Media agency Zenith has forecast that social media will soon overtake print media for global advertising spend.
The company’s Advertising Expenditure Forecast claims that the total figure for social spending will jump 20% year-on-year to $84 billion.
Spend in newspapers and magazines, meanwhile, is expected to fall around 6% to $69 billion.
Following the changes, social will account for 13% of total advertising spend. Television remains the largest medium, making up almost 30%. Paid search is also narrowly ahead of social, at 17%.
Television ads are declining in terms of their overall market share, however, with absolute spend dropping $2 billion this year. Paid search ads are set to increase 8% year-on-year to $132 billion by 2021.
Mobile Marketer’s Robert Williams writes: “Social media has key advantages over traditional media, including first-party data about their users for ad targeting.
“Many social media platforms also have expanded their appeal among local businesses by giving them advanced tools to create hyperlocalized or geotargeted campaigns aimed at their most likely customers”
Data from Marin Software, released earlier this year, showed that marketers are beginning to favour Instagram over Facebook. 61% of businesses expect their Instagram budget to increase during 2019.
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