Let’s see what this week’s numbers say about online advertising, shall we?
- TikTok has unveiled a first-party measurement tool, Attribution Analytics, to provide advertisers with a more precise and extended view of user engagement and purchases linked to initial ad exposures. There’s an existing under-attribution issue in TikTok campaign conversions. 79% of actions attributed by users to TikTok were unaccounted for in traditional last-click models, according to a 2022 TikTok study from KnoCommerce. Read this article on eMarketer to find out more.
- Global ad spending is forecast to grow at a healthy 8.2% year-over-year rate in 2024, surpassing $1 trillion in total spend for the first time, according to a recent report from WARC. Not surprisingly, Political ad spend will be the fastest-growing, at an impressive 503.9% year-over-year rate, while some other industries will see double-digit upticks. Aside from the cyclical Political ad spend, the industry projected to have the fastest rise in ad spending next year will be Non-Profits, with its growth rate of 15.2% almost doubling the forecast average. Four other industries are also predicted to exceed the double-digit spending growth mark: Financial Services (11.5%); Technology & Electronics (11.3%); Pharma & Healthcare (11.0%); and Telecoms & Utilities (10.4%).
- YouTube weekly: 82% of teens ages 13-17 surveyed for a Precise.TV study say that they’ve watched YouTube recently, putting it well ahead of other social platforms and video games.
- According to eMarketer’s data, TikTok surpassed Instagram last year in total daily minutes spent by the total US adult population across devices, and will only widen the gap in the coming years. As such, US adults in sum spent roughly 12.8% more daily time with TikTok (3.997 billion minutes) than with Instagram (3.545 billion minutes) last year. By 2025, that gap will have expanded to a 19.9% difference in favor of TikTok.