58% of marketers increased their social media budgets during the fourth quarter of 2022 while 15% either decreased or halted their spending, according to recent data from Advertiser Perceptions. (via Marketing Dive)
As marketers reallocate their spending to get the most out of their campaigns amidst the global economic uncertainty, spending on search, CTV, mobile in-app and digital streaming audio channels also increased by 38%, 30%, 28% and 24% respectively.
While more than half of marketers increased their social media budgets in Q4, 49% also turned to new platforms like Amazon’s Twitch and ByteDance’s TikTok to grow their reach and diversify their efforts.
According to Lauren Fisher, VP Business Intelligence of Advertiser Perceptions, BeReal is one of the platforms to keep an eye out in 2023. That’s because the app is getting more and more popular among Generation Z and Alpha as it promotes authenticity and it’s usually not where their parents hang out. But it still needs to come up with brand-safety measures to lure advertisers and maintain its momentum, she added.
Advertiser Perception’s report paints a similar picture as Mediocean’s recent survey, in which most of the respondents said they’re planning to increase their social media ad spending dramatically (25% or more) or moderately (1% – 25%) in 2023.
According to another recent report from Integral Ad Science, 90% of respondents said they would run social media ads in 2023 although 77% of media experts are worried that consumer trust in social media platforms is declining.
While it seems very unlikely for advertisers to leave social media, platforms still need to make changes to provide more transparency to users and advertisers, Fisher said.