Social Network Ad Spending and Trends Q4 2023

Robots, AI, and Ad Spending From China Invigorate the Market

Report by Max Willens  | Jan 12, 2024
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Executive Summary
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Table of Contents
Executive Summary
The US social ad spending market has steadied itself
What this forecast covers
Meta at a glance
Facebook: Back to growth
Instagram: More logs for the fire
TikTok: Still rolling
Pinterest: Leaning into the bottom of the funnel
Snapchat is still making its way out of the wilderness
X has put a target on its back
Insider Intelligence Interviews
Sources
Media Gallery
About This Report
The US’ second-biggest ad market rallied in 2023 thanks to ad buyers in China and investments in automation paying off.
Topics
Social Media Ad Spending
United States
Table of Contents
Executive Summary
The US social ad spending market has steadied itself
What this forecast covers
Meta at a glance
Facebook: Back to growth
Instagram: More logs for the fire
TikTok: Still rolling
Pinterest: Leaning into the bottom of the funnel
Snapchat is still making its way out of the wilderness
X has put a target on its back
Insider Intelligence Interviews
Sources
Media Gallery

At the beginning of 2023, an unusual swath of clouds hung over the US social advertising market. Today, those clouds have largely dispersed, thanks to significantly higher ad loads, a continued focus on performance advertising, and a huge influx of ad spending from China.

Key Question: What’s behind the upswing in the social ad spending market?

Our US Social Network Ad Spending Forecast for 2024 Is Now 10% Higher
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Key Stat: We expect social ad spending to grow 13.5% in 2024.

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    Table of Contents

    1. Executive Summary
    2. The US social ad spending market has steadied itself
    3. What this forecast covers
    4. Meta at a glance
    5. Facebook: Back to growth
    1. Instagram: More logs for the fire
    2. TikTok: Still rolling
    3. Pinterest: Leaning into the bottom of the funnel
    4. Snapchat is still making its way out of the wilderness
    5. X has put a target on its back
    1. Insider Intelligence Interviews
    2. Sources
    3. Media Gallery

    Charts in This Report

    Our US Social Network Ad Spending Forecast for 2024 Is Now 10% HigherSocial Will Just Retain Its Title of Second-Biggest Ad Spending Channel Through 2027
    By 2025, Facebook and Instagram's US Ad Revenues Will Be Nearly IdenticalTikTok Will Account for More Than 10% of US Social Ad Spending in 2024
    TikTok's Average US Ad Revenue Per User Will Be More Than Triple Snapchat's in 2023Our 2024 Estimate for X's US Ad Revenue Is About One-Third What We Estimated in Q4 2022

    Interviewed for This Report

    Natasha Blumenkron
    Tinuiti
    Vice President, Paid Social
    Interviewed December 8, 2023
    Chris Costello
    Skai
    Senior Director, Marketing Research
    Interviewed November 13, 2023

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    authors

    Max Willens

    Contributors

    Jasmine Enberg
    Principal Analyst
    Zach Goldner
    Forecasting Analyst
    Minda Smiley
    Senior Analyst, Social Media
    Paul Verna
    Principal Analyst