As we enter 2023, questions are beginning to circulate about which stocks will generate the highest returns when the next bull market begins. Social media stocks have been a significant source of interest in recent years, and this trend is expected to continue into 2021.

Of course, not all social media stocks are created equal. Some provide exposure to unique areas of the market, while others are looking to diversify their income streams. We’ll get more into that with this list.

However, there are a few social media stocks I think are likely to be long-term winners in this space. For those looking for a way to play the next bull market rally, these three companies are worth a look, in my view.

Meta Platforms (META)

Meta Platforms (NASDAQ:META) continues to be the top pick for investors seeking exposure to the social media sector, being a dominant player in the industry since the inception of social media. The company, formerly known as Facebook, created an entirely new sector after all.

Meta Platforms had a disastrous 2022, crashing more than 50%. The social media company saw its revenue growth stall, resulting in a decrease in earnings for the nine months ending in September. The company is expected to announce a 3% drop in sales when it releases its Q4 earnings in early February 2022.

CEO Mark Zuckerberg and his team face the task of restoring growth to the business. The good news is that this goal is more attainable than it appears, given the company’s 4% year-over-year sales decrease in Q3. However, once exchange rate fluctuations are removed, this figure becomes a 2% growth. Additionally, concerns around Meta’s shift toward the Metaverse will remain. Personally, I see these as distractions from the bigger picture – this is among the best social media stocks out there, producing incredible cash flows other companies can only dream of.

Pinterest (PINS)

Among the social media stocks that have been beaten down over the past year, Pinterest (NYSE:PINS) certainly deserves a look. That’s mainly due to the fact that over the past 12 months, PINS stock is only down 5% – a relatively muted drop relative to its peers.

However, much of the pain for Pinterest was felt in mid-2021, leading to a sharp decline which ultimately provided easier comps for this social media giant. Thus, for a few years, PINS stock has been on the out for growth investors.

I think there’s some value to Pinterest as a long-term play in this space. That’s because the company’s business model, which relies on the sharing of ideas and organizing creative projects through social media, isn’t being monetized nearly to the extent it could be. Just as with Facebook in its early days, Pinterest is at the pre-monetization stage, where it’s very hard to place a valuation on its business.

Once the kinks are worked out, I expect some serious cash flow production potential to start to appear. Indeed, while many investors may not want to touch Pinterest in this environment, it’s a stock I think is worth a look at these beaten-down levels.

Snap Inc. (SNAP)

Rounding out this list of social media stocks to invest in is Snap Inc. (NYSE:SNAP). As the most speculative choice on this list, Snap (the parent company of Snapchat) offers a one-of-a-kind social media platform as a camera app known for its popular filters, such as dog-ear filters.

The price of Snap Inc. stock has been declining and is stabilizing during its current consolidation phase within a symmetrical triangle pattern. Investors should wait for the Snapchat stock price to break out from the upper trendline of the symmetrical triangle pattern on the daily chart before making a decision.

The price of SNAP stock has fluctuated greatly of late, driven by macro factors as well as company-specific issues in recent years. Indeed, it’s the hardest-hit stock on this list over the past year, posting a year-over-year decline of more than 70%.

That said, for those looking for a higher-risk, higher-upside growth pick among social media stocks, this is one to consider. Of all the stocks on my list, this is the one I think is the most speculative but the one with the most upside potential as well.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.