Brands invested over $1 billion on TikTok in Q4
By Abimbola Mohammed
Investment in the media and entertainment sectors in the Q4 of 2023 is said to amount to over $1 billion on TikTolk according to data from MediaRadar.
The ad-sale intelligence platform said allure of short-form video content has not only hooked millions of users worldwide but also opened a lucrative avenue for advertisers.
This shows how brands adapted to challenges and leveraged new trends to connect with audiences worldwide using video content.
According to MediaRadar, the billion dollars spent by brands on TikTok involved video games, online games and subscription streaming services, which accounted for nearly 30% of the ad spend.
The top categories included retailers which spent over $500 million on TikTok as well as technology advertisers covering electronics, software and telecommunication companies, which spent $314 million.
Making the overall ad spend on TikTok in Q4 2023 43% higher than the total of $805 million spent during the first quarter of 2023, surpassing the billion-dollar mark.
The top advertisers in 2023 according to the report are Amazon.com, Apple, Comcast, DoorDash and Disney. Together, these companies spent $284 million over the course of the year.
The report also added that an average of 11,800 companies advertised on TikTok in 2023. with more than 13,000 advertisers on the video-sharing platform each month between May and August.
While MediaRadar’s findings show that brands have continued to increase their spending on TikTok, these numbers were collected before the disagreement between the app and Universal.
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