A new report from Smartly.io and Worldwide Business Research examines how social media advertising is growing and changing in 2022. Here are some of our key takeaways from the report, based on interviews with 100 B2C business leaders across North America:
- Despite the backlash social media companies have faced over the last year, social advertising isn’t going anywhere.
- Over half of respondents spend 50-70% of their advertising budgets on social media, while 1% are spending as much as 90%.
- 41% will spend more on social advertising this year than last.
- Meta dominates overall, but Instagram is gaining on Facebook.
- Ninety-eight percent and 94% of respondents are advertising on Facebook and Instagram respectively.
- Forty-four percent of respondents spend the most on Instagram, while 19% spend the most on Facebook.
- The percent of respondents who will increase their spend on Instagram this year (73%) compared to last year (38%) has nearly doubled, compared to an 11% year-over-year increase on Facebook.
- Video on the rise. 47% of respondents are increasing their use of video and animated creative more than any other type of creative this year.
- Advertisers aren’t immune to job market fluctuations. Over a third of respondents (36%) report a lack of talent is undermining their social advertising process.
Download the full report here.