Meta dominates top global social media advertising spend
By Ibidunni Banjoko
Social media has solidified its position as the leading media channel for advertising investment globally, with Meta accounting for a substantial 63% share of global social spend, according to WARC Media’s ‘Global Advertising Trends’ report.
Social media has emerged as the dominant force in the advertising landscape worldwide, surpassing paid search and securing its place as the largest media channel for advertising investment, as revealed in WARC Media’s latest report on global advertising trends.
In 2024, social media ad spend is projected to reach $247.3 billion, reflecting a significant 14.3% year-on-year increase. This growth trajectory positions social media, particularly platforms like Facebook and Instagram, for continued expansion, with Meta poised to surpass linear TV in global ad revenue by 2025.
In the UK, social media ad spend witnessed a robust 15.6% year-on-year growth in 2023 and is forecast to reach £8.8 billion in 2025. The surge in spending is largely attributed to the rising popularity of social video formats, which experienced a 20% increase compared to the previous year.
Simultaneously, user engagement on social media platforms has soared, with time spent on these platforms increasing by 50% since 2014. The average daily consumption has risen from 95 minutes to 152 minutes in 2024, according to GWI data.
Much of the success of social media, particularly Meta’s platforms, can be attributed to what Alex Brownsell, head of content at WARC Media, describes as a “remarkable renaissance.” Meta is projected to generate $155.6 billion in ad revenue this year, commanding an impressive 63.0% share of global social spend. The substantial growth of Facebook and Instagram, both exceeding 20% year-on-year in Q1 2024, underscores Meta’s dominance in the advertising landscape.
Meta’s success is fueled by a surge in investment from Chinese exporters and the popularity of its AI tools, notably Advantage+, which streamlines creative and media planning processes for advertisers. Additionally, Meta has expanded its ad load, with most Reels sessions now featuring seven or more ads, further boosting ad revenue.
Despite Meta’s stronghold, other platforms such as TikTok, Snapchat, and Pinterest are experiencing significant growth. TikTok is forecasted to earn $23.1 billion in 2024, though growth has slowed amidst concerns over potential bans. Pinterest and Snapchat are expected to see revenue growth of 17.3% and 13.7% year-on-year, respectively, thanks to their strategic focus on core strengths.
Conversely, Twitter/X continues to face challenges, with a projected global decline of 6.4% in 2024. While this represents a stabilization compared to the drastic 46.4% decrease in 2023, the platform remains in a state of flux following recent setbacks.
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