The 2016 Social Media Trends report outlines major updates across platforms like Snapchat, Twitter, Instagram, Facebook, and Pinterest, emphasizing the rise of live video and personalized feeds. Key changes include Snapchat's transition to Snap Inc. with new features, Twitter's live-streaming for NFL games and introduction of stickers, and Instagram's shoppable ads and ephemeral stories. Facebook is focusing on reducing click-bait and enhancing video content, while Pinterest is improving user interaction and shopping experiences.