Social media adspend outpaces predictions
Social media adspend is growing faster than initially predicted, according to a recent Forrester report. As a result, Forrester now forecasts that social media adspend will be more than US$101bn by 2021 – a 20% increase on its initial forecast for that year. Facebook has been a major contributor to this growth, as it is the platform that has the most users and is the most effective at monetising those users. The report attributes the increase in adspend to a number of factors, the first of which is Facebook and Snapchat’s abilities to monetise video effectively, including lengthier video content, particularly on mobile, where Facebook accesses most of its users. Snapchat is expected to carve its own niche in the market, in addition to gaining share from Facebook and Instagram.