eMarketer has predicted that by 2020, social media ad spend will account for almost 30% of UK spend, whilst broadcast TV will near only 18%.
In 2018, a quarter of all UK digital ad spend will be funneled into social media platforms; a rise of 24% to around £3.3bn.
Social media has overtaken all traditional formats when it comes to ad spend – except for TV. But it seems even the most recent Facebook data scandal has done nothing to stop the rise of social ad spend. This is in spite of various marketers freezing spend with Facebook amid the Cambridge Analytica data mining saga.
Recently, Mozilla announced it was “pressing pause” on Facebook advertising, at least until the social network strengthens its protections of user data.
Denelle Dixon, Mozilla’s chief business and legal officer, said: “When Facebook takes stronger action in how it shares customer data, specifically strengthening its default privacy settings for third party apps, we’ll consider returning. We look forward to Facebook instituting some of the things that Zuckerberg promised.”
And it’s not just advertisers who are putting Facebook under increased scrutiny. Consumers have voiced their concerns with the #DeleteFacebook campaign on Twitter.
Despite these concerns, marketers are confident that growth in social media spend will not be dampened. And it’s still Facebook leading the way. Throughout 2018, Facebook’s share of digital ad spend will reach just shy of 22%, increasing to over 24% by 2020.
Debra Aho Williamson, the principal analyst at eMarketer, said: “This specific incident is not likely to cause advertisers to leave Facebook, but it will cause them to think twice about how data about Facebook’s users is handled.”
So how do other social media platforms measure up when it comes to ad spend? Twitter will be down slightly in 2018 to 1.2%, with Snapchat having just 0.8% of the digital spend market by the end of the year. However, this is expected to rise to 2% by 2020.
Instagram will have 4.9% of the digital ad market by the end of 2018, which will rise to almost 8% by 2020.