[Marketing Week] Bob Koigi: The rise and rise of social media advertising
Growing internet penetration coupled with increasing social media users contributed to the growth of the social media advertising market. The tremendous growth in the number of social media users worldwide is encouraging advertisement and marketing companies to focus on social media platforms to advertise their products and services.
According to a recent report by Research Markets, the global social media advertisement market is expected to grow from $111.97 billion in 2021 to $130.53 billion in 2022 before reaching $201.36 billion in 2026.
This, as another report by Omdia indicated that global digital video ad revenues will top $360 billion in 2027. According to the report, ads are the bigger driver of video revenues, not subscriptions.
In more advertising news that made headlines this week, Hivestack, the world’s independent programmatic digital out of home (DOOH) ad tech company has announced a partnership with Focus Media, China’s offline advertising solution provider.
Focus Media’s DOOH inventory across office building elevators will gradually be integrated into the Hivestack Supply Side Platform (SSP) allowing advertisers to activate large scale programmatic DOOH campaigns via Private Marketplace (PMP) deals across China.
A new study by MAGNA Media Trials, MAGNA’s industry-leading proprietary research offering, in partnership with Spectrum Reach, the advertising sales business of Charter Communications, Inc., reveals that consumers are more likely to respond to advertising if they see it across different screens, with 41% of survey respondents claiming better recall when they had seen the same spot across linear, connected TV (CTV) and mobile devices.
In other news, Harman International has announced Havas Group as its global Agency of Record across all its brands and territories. The cross-market, cross-discipline scope covers integrated marketing solutions across Harman’s businesses and brands, including the iconic consumer lifestyle brand JBL, the home audio systems brand Harman Kardon, and Harman’s B2B products, services and technology solutions for automakers and enterprise customers globally.
Hivestack, the world’s, independent programmatic digital out of home (DOOH) ad tech company has announced the success of its first “inside-out” programmatic (DOOH) campaign for Nexon, a global pioneer in the world of interactive entertainment software offering more than 45 live games operated across more than 190 countries.
And Unite, WPP’s LGBTQ+ community, and Choreograph, WPP’s global data products and technology company, have launched Beyond the Rainbow, a new study into LGBTQ+ marketing and its future. The study surveyed 7,500 LGBTQ+ and non-LGBTQ+ people in the United States, United Kingdom, and Canada to better understand their perceptions and experiences of viewing LGBTQ+ identities in media and advertising.