A survey of 1,400 marketers across the world has found that the majority plan to increase their spend on YouTube and TikTok next year but many will be cutting their spend on X (formerly Twitter).
Warc found that marketers are set to increase investments in social media, online video and mobile, with spend expected to stay mostly the same or decrease in traditional channels such as print, cinema and TV.
Online video giant YouTube came out narrowly on top of a list of the digital channels that marketers plan to increase their spend on in 2024, with a net 56% indicating an increase. Close behind was TikTok, with a net 55% planning an increase.
X was the least popular option, with a net 21% indicating their spend on the platform will decrease. Given that the survey was conducted in September and October, before the latest controversy over brand safety on X, the true figure is likely to be higher.
Snapchat was the only other platform to lose popularity, with a net 4% planning to decrease spend.
Confidence in the metaverse has decreased significantly since a year ago, when a net 40% of marketers said they expected to increase investment. Now a net 7% expect to decrease it.
The data is from Warc’s Voice of the Marketer 2024 report, which also found an upturn in optimism about business prospects compared to 2023 (concentrated in Asia-Pacific rather than Europe or the US).
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