Instagram’s global advertising revenue likely to outdo rivals in 2024
The social media platform’s ad revenue is up 25.8% year-on-year and is forecast to total US$71-billion for 2024.
The social media platform’s ad revenue is up 25.8% year-on-year and is forecast to total US$71-billion for 2024.
But concerning dominance of ‘big five’ tech firms will see them take over half of all global advertising spending this year.
After three consecutive quarters of declining advertising revenue as it fights TikTok’s rising prominence, You Tube’s ad sales improve.
Agencies did more new business pitches in 2022, but the value of the business they won decreased notably. Is the AOR model on the way out?
Major brands that paused their spending on the social media platform when Musk took over are continuing to place their adspend elsewhere.
Digital advertising is expected to rise by 8% next year, says Magna. OOH and digital video will be among the best performers.
But the silver lining is that October outperformed all other months so far in 2022. Digital, OOH and newspapers are among categories that grew.
Traditional media remains stronger on the continent than in developed markets, with relatively high cost of digital access being a factor.
The well-known video-sharing site has consistently underperformed in 2022 and failed to meet the market’s revenue expectations.
Organisation says its recommendations will help marketers to make informed decisions on the value of each technology and service offering.