ICYMI: Social Ad Revenue to Double by 2021, Facebook Extends Dynamic Ads, Instagram Gets a New Look, Taco Bell Rings in Snapchat Success
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The future of social advertising is bright: Business Insider predicts that social ad revenue in the US will surpass $30 billion by 2021. Revenue in 2015 was just shy of $11 billion, so a $19 billion jump in five years would represent a compound annual growth rate of 15%. While impressive, these numbers are hardly surprising to anyone reliant on their smartphone. US consumers are spending an immense amount of time in mobile apps, social media apps in particular: 1 in every 5 online minutes to be exact. Facebook is expected to contribute the most to annual revenues, as more than 20% of all time spent in digital media on mobile occurs in Facebook properties.
With 75% of Instagram users saying they’ve taken action after being inspired by a post, Facebook has extended Dynamic Ads to Instagram. Dynamic Ads allow advertisers to retarget users by showing them ads for products they have expressed interest in online. This increases the relevancy of ads, as users will be served products they’re already viewed or even added to their carts. The travel industry in particular will benefit from this ad format, with retargeting now available for specific dates and locations users have searched for. Facebook continues to work towards making its ad network the most efficient and effective way for advertisers to drive sales.
After five years, Instagram’s iconic logo has been given a refresh. Instagram simplified the familiar camera logo to just a white outline of a camera on a rainbow background. The inside of the app has been streamlined as well: the interface is sleek in black and white, which allows users’ photo and video content to pop. Instagram included a video in its announcement to outline the thought process behind the update. As with all change, reactions to the update so far have been mixed.
On Cinco de Mayo, Taco Bell shattered Snapchat’s record for Sponsored Lens views. Last Thursday, the QSR brand sponsored a Snapchat lens that turned users’ heads into a giant taco and resulted in an all-time high of 224 million views. That’s 35% more views than previous record holder Gatorade’s Super Bowl campaign, which amassed 165 million views. On top of the view metrics, the average user played with the lens for 24 seconds before sending it, amounting to 12.5 years’ worth of video played in one day in all.