Mobile Marketer reports that for the first time, advertising budget spent on social media will overtake print media. According to the media agency Zenith, estimates indicate that spending on social media will jump to $84 billion this year, while newspaper and magazine spending will fall 6% to $69 billion.
Such growth expands social media's global ad spend share to 13%, making social media the third-biggest ad channel behind TV (29%) and paid search (17%).
Social media has been a crucial platform for advertisers, especially for companies like Facebook and Google which has seen double-digit growth in ad spending. Mobile Marketer also reports that the industry has seen ad revenue gains of 62% for Pinterest, 48% for Snap, 28% for Facebook, and 21% for Twitter.
As much as advertisers will start spending more on digital ads than traditional media, I don't see the demise of advertising in traditional media.