Social Media Advertising - Serbia

Serbia

Highlights

In Serbia, ad spending in the Social Media Advertising market market is projected to reach US$67.25m in 2024.
This ad spending is expected to exhibit an annual growth rate (CAGR 2024-2030) of 9.15%, leading to a projected market volume of US$113.70m by 2030.
Comparatively, the majority of global ad spending will be generated China, with an expected figure of US$84.65bn in 2024.
Within the Social Media Advertising market market, it is anticipated that 65% of total ad spending in Serbia will be generated through mobile by 2030.
Additionally, the number of users in the Social Media Advertising market market in Serbia is expected to reach 6.2m users by 2030.
In Serbia, social media advertising is increasingly becoming a vital tool for brands seeking to engage with the digitally savvy youth market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Social Media Advertising market in Serbia is experiencing significant growth and development due to various factors.

Customer preferences: Serbian consumers are increasingly turning to social media platforms as a means of communication, entertainment, and information. This shift in consumer behavior has created a lucrative opportunity for businesses to reach their target audience through social media advertising. With the rise in smartphone penetration and internet connectivity, more people in Serbia are accessing social media platforms on a daily basis. This has led to a higher demand for social media advertising services as businesses recognize the potential of reaching a large and engaged audience through these platforms.

Trends in the market: One of the key trends in the Social Media Advertising market in Serbia is the increasing adoption of influencer marketing. Influencers, who have a large following on social media platforms, are being utilized by businesses to promote their products or services. This form of advertising is seen as more authentic and relatable, as influencers are often seen as trusted sources of information by their followers. As a result, businesses are partnering with influencers to create sponsored content that resonates with their target audience. Another trend in the market is the growing popularity of video content. Platforms like Facebook, Instagram, and YouTube are seeing a rise in the consumption of video content, and businesses are leveraging this trend by creating engaging and visually appealing video advertisements. Video ads have the advantage of capturing the attention of users and conveying messages in a more impactful way. This trend is expected to continue as the demand for video content remains high.

Local special circumstances: Serbia has a relatively young population, with a significant portion of the population being active on social media platforms. This presents a unique opportunity for businesses to target the younger demographic through social media advertising. Additionally, social media platforms like Facebook and Instagram have gained popularity in Serbia, making them ideal platforms for businesses to advertise their products or services.

Underlying macroeconomic factors: The growing Social Media Advertising market in Serbia can also be attributed to the country's improving economic conditions. As the economy continues to develop, businesses are investing more in marketing and advertising to stay competitive. Social media advertising offers a cost-effective solution for businesses to reach their target audience and generate leads or sales. The relatively low cost of social media advertising compared to traditional forms of advertising makes it an attractive option for businesses, especially small and medium-sized enterprises with limited marketing budgets. In conclusion, the Social Media Advertising market in Serbia is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Businesses are recognizing the potential of social media advertising to reach a large and engaged audience, particularly the younger demographic. As the market continues to evolve, it is expected that businesses will increasingly invest in social media advertising to stay competitive in the digital landscape.

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.