Social media growth is over in the U.S. — which is its most valuable market

Social media companies aren’t growing as quickly as they used to. In some cases, they aren’t growing at all. In the United States, things are even worse for them: They’re shrinking.

Facebook, Twitter and Snapchat are no longer adding new users in the United States. Facebook’s daily user base has been the same for the past three quarters. Twitter and Snapchat have both lost users in the U.S. or North America, respectively, in back-to-back quarters.

American users are incredibly valuable to these tech giants. Social media users in the U.S. generally have more disposable income than those in emerging markets, which makes them more attractive to more advertisers. As a result, these users generate more advertising revenue for social media companies, on average, than users in other parts of the world. By a wide margin.

Facebook users in the U.S. and Canada generated $27.61 in revenue apiece last quarter. European users generated just $8.82, and users in the Asia-Pacific region, where most of Facebook’s growth is coming from, generated a scant $2.67 apiece.

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