Global ad revenue for video-sharing app TikTok is forecast to jump by 51.7% year-over-year in 2023 despite the wider ad market slowing, according to recent research from WARC.
The report was based on advertising expenditure data drawn from media owners.
The researchers expect TikTok's advertising revenue to reach $15.2 billion in 2023, up from $10 billion in 2022 and $3.8 billion in 2021.
The researchers expect ad spend to increase on TikTok in 2023 across all the categories they examined, including sectors that are forecast to see an overall ad spend decrease this year, such as automotive and soft drinks.
Firms in five key categories are forecast to spend more than $8.5 billion on TikTok in 2023: technology and electronics ($2 billion), toiletries and cosmetics ($1.8 billion), retail ($1.7 billion), clothing and accessories ($1.7 billion) and telecoms and utilities ($1.5 billion).
About the research: The report was based on advertising expenditure data drawn from media owners.
Enter your email address to keep reading ...
Know someone who would enjoy it too? Share with your friends, free of charge, no sign up required! Simply share this link, and they will get instant access…
Advertising & Promotions Articles
You may like these other MarketingProfs articles related to Advertising & Promotions:
- Search Advertising Spend Trends for 2023
- Is Digital Advertising Really More Effective Than Traditional Advertising?
- Diversity in Video Ads: Gender, Age, and Ethnicity Benchmarks
- Tough Times Ahead: Global Digital Ad Forecast for 2022-2024
- The End of Third-Party Cookies Is a New Beginning for Digital Advertisers: Arsen Avakian on Marketing Smarts [Podcast]
- Love, Hate, or Indifferent? How People Feel About 6 Common Ad Formats