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These days, TikTok is everywhere in culture. And advertisers are taking advantage of it, too.
MediaRadar reports that in the fourth quarter of 2023, ad spending on the platform reached $1.2 billion. This is a 43% increase from his $805 million spent by advertisers in the first quarter of this year.
Amazon, Apple, Comcast, DoorDash, and The Walt Disney Company spent the most money on advertising on the platform in 2023. On average, 11,800 companies spent $318 million per month.
Advertising spending increased throughout the year, reaching $896 million in the second quarter and $962 million in the third quarter. Research from the advertising intelligence platform found that in all of 2023, nearly 30,000 companies advertising more than 35,500 brands spent $3.8 billion on TikTok.
TikTok's popularity doesn't seem to be slowing down anytime soon. According to his 2023 analysis from Insider Intelligence and eMarketer, he is on track to overtake Facebook in total hours per day in 2025.
Deep pocket: According to a report by MediaRadar, media and entertainment providers will spend more than $1 billion on TikTok in 2023, accounting for nearly 30% of total ad spending last year. Retailers spent more than $500 million, and technology advertisers (including electronics, software, and telecommunications companies) spent $314 million.
“TikTok's massive growth over the past few years has been fueled by an engaged audience, often younger viewers, who are scrolling through their feeds,” said Todd Kriselman, co-founder and CEO of MediaRadar. “We are providing an important means to reach them.” In a press release.
Silent talk: Universal Music Group, which represents major musicians such as Taylor Swift and Drake, began removing songs from TikTok in February after the two companies failed to reach a new contract agreement, but some observations The government expects “downstream impacts” from this decision. Marketing Brew previously reported.
“It will be interesting to see how the unresolved fallout with UMG will affect advertising on the platform, and whether music restrictions will turn away users who are no longer able to access their favorite artists,” Krizelman said. he said.
