New research from Skai is shedding light on the great increase in digital ad spending during the second quarter of 2024.
The news about the rise comes at a time when we witness performance holding steady and conversion rates also being maintained. Advertisers are trying to make the most of this endeavor from Google and Meta tools.
When we look at the figures, spending in retail media grew 21% YoY, Paid search spending grew 6% YoY, and paid social spending saw a 13% growth YoY.
Coming to the bigger picture, higher prices for ads had the greatest amount of spending growth while advertising volumes did display a slower and more decreased performance across a series of channels.
Now despite the costlier prices, certain metrics displaying performance such as conversion rates keep staying stable and that means better ad efficiency across the board.
Despite higher price tags attached, conversion rates being steady also says a lot about the potential opportunities that advertisers have in terms of navigating the altering landscape in the most effective of ways and these are not deterred by every single AI update.
When you read between the lines in finer print, it’s like the shift has given rise to brand new advertising formats such as Google’s Performance Max and Meta’s Advantage Shopping Campaigns which contributes to the altering dynamics seen today.
Today, Performance Max accounts for 13% of the overall paid search spending seen on Skai while Advantage Shopping Campaigns keep increasing spending, hitting six times the figure seen last year. Today, it’s just 5% of the overall spending on Meta’s part.
What does this mean for the future? Well, experts are looking out for advertisers to tap into more strategies that better handle greater prices and historical trends which suggests that this might not be forever. It’s temporary.
At the end of the way, we can conclude that advertisers are working hard in terms of navigating the challenging landscape linked to increased costs and evolving advertising formats. So far, it has maintained great performance via optimization and a host of new tools.
You can always read more insights on the Quarterly Trends Report rolled out by Skai here if you wish to get a fuller picture of the landscape in real-time.
Read next: New Analysis Proves All Large Language Models Have A Politically ‘Left Of Center’ Inclination
The news about the rise comes at a time when we witness performance holding steady and conversion rates also being maintained. Advertisers are trying to make the most of this endeavor from Google and Meta tools.
When we look at the figures, spending in retail media grew 21% YoY, Paid search spending grew 6% YoY, and paid social spending saw a 13% growth YoY.
Coming to the bigger picture, higher prices for ads had the greatest amount of spending growth while advertising volumes did display a slower and more decreased performance across a series of channels.
Now despite the costlier prices, certain metrics displaying performance such as conversion rates keep staying stable and that means better ad efficiency across the board.
Despite higher price tags attached, conversion rates being steady also says a lot about the potential opportunities that advertisers have in terms of navigating the altering landscape in the most effective of ways and these are not deterred by every single AI update.
When you read between the lines in finer print, it’s like the shift has given rise to brand new advertising formats such as Google’s Performance Max and Meta’s Advantage Shopping Campaigns which contributes to the altering dynamics seen today.
Today, Performance Max accounts for 13% of the overall paid search spending seen on Skai while Advantage Shopping Campaigns keep increasing spending, hitting six times the figure seen last year. Today, it’s just 5% of the overall spending on Meta’s part.
What does this mean for the future? Well, experts are looking out for advertisers to tap into more strategies that better handle greater prices and historical trends which suggests that this might not be forever. It’s temporary.
At the end of the way, we can conclude that advertisers are working hard in terms of navigating the challenging landscape linked to increased costs and evolving advertising formats. So far, it has maintained great performance via optimization and a host of new tools.
You can always read more insights on the Quarterly Trends Report rolled out by Skai here if you wish to get a fuller picture of the landscape in real-time.
Read next: New Analysis Proves All Large Language Models Have A Politically ‘Left Of Center’ Inclination
