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Advertising Industry: Difference between revisions
→2022 Developments
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Previously expected $33.98 billion in social network video ad spending by 2022, and that figure has now been slashed to $29.82 billion—a difference of more than $4 billion. These staggering reductions are the result of a perfect storm starting in 2021—with Apple’s rollout of its AppTrackingTransparency framework, followed by a downturn in the global economy due to persistent inflation, soaring interest rates, supply chain disruptions, and the Russia-Ukraine war. | Previously expected $33.98 billion in social network video ad spending by 2022, and that figure has now been slashed to $29.82 billion—a difference of more than $4 billion. These staggering reductions are the result of a perfect storm starting in 2021—with Apple’s rollout of its AppTrackingTransparency framework, followed by a downturn in the global economy due to persistent inflation, soaring interest rates, supply chain disruptions, and the Russia-Ukraine war. | ||
[[File:Screenshot 2024-02-07 111654.png|center|thumb|547x547px]] | [[File:Screenshot 2024-02-07 111654.png|center|thumb|547x547px]]2. Over the full year, UK social media spend, which is a sub-category of the online display section in the report, increased by 4.9%. The overall category grew at 10% in 2022 and is projected to grow by 1.7% in 2023. Total ad spend grew 8.8% in 2022. | ||
* Sharp and sustained falls in social media spend – the first time this has been recorded in the UK – are likely to have been instigated by reduced advertising activity among the SMEs who comprise a ‘long tail’ of ad volume on social platforms and whose margins are under incredible stress as inflation bites | |||
* The decline in the latter half of 2022 also coincides with a period of unrest within the wider social media ad landscape.<ref>https://www.marketingweek.com/social-media-ad-spend-drops/</ref> | |||
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