Some digital platforms are likely to fare better than others when it comes to the investment plans of marketers around the world, according to results from The Marketers’ Toolkit 2023 [sample download page], a report from WARC. It’s not simply a matter of marketers prioritizing youth-oriented platforms or newer ones, either.
That said, it’s a familiar name that’s topping the charts for this coming year. Fully 76% of the 1,700+ marketing executives who responded to the survey said they expected to increase their investment in TikTok this year, while an additional 20% will keep it steady and just 4% plan to cut back. This makes TikTok the platform for which the largest share of respondents plan to up their investment, as it was last year. While US regulators are eyeing a ban on the app, about 1 in 5 adults in the US use it at least daily, including almost one-third (32%) of adults ages 18-44.
Following TikTok are YouTube and Google, which were ranked #2 and #6, respectively, in last year’s report. This year, 57% of respondents expect to increase their investment in YouTube, while 37% will keep their investment levels steady and 6% will pull back. Separate research indicates that a majority of media agencies plan to boost their investments this year in YouTube, which remains the most widely used social platform in the US.
Unlike last year, when there was more enthusiasm for spending across various platforms, the only other platform for which at least half of marketers expect an investment hike this year is Twitch. Though this isn’t a common platform for brand engagement, 50% of respondents intend to increase their investment in the gaming-oriented platform this year, versus 11% who will cut back. This result is interesting in light of the broader context: WARC’s survey separately indicates that online video, social media and gaming are the top 3 channels where most marketers are boosting their budgets this year.
By comparison, some platforms aren’t in line for as encouraging an outlook. Among the 13 listed, there are 4 in which more respondents expect to decrease than increase their investments.
The most pessimistic forecast is for Bing: more than three times as many respondents plan to cut back (35%) as to increase (11%) their spending on the search engine. Also lacking a rosy outlook is Snapchat: while it continues to be popular with youth, marketers are twice as likely to plan a cut (37%) than a boost (18%) to their spending on it.
Meanwhile, Elon Musk’s moves at Twitter are turning off consumers and causing advertisers to treat the platform with caution. To wit, more respondents to the WARC survey intend to decrease (28%) than increase (19%) their investment in the platform this year.
Finally, the social media giant that had a tough 2022: Facebook. In a reversal from last year’s study, this time marketers are cutting back: 30% will do so, against fewer than one-quarter (23%) who plan to up their spending.
For more, check out WARC’s sample report here.
