are getting to it again and if the development of steem apps happen at the right time, people would not go to any other blockchain to taste the technology behind all this.
I think we all need to recruit or refer 10 people a month and then show them how its all done. Maybe then steem's value would increase many folds.
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Or . . . .you can read this post and consider the ramifications:
https://steemit.com/art/@knowledge-trust/make-it-your-idea
With the steep decline in the value of cryptocurrencies, it's expected that the interest in a crypto-based blogging platform like Steemit would decline sharply. Though the interest would greatly rise again if it recovers.
Steem and Steemit are still heavily tied to crypto market afterall
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It is great work but It is not a fair comparison.
You need to compare first three years of any social media project with first three years of steem.
And I said Steem. Steem means aggregate the information of all the dapps on steem blockchain and then compare with first three years of any dominant social media platform. That would be much more useful analysis to evaluate if we are on right track or need to change.
Agreed. a lot of these dapps have real merit as platforms on their own and a lot of the new ones like busy and appics are the reasons why i'm back on steem. Has a much different feel than before with all these different apps its reminds of facebook in '10
@prameshtyagi agreed...
Take a bow. @nathanmars7, @nathanmars & @stephenkendal
Posted using Partiko iOS
The Application Steemit need to re-organize itself, and also change the structure of its Reward Pool mechanism.
The Proof of Brain mechanism on Steemit does not fulfill its job in curating the best content. I would like to see, with the introduction of Communities (Hivemind) and SMT, that the Steemit Application gets separated from the Reward Pool distribution and Steemit should become a SMT by itself.
By doing so we would have the ability to put Communities in charge of the Proof of Brain (Voting and Curating) responsibility and the experts in there own community would transfer the value to its members. We than could see many different Blogging Application competing for their audience by rewarding them with SMTs that are linked to the Steempower that drives this Blockchain.
In your comparison you looked only at the Steemit Application and not the overall Steem Blockchain ecosystem. I;m not very convinced by the rules that Steemit is running on, but I see huge potential if the right changes are made.
I wonder what this chart would look like if we added up the visitors on other steem front end such as busy.org, steempeak, partiko, etc. I don't know anyone that still uses the steemit front end.
You have a good point.
@nathanmars needs to see this as he has been part of this push on Twitter! Great work community!
Posted using Partiko iOS
If we all will work hard to attract new users to steem, show them the opportunities and how it works, it can beat other platforms. Steem has many advantages over competitors, but maybe they are not obvious to common people, IMHO.
Posted using Partiko Android
I think that for steemit to have a future, community developers have to create tools for a better user experience. A nice post editor that does not require any html knowlege, tag filtering and search engine are really lacking right now.
I'm still believing in the project and hope for the best ;)
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I the long run interesting content is the key and gives greate focus and stability in shifting economic interest.
Is Steem dying a slow death? Jeff Berwick's post are getting like $15 a pop. He used to get $900-$1500 a post. What happened? Blame it on market crash?
There is a lot more to Steemit than the dollar vigilante's posts
These new apps like busy and appics are definitely going to help with the mainstream adoption. I hope steem is the right system to base these on but i can't say i'm fully confident. I think there will be a new project to replace it in the near future though with crypto regulation being figured out in the us I'm sure a few respectable companies will take a pass at it
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