Social Media to Generate $23.6 Billion in Global Ad Revenues

With more than 3 billion social media users worldwide, global ad spending on such platforms is soaring. Facebook (www.facebook.com), owned by Meta Platforms, continues to be the dominant site among social media worldwide. As of June 2024, Facebook had 3.88 billion monthly active users. The company is building targeted advertising revenues based on likes and dislikes established in users’ profiles, to the extent that it is now one of the largest generators of online advertising revenue. Advertisers want to be where potential customers are, and Facebook reported in early 2021 that its average user spends 33 minutes each day on the site.

In May 2020, Facebook announced the launch of its Shops ecommerce initiative. Shops enables small businesses to set up ecommerce stores on Facebook or Instagram. Other sites such as Shopify can link to those sites. While the virtual storefronts are free, Facebook is generating revenue from in-house payment system users who will pay to increase stores’ visibility. Shopping within social media is an important trend, and social media firms hope to make this into a very significant revenue generator by collecting fees on each sale made.

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