According to Strategy Analytics’ recent Global Social Network Forecast, social networks just crossed the 2 billion users mark for the first time in 2014.
Who’s on top? Facebook, of course, which accounted for 68 percent of them.
“Ad spend on social networks grew a robust 41 percent globally in 2014 totaling over $15.3 billion, accounting for 11 percent of global digital ad spend,” according to Strategy Analytics. “Facebook accounted for three-quarters of global social network ad spend in 2014, while Twitter accounted for 8 percent. In 2015, ad spend on social networks is expected to grow by 29 percent, totaling $19.8 billion.”
Expect social networks to be at the forefront for now — for engagement strength as well as revenue growth.
“Overall, the social network market continues to show strong growth across all regions as the major social network platforms drive usage and engagement via improved integration of digital media content,” said Leika Kawasaki, the author of the report. “While Facebook currently dominates the global social network market, its absence in China allows local social networks such as QZone and Tencent Weibo to gain traction in the rapidly expanding Chinese digital advertising market.”
What region has the highest ratio of social network users to population? That would be North America coming in with 64 percent, followed by Western Europe with 55 percent.
The U.S. accounts for the largest share of global social network ad spending with 41 percent ($6.2 billion in 2014, up 35 percent YoY). And the UK is the second largest market for social network ad spend, accounting for 8.2 percent of global social network ad spend in 2014, just slightly edging out the growing market in China which has 8 percent.
