Social media ad spend in the EU is set to rise to $23.5 billion over the next five years, according to a forecast from Forrester.
This is a huge increase of 26% from Forrester’s previous projection of $18.7 billion.
During 2015, social ad spending increased by 35.3%, while it enjoyed an even more significant surge in 2016 with a 45.1% rise.
The number of global social media users recently passed the three billion mark, meaning an estimated 40% of the world’s 7.5 billion population is now active on social.
Internet advertising spend reaches record high in the UK
Facebook claims the lion’s share of social media users with just over 2 billion active global monthly users, according to research from Hoosuite.
Additionally, internet advertising spend in the UK recently exceeded the £10 billion threshold for the first time in history, while a separate eMarketer forecast predicted UK mobile ad spend will reach almost £7 billion during 2017.
In the US, more than two-thirds of marketers plan to spend money on social video ads, with Facebook enjoying the lion’s share of investment.