Once again, social media trends are making waves in the marketing and advertising agency. Thanks to some keen insights by Zenith’s Advertising Expenditure Forecasts, it has been predicted that social media ad spend will see a boost of 20% by the end of 2019. Day in and day out, consumers see changes in the way our world pushes out advertisements, but these changes happen so naturally that it’s hard to understand the magnitude of them.
When we step back and look at the current advertising sphere, it’s safe to say that the current trends revolve around social media. Print ads are soon to become relics of the past if we stay on this trajectory. Why? We’ve looked at the statistics under an advertising lens, and it’s pretty clear. Read along and we’ll clue you in!
From Print to Social
The advertising industry changes on a yearly (if not monthly) basis. What used to be a print ad in the newspaper is now on a social platform on your phone. It began with ads that went digital, the first noteworthy one being a digital AT&T banner in 1994.
Fast forward twelve years, and Facebook began to revolutionize the advertising space. When other social media platforms began to gain popularity, advertising became a staple component of each platform.
Where We Are Now
All kinds of businesses are beginning to rely on social media ads for convenience and affordability. In the past, a 30 second TV commercial was the go-to, but it’s no longer the smartest option. In order to put together the production for TV commercials, it requires money, time, and a lot of effort. Now, businesses are looking for a more strategic approach—particularly small businesses with a tight budget. Not to mention, social media ads typically allow for more creative leeway.
By the end of 2019, it’s predicted that global social media ad spend will reach about $84 billion. That’s almost $20 billion dollars more than magazine and newspaper ad spend combined! It’s safe to say that being in the digital age means being in the social media craze, so it’s important that companies use social platforms as tools for their overall growth.
A Glimpse at 2020
Social media ads are quickly becoming the frontrunners of advertisements. While they’re not in the #1 spot yet, they have certainly come far. As of right now, TV ad spend is the largest channel for advertising, followed closely by paid search and social media.
The jury’s still out on how long it could take for social media to take the first spot, but the TV advertising market isn’t looking too promising. In fact, the Zenith report says the TV market has “shrinking ratings from key markets.”
Regardless of how the other advertising markets perform, one thing remains the same: Social media is on an upward trajectory, and it’s breaking ground in the advertising realm. It’s helpful and cost-efficient for businesses of all sizes, so if you’re not already on it, now is the perfect time!