According to Insider, marketers are expected to spend 65.31 billion on social networks this year. Even though that will mark a 3.6% growth if compared to 2021 but according to the predictions made by Insider, it’s a major drop from the 74.56 billion dollars they estimated it would take.
Nevertheless, growth will take off in the next two years, the lead of which will be taken by TikTok and will be boosted by a rush in social video advertising and the 79.28 billion dollars that they had estimated for 2024 will be more than 20 billion dollars below what they had expected in March 2022.
This downgrade in their estimation is the numerical representation of a plain turn table for the digital ad industry as during the pandemic they were profiting amazingly but now they are being beaten with rising interest rates, Apple’s new privacy changes taking a heavier toll than expected along with Russian-Ukraine war.
Last year, big tech giants like Meta and Snap Inc. reported increases worth double digits and now, Meta’s revenues alongside its net worth have dropped and Snap Inc. barely managed to reach what had been estimated by professionals.
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