Social media is a main part of the advertising world. Facebook, Instagram, YouTube, TikTok — all of us worked with them at least once.
If you’re still missing out on social media advertising, here are some breath-taking statistics that might convince you to give it a try:
Social Media Statistics: 2022-2023
The world has gone digital, and social networks, which are projected to unite over 4.74 billion active users worldwide by 2023, have become the main drivers of this process.
In 2022, advertising expenditure on social media reached a staggering $173 billion! And that’s not all: this figure is expected to rise to $268 billion in 2023!
Even a small piece of this pie represents a massive market and enormous opportunities.
Social video advertising is slightly lagging, but it’s expected to skyrocket to $79.28 billion by 2024 in the US alone.
In 2022, social networks managed to grab a third of all digital advertising spending, securing second place in the digital advertising market.
Looking at the metrics, the Cost Per Thousand Impressions (CPM) for social media advertising in Q3 of 2022 was $8.15, while the global Click-Through Rate (CTR) remained at 1.2%.
What are your average results?
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Did you find this interesting? Don’t forget to share and comment below on whether the actual figures align with your perception of the scale of social media advertising.
