Who didn’t see this coming? A new forecast from Zenith, a media agency, says that ad spending on social media will exceed ad spending on print media worldwide this year, the first time this has happened.
Zenith predicts that social media ad spending will increase 20% to a total of $84 billion, while print ad spending will decrease 6% to a total of $69 billion. Social media platforms have become preferable to TV and print because they offer advantages such as first-party user data and advanced tools for hyperlocalized or geotargeted campaigns to target preferred audiences.
Facebook and Google continue to see double-digit gains in ad spending. Amazon is now third in ad sales after Facebook and Google. Younger platforms are showing the fastest increases in ad spending, like Pinterest (62% gain) and 48% for Snap. While TikTok, owned by a Chinese tech firm, does not disclose ad revenue, brands are looking to expand their reach on this growing channel.