Welcome to our editorial series that takes a deep dive into industry trends across the media, media buying, and marketing sectors as we bid adieu to 2023 and usher in the new year. Find out more from the series →
It’s been quite the rollercoaster for platforms this year. From the soaring successes of Meta and Google to the struggles faced by Snapchat and X (formerly Twitter), it’s been a year of ups and downs. Check out Digiday’s insightful breakdown of who flourished and who encountered obstacles, complete with insider insights for that extra level of detail.
TikTok
TikTok has experienced a whirlwind of a year. Despite starting off in hot water with a DOJ investigation, the app has managed to weather the storm. Although the troubles are far from over, most marketers are no longer worried about the possibility of the app getting banned, or its ties to China. Then, in the middle of the year, its long-standing chief operating officer V Pappas bid farewell. Despite all these challenges, ad spending on TikTok continues to grow at a rapid pace. Ad execs who have previously spoken to Digiday have projected that spending on the platform could increase by up to 25% in 2024.
“TikTok is an innovation machine,” said Kevin Goodwin, vp of digital marketing at New Engen. “Every week we get a note about a new feature or product they’re rolling out, so there’s always something new to experiment with. This continuous stream of innovation has really driven adoption and interest. It’s the number one platform clients bring up, even if it makes no sense for their business from an audience perspective — which tells me TikTok must be doing something right.”
Smaller platforms
LinkedIn, Pinterest and Reddit each made strides in 2023 to adapt to the evolving landscape, while also delving into short-form video and social commerce.
LinkedIn has earned praise from marketers for its exceptional support and beta testing opportunities, becoming a tier 1 platform for some brands. Pinterest has embraced short-form video through publisher partnerships, and its narrative of being a full-funnel platform is beginning to materialize with marketers. Similarly, Reddit has been laying the groundwork for its social commerce endeavors, while updating its ad formats.
Google’s Performance Max and Meta’s Advantage+
Despite their flaws (being black boxes), Google and Meta’s more streamlined approach to advertising, known as Performance Max and Advantage+, have been a hit with marketers. These tools provide the platforms with an unprecedented level of control over campaigns, driving more advertising dollars into these platforms at the expense of advertisers’ access to analytics and insights. It’s a set-it-and-forget-it strategy taken to the next level.
Amy Rumpler, svp of search and social media services at Basis Technologies, shared that she can activate [Google] in many different ways and reach diverse audiences, making it “a mainstay of most of our media plans,