Social media is becoming increasingly competitive. According to eMarketer, adult social media users are currently still spending 60.4% of their time on Facebook and Instagram this year, up from 74.8% in 2017.
The reason for this is the rise of TikTok. The platform's usage has grown from zero to 15.1% during this time. Social media is developing new ideas for advanced interaction between brands and consumers, which again generates additional growth potential for advertising investments.
In 2022, total digital advertising spending will for the first time reach more than 60% of the global advertising market (61.5%). By 2024, this share will even reach 65.1% (source: Zenith report).