Jan 18, 2024
Projected Trends in Social Media and Mobile Ad Spending
As the digital landscape evolves, advertisers will need to adapt their strategies to capitalize on these trends, focusing on mobile-first approaches, leveraging social platforms for both advertising and search, and creating engaging, personalized content that resonates with their target audiences.
Social Media Ad Spending
Social media advertising is poised for significant growth and dominance in the digital advertising landscape:
Global social media ad spend is forecast to reach $247.3 billion in 2024, growing 14.3% year-over-year.
By 2024, social media advertising is projected to capture 59.6% of total global ad spend.
The social media advertising market is expected to show an annual growth rate (CAGR 2024-2028) of 10.96%, resulting in a projected market volume of $333.50 billion by 2028.
Key Drivers:
Meta (Facebook and Instagram) continues to dominate, projected to earn $155.6 billion in ad revenue in 2024, representing a 63% share of global social spend.
TikTok's ad revenue is forecast to reach $23.1 billion in 2024, despite slowing growth.
Pinterest and Snapchat are expected to see strong growth, with ad revenues increasing by 17.3% and 13.7% respectively in 2024.
Mobile Ad Spending
Mobile advertising is set to maintain its upward trajectory:
Global mobile ad spending is projected to surpass $400 billion in 2024, up from about $360 billion in 2023.
In the US, mobile ad spending will cross $200 billion in 2024, representing 51.2% of total media spend and 66% of digital ad spend.
Mobile internet advertising spending worldwide is forecast to increase from $276 billion in 2020 to nearly $495 billion in 2024.
Key Trends:
In-app dominance: Apps are expected to capture 81.9% of mobile ad spending in 2024.
Video growth: In-app video ad spending is projected to increase by 20.4% year-over-year in 2024, reaching $61.11 billion.
Social platforms as search engines: Nearly 50% of internet users aged 16-34 use social networks as a primary source for brand research.
Influencer marketing: 84% of brands plan to work with influencers and creators, with a focus on micro-influencers (1K-100K followers).
AI integration: Marketers are expected to leverage AI tools for personalized content creation and strategy optimization.
Community building: 79% of marketers consider an active social media community integral to their overall strategy.
Short-form video content: This format will continue to gain importance across platforms.
As the digital landscape evolves, advertisers will need to adapt their strategies to capitalize on these trends, focusing on mobile-first approaches, leveraging social platforms for both advertising and search, and creating engaging, personalized content that resonates with their target audiences.
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