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Key stat: Paid search CPMs declined by double digits YoY every quarter in the past four quarters—29% in Q2 2023 alone, per Skai. Paid search CTRs have not seen the same pattern of decline.

Behind the chart:

• As social media network user growth wanes across key platforms and advertisers navigate the complexities of measurement post AppTrackingTransparency (ATT), social media platforms have increased ad loads to boost revenue.
• Pinterest’s ad load increased by 30% in Q2 of this year, while Meta's ad inventory grew by 34%. While these higher ad loads are contributing to an increase in social ad spend, we project US social network ad spend to increase just 3.4% this year.
• Social platforms will prioritize lower-funnel formats, leveraging AI to drive commerce through initiatives like Meta’s Advantage+ Shopping Campaigns (ASC+).

Use this chart:

• Budget your 2024 paid social spend based on recent ad trends.

More like this:

• Paid Social Forecast and Trends Q3 2023 (Insider Intelligence subscription required)
• Ways to approach influencer marketing before the year ends
• 5 charts that explain the new era for social media
• Where does creator income come from?

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