Market Insights Advertising & Media Advertising

Social Media Advertising - Montenegro

Montenegro

In Montenegro, ad spending in the Social Media Advertising market is projected to reach US$8.87m in 2024.
The ad spending in this market is anticipated to show an annual growth rate (CAGR 2024-2029) of 10.36%, resulting in a projected market volume of US$14.52m by 2029.
In global comparison, the majority of ad spending will be generated China, with a forecasted figure of US$84,650.00m in 2024.
Within the Social Media Advertising market, it is estimated that 70% of total ad spending in Montenegro will be generated through mobile by 2029.
Additionally, the number of users in the Social Media Advertising market in Montenegro is expected to amount to 595.9k users by 2029.
In Montenegro, the growing popularity of digital platforms is significantly reshaping social media advertising strategies, prompting brands to engage more authentically with local audiences.

Key regions: United States, France, Japan, Europe, Germany

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Analyst Opinion

The Social Media Advertising market in Montenegro is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Montenegro are shifting towards digital platforms and social media for communication, entertainment, and information. With the increasing availability of affordable smartphones and internet access, more people are joining social media platforms and spending a significant amount of time online. This has created a vast audience for advertisers to target and engage with through social media advertising. Trends in the market indicate a strong focus on influencer marketing and personalized advertising in Montenegro. Influencer marketing has gained popularity as consumers trust recommendations from influencers they follow on social media. Companies are partnering with local influencers to promote their products and services, leveraging their large and engaged following. Additionally, personalized advertising is becoming more prevalent as companies use data analytics and targeting techniques to deliver tailored advertisements to specific demographics, interests, and behaviors. Local special circumstances in Montenegro, such as a small population and limited media options, have contributed to the growth of social media advertising. Traditional advertising channels, such as television and print media, have a limited reach and are often more expensive. Social media platforms provide a cost-effective way for businesses to reach a larger audience and target specific segments of the population. Furthermore, social media advertising allows for real-time interaction and feedback, enabling businesses to engage with their customers and build brand loyalty. Underlying macroeconomic factors, such as economic growth and increasing disposable income, have also influenced the development of the Social Media Advertising market in Montenegro. As the economy continues to grow, more businesses are investing in advertising to expand their customer base and increase sales. Additionally, rising disposable income has led to increased consumer spending, creating opportunities for businesses to promote their products and services through social media advertising. In conclusion, the Social Media Advertising market in Montenegro is experiencing growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Businesses are leveraging social media platforms to reach a larger audience, engage with customers, and promote their products and services. As customer preferences continue to shift towards digital platforms and the economy grows, the Social Media Advertising market in Montenegro is expected to further expand in the coming years.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on social media advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers social media advertising generated by social networks or business networks such as Facebook, Tiktok, Instragram, Pinterest, and LinkedIn.

Modeling approach:

A combined top-down and bottom-up approach determines the market size. Starting with the top-down approach, we calculate global social media advertising by aggregating revenues from key players (Meta Platforms (Facebook and Instagram), ByteDance (Tiktok and Douyin), Twitter, Snapchat, and Microsoft (LinkedIn)). Followed by the bottom-up approach, we justify global, country, and region results using web traffic and the number of app downloads. Lastly, we distribute the results to each country individually with relevant indicators such as GDP, internet users, social media users, and digital consumer spending by country.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.