Social network ad spend has been rising steadily over the last few years with marketers extending their online pay per click and banner advertising beyond the seach engines to include the social networks as well. It is estimated that during 2011 marketers in the US alone will spend £3.08 billion on social network advertising. eMarketer predicts that US ad spend will be up 55% on 2010 when marketers spent $1.99 billion, and that worldwide social network spend will be up 71.6% in 2011 to $5.97billion.
Facebook, by far the largest social network, is clearly having the greatest impact on this growth through a year-on-year increase in Facebook advertising. Facebook therefore contributes up to 65% of the 2011 prediciton. eMarketer predicts that advertising spend on facebook will hit $2.19 billion in the US alone in 2011 and over $4 billion worldwide. That's more than double the total spent in 2010!
So as we move further into 2011 social networks are poised to absorb an even greater percentage of all online spending making them difficult to ignore for any business serious about their online marketing. We will be watching eagerly to see what developments Facebook has planned for the forthcoming year.