With all of that having been said and now out of the way, it is important to note that Instagram’s ad spend is slated to reach a whopping $70.9 billion in 2024 if the current trend persists. Back in 2017, this number sat at just around $3.4 billion, indicating a massive explosion that has taken Instagram to never before seen levels of revenue. Between 2017 and 2021, ad spend increased from $3.4 billion to $48.3 billion.
Growth slowed between the years of 2021 and 2022 with ad spends going from $48.3 billion to $51.1 billion, when ATT rocked the industry in no small measure. In spite of the fact that this is the case, Instagram got some of its momentum back by posting a $10 billion increase in ad spends this year. With the risk of operating in a brand new landscape more or less averted, Instagram is set to break all records in 2024 with all things having been considered and taken into account.
The growth rate this year for Instagram sits at around 19.7%, with the fourth quarter showing a growth rate of 25.8% year over year. The predictions for next year suggest that brands will spend 16% more on Instagram in 2024, far higher than might have been the case otherwise. While this is not quite as impressive of a growth rate as the one for 2023, it still shows that platforms like Instagram are able to navigate the new normal. The fact that Instagram is surpassing Facebook might be a sign of the paradigm shifts that are about to occur in the social media industry this decade.
Read next: These Are Top 10 Social Media Platform by Traffic and Time Spent
by Zia Muhammad via Digital Information World
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