LONDON, Today: The Financial Times (via WARC) reports that brands are spending more on TikTok, as the numbers continue to make sense for brands despite the current political furore about the China-owned app giant.
The Financial Times said SensorTower app-store data drawn internationally from 1000+ advertisers & audience saw an advertiser surge in March (scroll down for the full story link).
It comes as major agencies sidestep the issue of a ban, understandably not wishing to get involved in the politics of an issue that could linger in the news for a long time before any resolution or eventual action is taken.
“WARC forecasts TikTok will buck a wider trend in the ad market by earning $ US15.2bn globally in 2023 – an increase of 51.7%.”
As a result, agency and brand-side decision-makers appear to be banking on a protracted process and continue to spend, yet the FT reports that some agencies are closely examining the terms of cancellation for inventory bought.
WARC has forecast that TikTok will buck a wider trend in the advertising market by earning $ US 15.2bn globally in 2023, an increase of 51.7%.
This follows an expectedly strong 2022, in which the platform reportedly grew global revenues around 30%.
It remains popular among audiences and advertisers (most of whom planned to increase spend). A significant number of brands have seen swift growth in user interactions on their TikTok activity.
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