After nearly two-and-a-half years since its launch, Truth Social, the microblogging platform created by former President Donald Trump’s media company, is struggling to maintain its small U.S. user base. Data from Similarweb show that daily visits to Truth Social have declined by more than 21% from April to May, and over 35% compared to March. The average number of monthly visits has also dropped by more than 39% over the past year, indicating a decline in overall user engagement. Trump’s prominence on the platform has not been enough to boost its popularity, despite his involvement in high-profile events like his criminal trial and White House bid.
The company behind Truth Social, Trump Media, does not track key performance metrics typically used by social media platforms, such as active user accounts, daily and monthly visitor numbers, revenue per user, and ad impressions. Trump Media has stated that monitoring these stats may not align with the company’s best interests or those of its stockholders, and they may never collect or report on certain key operating metrics. This lack of transparency raises concerns about the platform’s ability to attract and retain users, especially as it relies on ad sales for revenue.
Analysts believe that failing to demonstrate a sizable, active, engaged, and growing audience could hinder Truth Social’s success as an ad-supported social media platform. The recent decline in user engagement could make the platform less appealing to advertisers, potentially impacting Trump Media’s business. The company recently reported a significant net loss for the first quarter of the year, despite having a market capitalization of over $8 billion. The disconnect between the platform’s performance metrics and its valuation raises questions about the sustainability of Trump Media’s business model.
While Truth Social experienced a surge in monthly active users in the first quarter of 2024, driven by press coverage of Trump Media’s public merger and stock trading debut, this momentum is unlikely to be sustained in the long term. The platform faces challenges related to user retention, as users check the site less frequently than other social media apps and spend fewer minutes engaging with the platform. Additionally, Truth Social lacks unique features that differentiate it from larger microblogging platforms like X and struggles to offer a compelling reason for users to switch to its service.
Trump Media has announced plans to introduce new features to Truth Social, such as live TV streaming, in an effort to enhance the platform’s appeal. However, the platform’s reliance on Trump’s presence alone may not be sufficient to drive user growth or differentiate it from competitors. Despite intense media coverage of Trump’s activities on Truth Social, including his criminal trial and campaign efforts, the platform has not seen a significant increase in user engagement. Moving forward, the company will need to address the platform’s retention issues and establish a clear value proposition to attract and retain users in a competitive social media landscape.
