{"license":"https://creativecommons.org/licenses/by/4.0/","dataset":"markets","count":1,"filters":{"market":"us-social-media-referral-traffic","matched":true,"marketId":"mkt-social-referral","slug":"us-social-media-referral-traffic","name":"U.S. social-media referral traffic"},"rows":[{"id":"mkt-social-referral","slug":"us-social-media-referral-traffic","name":"U.S. social-media referral traffic","shortName":"Social referrals","geography":"United States","sector":"Digital platforms","dataVintage":"2026","naicsCode":"519290","industryHref":"/industries/519290","crosswalkHref":"/markets/economy?bridgeMarket=us-social-media-referral-traffic&bridgeNaics=519290#market-industry-crosswalk","latestHhi":4995,"concentrationClass":"highly_concentrated","cr4":94.4,"topFirmShare":68.94,"hhiAtOrAbove2500":true,"hhiDisclosureGap":false,"dataStatus":"estimated_public","confidenceLevel":"medium","sourceCount":1,"policySourceCount":0,"policyEventCount":0,"reportCount":1,"briefAction":"Test whether the dominant firm controls access, switching, pricing, defaults, distribution, or other chokepoints that weaken consumer choice.","briefActionLevel":"Immediate review","briefChange":"HHI rose by 1,602 points from 2023 to 2026, moving from 3,393 to 4,995.","briefComparisonDelta":1602,"briefComparisonDirection":"increased","briefComparisonFromYear":2023,"briefComparisonMetric":"hhi","briefComparisonToYear":2026,"briefEvidence":"1 record in the evidence custody chain, 12 latest share rows, 0 linked official records, and 1 related brief support this profile. Status is estimated public with medium confidence.","briefEvidenceState":"measured_hhi","briefGuardrail":"This brief summarizes the observatory's published market screen. It does not define a legal antitrust market, establish market power, identify anticompetitive conduct, estimate consumer harm, or convert descriptive concentration into a causal claim.","briefHeadline":"Social referrals: highly concentrated, with observed HHI up 1,602 points.","briefHref":"/markets/us-social-media-referral-traffic#overview","briefQuestion":"Does the observed usage structure persist in revenue, switching, access, quality, and conduct evidence under a legally relevant market definition?","briefSourceIds":"statcounter-social-referral-us-2026","briefStructure":"The latest 2026 screen reports HHI 4,995, classified as highly concentrated. Facebook leads the sourced distribution at 68.9%. The four largest named participants account for 94.4%."}]}