Social media advertising revenues to reach ?5 billion by 2016 - Law ...
A recent study from BIA/Kelsey forecasts that social media advertisement revenues will reach over $9.2 billion (over ?5 billion) by 2016 in the US alone, as reported in Marketing Pilgrim.
This will be a significant increase on the current spend of $4.6 billion in 2012.
These are encouraging figures as paid advertising within social media channels, as opposed to search engine marketing and other forms of digital marketing, has taken some years to gain traction. The study includes figures from Twitter, Facebook and even YouTube which technically falls under the social network category.
An interesting trend also revealed by the study is the increase in local social media advertising, which can be compared with the growth in local search engine marketing.
Digital marketing in the UK
As for the UK itself, digital marketing spend continues to grow too. According to an Internet Advertising Bureau survey conducted by PwC, ad spending on the web and on mobile phones increased 12.6% on a like-for-like basis to ?2.6bn in the first half of 2012.
Paid-for search saw an increase of 15.9%, on a like-for-like basis, to ?1.53bn.
Tim Elkington, director of research and strategy at the Internet Advertising Bureau said "As digital technology and services evolve to make consumers' lives easier, more connected and more fun, it's no surprise that advertisers are coming to the digital party with bigger budgets, despite the challenging economic times elsewhere.?
?Almost 60% of people in the UK have a smartphone, average UK household broadband speed is now 9MB and social media accounts for one-fifth of all internet time?.
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