TikTok is expected to be the only social media platform to significantly increase its advertising revenue this year, according to a report from the Financial Times.
Advertising spend on social media sites has climbed by just 4% this year, according to Magna, part of IPG Mediabrands.
The number has fallen from 36% in 2021, but the agency has said that it expects digital ad spend to climb 7% next year.
A report from the Financial Times last month claimed that TikTok had slashed its global revenue forecasts for this year.
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TikTok’s rivals have struggled to attract digital ad spend after Apple’s privacy changes made it harder for advertisers to track users’ behaviour.
“A more competitive environment and data headwinds have dramatically slowed the amount of new money flowing into social media this year,” Magna SVP Luke Stillman told the Financial Times.
“Looking forward, consumers have gravitated towards short vertical video formals and advertisers are focusing on those.”
Global events such as the Fifa World Cup in Qatar, the winter Olympics and US midterm elections boosted in digital ad spend.