
More than 60% of global marketers optimistic about business in 2024
While marketers in many countries are worried about a recession, there is also optimism regarding the business climate and marketing budgets.
SOCIAL MEDIA
By our News Team | 2023
The social media platform’s ad revenue is up 25.8% year-on-year and is forecast to total US$71-billion for 2024.
Instagram, one of the many social media platforms impacted by the global dip in digital advertising spending, is making a stronger recovery than its competitors.
Warc Media, the international research and insights company, forecasts that Instagram’s advertising revenue will reach US$71-billion in 2024, driven by parent company Meta’s innovation with AI that will assist content recommendation and advertising automation processes.
Photo by Souvik Banerjee on Unsplash
There is also likely to be improved monetisation of Reels, Instagram’s short-form video product.
“The recovery of Meta’s ad business in 2023 has been one of the most notable media industry stories of the year,” says Alex Brownsell, Head of Content at Warc Media.
“Twelve months ago, commentators were warning of a ‘reckoning’ for Big Tech, with platforms like Instagram hurting from … Apple’s ATT policy (the company’s tougher user privacy framework) alongside a broader slowdown in digital ad investment.
Innovations are making a big difference
“What a difference a year makes. Buoyed by innovations in AI targeting helping it to offset the impact of ATT and improved monetisation of Reels, it is only a matter of time before Instagram surpasses its Meta stable mate Facebook to become the world’s largest social media platform by ad revenue,” Brownsell believes.
Warc forecasts that Instagram will post quarterly advertising revenues in Q4 2023 of $17.7-billion, up 25.8% year-on-year, and reach a total of $71-billion in revenue for the full 2024 year.
The company says the growing popularity of social commerce is moving Instagram closer to the point of purchase. The global retail category spend on Instagram will rise from a relatively low $3.2-billion in 2020, to almost three times that (a forecasted $9.1-billion) in 2024.
Warc’s report emphasises that Reels is key, as campaigns on Reels reach nearly twice the audience as those on TikTok. Nearly a third (30.4%) of consumers turn to Instagram when searching for brands, Warc says.
While marketers in many countries are worried about a recession, there is also optimism regarding the business climate and marketing budgets.
US industry body warns marketers to be vigilant as programmatic media is ‘complex’ and ‘can be non-transparent’.
Dentsu says big events like the Euro 2024 soccer finals and US presidential election will help to push up spending.
Look for transparency, check results of previous projects, and request an air-tight scope of partnership, advises industry expert.
AMC’s range of Short Courses is designed to complement the study and career-growth initiatives offered by our member countries.
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Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.
Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.
Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.