The spread and use of social networks provide a rich data source that can be used to answer a wide range of research questions from various disciplines. However, the nature of social media data poses a challenge to the analysis. The aim of this study is to provide an in-depth overview of the research that analyzes social media data since 2017. An extensive literature review based on 94 papers led to the findings that clear definitions are neither established nor commonly applied. Predominant research domains include marketing, hospitality and tourism, disaster management, and disruptive technology. The majority of analyzed social media data are taken from Twitter. Sentiment and content analysis are the current prevailing methods. Half of the studies include practical implications. Based on the literature review, clear definitions are provided, and future avenues for high-quality research are suggested.