This editorial series examines industry trends across the media, media buying and marketing sectors as 2023 closes and the new year begins. More from the series →
This year has been a rollercoaster for platforms. Some, like Meta and Google soared, while others like Snapchat and X (formerly Twitter) had a rough time. Check out Digiday’s breakdown of who nailed it and who struggled, with some insider insights sprinkled in for that extra detail.
TikTok
TikTok has had a wild year. It started in the hot seat with its DOJ investigation, and while those troubles aren’t over, most marketers no longer seem concerned about the app getting banned, or its ties to China. Then around halfway through the year its longstanding chief operating officer V Pappas left. All this was playing out against the backdrop of a series of internal restructures including layoffs and a retreat from gaming. But despite all these troubles, spending on advertising on TikTok is growing at a clip. According to ad execs who previously spoke to Digiday, spend on the platform is expected to 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,” said Kevin Goodwin. “This 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 have each put their best foot forward in 2023, in a bid to accommodate the changing landscape, while dabbling in short-form video and social commerce.
LinkedIn has impressed marketers with their levels of support, and opportunities for beta testing, to the point it can be a tier 1 for some brands. Pinterest has not only leaned into short form video via its publisher partnerships, and its narrative around being a full funnel platform is starting to come to fruition with marketers. Similarly, Reddit has been building the foundations for its social commerce play, while updating ad formats to its inventory.
Google’s Performance Max and Meta’s Advantage+
While they have their faults (being black boxes), marketers can’t get enough of Google and Meta’s more streamlined approach to advertising, dubbed Performance Max and Advantage+, respectively. These tools hand the platforms an unprecedented level of control over campaigns while leaving advertisers with restricted access to analytics and derived insights. It’s like the ultimate “set-it-and-forget-it” strategy taken to the next level. And it’s that strategy which is driving more advertising dollars into these platforms.
Amy Rumpler, svp of search and social media services at Basis Technologies said she can activate [Google] in so many different ways and reach so many different audiences, that “It’s a mainstay of most of our media plans,
