Key stat: US social network ad spend will reach $82.89 billion this year, according to our October 2023 forecast. That’s $7.81 billion higher than we projected in Q1 2023.
Beyond the chart:
Social media advertising’s outlook is better than before, thanks to higher ad loads, a focus on lower-funnel ads, and an improved advertising economy.
Some of this rosiness comes from Meta and TikTok, which have both been improving their ad businesses.
But social media advertising isn’t totally out of the woods, as challenges related to challenges with user growth, time spent, and driving CPM growth for short-term videos persist.