Social Network Ad Spending and Trends Q4 2023

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

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?

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

    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