This is the latest installment in an ongoing series of updates for the major social platforms. The goal of each report is to provide a summary of key recent developments and what they mean for marketers.
How is social network ad spending doing?
Our new forecast shows that Facebook, Instagram and Snapchat will grow their worldwide ad revenues in 2020, albeit at a much weaker rate than we previously expected. Twitter’s ad revenues will decline. Q1 earnings from the platforms showed mixed results, from year-over-year double-digit revenue growth for Snap to flat ad revenues for Twitter.
Will the Facebook ad boycott affect its 2020 ad revenues?
The boycott will likely do more damage to Facebook’s reputation than its bottom line. While many big-name brands, including Unilever, Coca-Cola and others, have paused spending, there is still a long tail of smaller advertisers that will continue to advertise on the platform.
How has social network monetization changed in Q2 2020?
Commerce was top of mind this quarter for the social platforms. Facebook and Instagram Shops were launched, and Snapchat introduced a new third-party app program called Minis. Other monetization developments include the launch of IGTV ads, Facebook’s experimentation with WhatsApp payments and Snapchat’s introduction of a new video ad format, First Commercial.
Will the gains in social network usage persist?
Our new forecasts for international social network users and US time spent with social networks show increased user growth and engagement during the pandemic. We expect both trends to moderate as people eventually return to their routines.
WHAT’S IN THIS REPORT? This report explores key developments for Facebook, Instagram, Snapchat and Twitter in Q2 2020, including our updated forecasts for global social network ad revenues, US time spent with social networks and international social network users.
KEY STAT: Our updated forecast shows that Facebook’s worldwide ad revenues will grow by just 5.9% in 2020 due to the coronavirus pandemic.
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