ICYMI: Facebook Sunsets FBX, Twitter Updates Character Rules, Financial Services Join Event Buzz with Paid Social, TV Budgets Shift to Social
This week: Facebook starts phasing out Facebook Exchange; Twitter changes what counts towards 140-character limit; Adaptly shares paid social best practices for popular events; social steals TV budgets.
As digital ad spend continues to shift towards mobile, Facebook is phasing out its desktop retargeting tool Facebook Exchange in favor of newer products that better support mobile retargeting. Mobile now represents 82% of Facebook’s overall revenue, so the sunsetting of Exchange is not a shock to advertisers. In fact, the company’s VP of Monetization states that most of Facebook’s clients and ad tech partners have already begun migrating over to the newer products. Facebook expects the transition away from Exchange to be completed by this November.
A long-hoped for update has come to Twitter: @names, media attachments, and links will no longer count towards the 140 character limit in Tweets. Users will soon be able to include other users’ handles, GIFs, videos, images, polls, and links in their tweets without sacrificing precious characters to include them, making room for more content. Users will also be able to Retweet and Quote Tweet themselves when they want to bring extra attention to their own Tweets. Providing more space for words and media will enable more sharing on the platform without compromising the brevity that Twitter is known for.
Mobile devices are steadily evolving from being the second screen to the primary screen during live events, and more brands are embracing social media as a way to engage with consumers in real-time. Financial services brands looking to reach mobile users can take advantage of social platforms like Twitter and Snapchat, the go-to apps for live coverage, to join conversations as live events unfold. Twitter has event, conversation, and TV targeting that can help brands tap into trending topics, and Snapchat’s Live Stories and geofilters make engaging with brands fun for users. 60% of the 65 minutes spent on social media each day occurs on mobile, so for more ideas on how financial services brands can reach consumers where they’re most engaged, download the full whitepaper.
The time is coming when social media platforms will cease to be companions to TV viewing and will start being alternatives to TV. With more people cord-cutting and live video and streaming capabilities improving, platforms like Facebook, Twitter, Instagram and Snapchat have the potential to steal viewers from TV audiences. Snapchat already boasts that eight times as many 13-34 year olds in the US view Live Stories versus TV for similar events, and Facebook had 83.3 million unique video viewers as of March 2016, outranking Comcast NBCUniversal, ABC, and CBS. 40% of marketers report dedicating TV ad dollars to digital campaigns, up from 37% six months ago, and even more report intending to do so in the coming months.