Social Media Ad Spending to Hit $24 Billion This Year

Global ad spending on social media will rise more than 33% this year to $23.68 billion, according to a new report from research firm eMarketer.

The bulk of those dollars will flow to Facebook, which will continue to reign supreme in the social-media marketplace, eMarketer predicts.

Facebook alone will make $15.5 billion in ad revenue this year, about two-thirds of all global ad spending on social networks, according to eMarketer. Twitter’s ad sales will rise to $2.09 billion, accounting for 8.8% of the market.

EMarketer projects that U.S. and Canadian advertisers will lead the pack this year in terms of regional spending, plunking down more than $10 billion on paid ads across social media services.

Indeed, North American advertisers will spend more than $50 per social network user this year, and that will increase to $61.35 in 2016, eMarketer estimates.

By 2017, social media ad spending will hit $35.98 billion worldwide, accounting for about 16% of the total digital ad market, according to the report.

The U.S. and China will lead in terms of social media ad spending “for the foreseeable future,” amassing more than half the global market between the two of them, according to eMarketer. Read more here

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