TikTok is the only big social media platform to significantly increase advertising revenue this year, according to an industry estimate, highlighting the economic chill gripping the online ad market.
Advertising spend on social media has grown just 4 per cent this year, according to Magna, part of IPG Mediabrands, down from 36 per cent in 2021. The agency said it expects ad spending on social media to climb 7 per cent next year.
A separate report on Monday published by GroupM, the media buying agency owned by WPP, estimated that TikTok doubled its advertising revenue in 2022, hitting rivals Meta and Snap as the Chinese social media giant took a larger share of the market.
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