The Steemit Research. Will the blockchain related network rise again to it’s peak?
Steemit is a blockchain-based service for bloggers and journalists that was launched in 2016. On the eve of the service’s third birthday, we have 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.
In 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.
In 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.
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?
*Data taken from SemRush analytics platform.