In 2023, the U.S. Advertising Industry is Projected to Rise by 5%
3.5
In 2023, spending on sponsored content is projected to increase 3.5 times more rapidly than the growth of social ad spending. According to eMarketers forecasts, social media ad spending in YouTube continues to reign supreme in influencer marketing investments. Looking ahead to 2024, US marketers are anticipated to allocate over $1 billion to sponsored content on influencer marketing platforms like Instagram, TikTok, YouTube and Facebook.
5%
As per Madison and Wall, in 2023, the U.S. advertising industry will pull up by 5% to $360 billion and is expected to experience a further 4.2% increase in 2024. Digital platforms, which include search, social, commerce, retail media and digital video platforms are set to account for about 64% of all advertising in 2023.
80%
Within the marketing sector, the primary focal point revolves around brand safety. 80% of marketing professionals believe it’s a major concern. Many of the marketers are ready to invest extra resources for safety. 57.78% express a willingness to pay a premium for safe placements, with a similar sentiment shared by 46.84% of managers and directors.
11%
According to analyst Debra Aho Williamson, Meta has shown a significant increase in profitability across all social media platforms. In Q2 2023, Meta recorded an impressive 11% growth on a global scale, further solidifying its dominance in the digital advertising. Additionally, there has been rise in average revenues per user, with a 6.0% increase in 2023 and an even more substantial growth of 10.6% projected for 2024.
88%
Gen Z believes that streaming services as an integral part of their lifestyle and many are willing to trade ad-support content for cost-effective options, as per the latest Streaming Report. The survey found that 88% believe content availability is the top priority when selecting a streaming service, while factors like streaming quality 58%, user experience 41%, and reviews 19% hold less significance.
$440 M
Amazon has announced a $440 million investment in its third-party delivery program, including wage increases for contracted drivers, while the exact raise remains undisclosed. The company expects the average delivery associate to earn an average of $20.50 per hour or more, along with benefits.
$6 M
TikTok has officially launched its augmented reality (AR) development platform called Effect House. This Effect House has already inspired over 21 billion videos with 8.6 trillion views since its 1.0 version introduction last year and has grown its Discord community to over 400,000 members. Additionally, TikTok introduced the Creator Bonus and a $6 million Effect Creator Rewards program, offering incentives for featured effects in videos.