According to the second quarter survey of digital advertising by Wedbush, digital ad spend is performing well but not as strongly as in the first quarter. Pinterest and Meta are doing the best among other social media apps. Analyst Scott Devitt says that this survey shows that there is still a strong demand for advertisers, though they are less incrementally positive compared to the first quarter survey.
The survey was based on 200 US advertisers and the results showed that there is high demand for CTV and video. The demand for buying ads on social media sites is still there but it is a little moderate. The survey also shows that 45% of the advertisers increased their spending by 10% year-over-year in the second quarter, compared to 48% in the first quarter. There is a chance that this growth will decrease as the year progresses.
For the full year, 57% of advertisers expect digital ad spending to increase by at least 10%, down from 61% in the first quarter. Meanwhile, 90% of advertisers plan to increase their budgets for digital ads this year, compared to 82% in the first quarter. Only 1% of advertisers want to decrease their digital ad spend. Social media and retail media saw the most decrease in the second quarter of 2024. Conversely, CTV and streaming videos are seeing an increase, with 26% of advertisers wanting to increase their budget in this medium.
Meta’s growth has also increased because of Instagram Reels, with 44% of advertisers planning to increase their budget on Meta's platforms. Pinterest continues to attract advertisers, with 88% planning to increase spending there. YouTube shows strong but decelerating growth, leading to mixed advertiser sentiment. The Trade Desk was also included in the survey, with 25% of advertisers using it currently and 79% of advertisers planning to increase their budget there.
Image: DIW-Aigen
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The survey was based on 200 US advertisers and the results showed that there is high demand for CTV and video. The demand for buying ads on social media sites is still there but it is a little moderate. The survey also shows that 45% of the advertisers increased their spending by 10% year-over-year in the second quarter, compared to 48% in the first quarter. There is a chance that this growth will decrease as the year progresses.
For the full year, 57% of advertisers expect digital ad spending to increase by at least 10%, down from 61% in the first quarter. Meanwhile, 90% of advertisers plan to increase their budgets for digital ads this year, compared to 82% in the first quarter. Only 1% of advertisers want to decrease their digital ad spend. Social media and retail media saw the most decrease in the second quarter of 2024. Conversely, CTV and streaming videos are seeing an increase, with 26% of advertisers wanting to increase their budget in this medium.
Meta’s growth has also increased because of Instagram Reels, with 44% of advertisers planning to increase their budget on Meta's platforms. Pinterest continues to attract advertisers, with 88% planning to increase spending there. YouTube shows strong but decelerating growth, leading to mixed advertiser sentiment. The Trade Desk was also included in the survey, with 25% of advertisers using it currently and 79% of advertisers planning to increase their budget there.
Read next: X's Ad Revenue Falls 20% as Musk Touts AI Targeting; Major Advertisers Remain Unconvinced Amid Safety Issues
