In the year 2016, Irish social media users spent €1.6bn on the social media platform, according to research by market research company market research firm Comscore.
That figure was slightly up from the previous year, when €1,819m was spent on social media.
While social media remains a lucrative opportunity, the majority of social networking companies are struggling to keep up with their users.
Comscore says the average user spends $5,500 on social networking every month, while the average paid user spends €6,000.
The average user on Instagram, a hugely popular Instagram-like platform, spends $3,000 a month.
In comparison, Facebook users spend $3.7 billion a year.
Social media accounts have become increasingly popular among young people, and users are more likely to use it to connect and connect more.
ComScore research found that the number of users who use Facebook and Instagram each day increased by 10% between 2016 and 2017.
The average daily engagement with Facebook, which is one of the biggest social networks in the world, increased by 30% between 2017 and 2018.
Online shopping is another popular social media target for users.
According to Comscore, in 2017 the average monthly spend on online shopping was €1bn, which was up from €600m in 2016.
Comptroll, the largest digital retailer, was in the top 10 in the online shopping segment for the second year in a row.
In 2018, online shopping accounted for 18% of their overall revenues.
In the digital economy, Comscore said the average person spends €4,000 online every month.
The figure for social media is up from last year, where the average spend on social was €3,500.
Comscore research also found that social media accounts increased by 8% between 2015 and 2017, but this is mainly because of an increase in users signing up for accounts.
In 2016, there were 11 million accounts, which grew to 15 million accounts by 2017.