Social media advertising spend is hitting an upward curve through 2014, according to eMarketer.
Such is the marked increase in spend, that the industry research specialist predicts 10% of all digital advertising revenue to be driven from social media by the end of 2014, with a growth of 50% predicted on 2013 figures.
Expenditure on all formats served to internet-connected devices will total £7.25 billion ($11.33 billion) in 2014; up 15.0% from 2013. Mobile and video adverts are expected to continue to grow dramatically, pushing digital's share of UK total paid media ad spend to 47.9%.
Facebook currently dominates the social networks for advertising spend, and eMarketer predicts it to have a stranglehold of nearly 80% of the advertising revenue driven from social. It also forecasts this dominance to increase further through 2015-2016, predicting the Zuckerberg juggernaut to absorb approximately one-tenth of all UK digital advertising outlay by 2016.
Twitter, on the other hand, is still finding its feet in the advertising world, and is expected to account for roughly 1.3% of digital advertising spend in the UK this year. The UK is one of Twitter’s key markets, however, with 12.9% of its advertising revenues coming from these fair shores in 2014.
From a client-side, advertisers are currently spending £23.24 per user trying to convert their target audiences on social networks, a figure that has risen almost as quickly as the total market spend increase. eMarketer predicts this figure to rise to £36.49 per user by 2016; around a threefold increase since 2012.
Chris is Editor of MyCustomer. He is a practiced editor, having worked as a copywriter for creative agency, Stranger Collective from 2009 to 2011 and subsequently as a journalist covering technology, marketing and customer service from 2011-2014 as editor of Business Cloud News. He joined MyCustomer in 2014.