Where Are Advertisers Spending on Social Media This Year?

Dan Meier 04 March, 2024 

2024 is shaping up to be an interesting year for social media advertising. Though Meta continues to dominate a large chunk of social spending, the rise of TikTok points towards long-term gains for the short-form platform. At the same time, Pinterest and Reddit are rolling out new ad products, while X struggles to retain advertisers. And with cookie deprecation looming closer into view, companies investing in AI to enhance their targeting capabilities will be well-placed to attract social media advertisers. 

VideoWeek asked four social media specialists from leading agencies which social channels they plan to invest in this year, and where they expect to pull back.

Jessica Whitney, Paid Social Managing Partner UK&I, Dentsu

We’re really recognising the rise of social commerce, social search, and the continued value of the creator economy, with key social platforms such as Meta, TikTok and Pinterest really doubling down and focusing on product development in this space.

We’re seeing investment decline when it comes to X due to the shrinking of both its user base and overall engagement on the platform.

Despite the emergence of platforms such as WeAre8 and BeReal, clients are still staying true to the core social platforms, and the rate in which Meta and TikTok are evolving their products is unmatched.

We can see that Snapchat continues to show steady growth in the UK and will be a key creative player, dominating the immersive creative space with their AR and VR capabilities.

Jason Cotrina-Vasquez, SVP, Global Head of Social, Kinesso

This year, we will continue to support marketers to deliver media efficiency, as this remains a priority within their business.  To do so, it is essential that we collaborate with social platforms in navigating a landscape with reducing measurement signals.

Meta had a strong 2023, placing high focus in enhancing their performance solutions by leveraging AI, and delivering improved campaign results despite industry challenges. This has re-established confidence in marketers, it will strengthen the partnership further and will contribute to continued investment on a platform we can rely on.

TikTok will continue to be an area of high growth; according to our MAGNA 2024 Social Report, TikTok leads in ‘stickiness’ with the most minutes per day per user and holds the highest engagement rate by far.

The social landscape is increasingly fragmented, and each platform can add unique value and scale for advertisers.  But given the business challenges and priorities in 2024, platforms gaining interest with potential for further investment are Pinterest and Reddit, both launching new performance solutions in the last year. Pinterest, which is already a product discovery and shopping destination, is now in an even better position to offer a more complete ad experience for commerce. And with Reddit, and its latest targeting expansions and ad formats, marketers can better leverage those passionate communities with personalised and contextual messaging.

Eb Adeyeri, VP Paid Social, Jellyfish

Based on recent Meta earnings, it’s very hard to make a case that we’ll see brands shifting significant dollars from Meta and its family of apps.

With App Tracking Transparency (ATT) firmly in the rearview mirror and with the rise of tools such as Advantage+ Shopping Campaign (ASC) delivering stellar results for advertisers, Meta seems to be a sure bet for social spend in 2024. We will also see budgets go to platforms with good CAPI coverage, such as Snap.

TikTok continues to be a place that captures the cultural zeitgeist, so we’ll likely see brands continue to spend there. And with the imminent death of the cookie, coupled with TikTok’s ramp-up in commerce (with TikTok Shops), we should see advertisers increase their investment in the short-form video platform.

Aside from this, the other area we’ll see advertisers spend on is creative experimentation. Generative AI, of course, will play a big role. As the leading platforms look to roll out their AI-enabled functionality, brands that have started implementing AI into their strategies will be ahead of the game.

Reiss Ballard, Head of Paid Social Advertising, MG OMD

There isn’t an intentional plan to shift investment towards or away from certain platforms, as we always start by looking at what are the most effective and interesting opportunities that are going to deliver value for our clients across all of social and focus our attention there.

We are seeing great success with Creator campaigns and newer AI-based buying technologies, and there will be an even bigger focus on this for the year ahead. So, platforms where we can leverage these opportunities will naturally be key for us.

Additionally, we’re prioritising channels that embrace truly social-first products and formats, aiming to capitalise on unique opportunities not found elsewhere on typical media plans. We’re particularly excited about interactive and community-based tactics like Reddit AMAs and Meta AR filters. These avenues allow us to leverage the power of social in ways that go beyond conventional media channels, opening new and exciting opportunities for engagement and connection.

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