In 2021, global social media advertising spending stood at around 116 billion U.S. dollars. The source projected that this figure would more than double and exceed an all-time high of 262 billion by 2028.
Where to advertise in a sea of social media platforms?
While there are many regional differences when it comes to social media usage and accessibility, some platforms reign supreme among users and advertisers alike. As of 2022, Facebook, YouTube, and Instagram were the most popular social networks worldwide. Thanks to their massive audiences, these Meta-owned properties also ranked among the leading social media platforms for marketers. What makes advertising via these channels so appealing is not only the prospect of boosting brand awareness and generating leads but also the possibility to strengthen brands’ relationships with consumers via direct communication.
Spotlight on influencer marketing
In addition to posting photos and videos on their social media accounts and interacting with followers, companies can also enlist the help of content creators to drive visibility and potentially unlock new audiences. Over the past few years, the global influencer marketing market value has expanded rapidly and is now sized at an estimated 16.4 billion U.S. dollars. Instagram remains the primary playground for this creator-driven form of online marketing, though apps like TikTok are also becoming more appealing to brands from around the world.
Social media advertising spending worldwide from 2021 to 2028
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* Forecast. The Statista estimate is based on values in 2028 and the compound annual growth rate from 2021 to 2028 of 12.4 percent, which were provided by the source. An exponential development of the market was assumed.
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Statista. (April 13, 2022). Social media advertising spending worldwide from 2021 to 2028 (in billion U.S. dollars) [Graph]. In Statista. Retrieved September 08, 2024, from https://www.statista.com/statistics/271406/advertising-revenue-of-social-networks-worldwide/
Statista. "Social media advertising spending worldwide from 2021 to 2028 (in billion U.S. dollars)." Chart. April 13, 2022. Statista. Accessed September 08, 2024. https://www.statista.com/statistics/271406/advertising-revenue-of-social-networks-worldwide/
Statista. (2022). Social media advertising spending worldwide from 2021 to 2028 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: September 08, 2024. https://www.statista.com/statistics/271406/advertising-revenue-of-social-networks-worldwide/
Statista. "Social Media Advertising Spending Worldwide from 2021 to 2028 (in Billion U.S. Dollars)." Statista, Statista Inc., 13 Apr 2022, https://www.statista.com/statistics/271406/advertising-revenue-of-social-networks-worldwide/
Statista, Social media advertising spending worldwide from 2021 to 2028 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/271406/advertising-revenue-of-social-networks-worldwide/ (last visited September 08, 2024)
Social media advertising spending worldwide from 2021 to 2028 (in billion U.S. dollars) [Graph], Statista, April 13, 2022. [Online]. Available: https://www.statista.com/statistics/271406/advertising-revenue-of-social-networks-worldwide/