Have the number of social media users hit its peak?

Social media user statistics for all three of the major platforms have hit a decline according to numbers released in earnings reports over the last week.

Twitter posted a decline in monthly users in a quarter over quarter comparison.

Facebook reported a flat monthly user number in the US market, and a decline in the EU market in a quarter vs quarter comparison.

Snap reported a daily decline in users in a quarter vs quarter basis.

Twitter and Facebook claim that the new EU privacy law, GDPR, is a huge contributing factor to their worsening number. And, Snap blamed Snapchat’s new redesign, which has come under scrutiny from its many celebrity users.

While revenue and earnings increased for all three, and they have blamed user activity woes on recent events, are numbers actually more indicative of a peak in social media? Have we reached a saturation point?

If numbers in the next few months show a similar pattern for social media giants, then the evidence is building that this just might be the case.