Social media ad spends to rise multi fold; India continues to drive growth

According to a Forrester research report, social media user growth across the markets in Asia-Pacific will outgrow the US and Europe’s share soon. However, the growth rate in the region is expected to slow down barring India, which will continue to drive growth.

The global social media spend is said to rise at a rate of 17% CAGR to 165.6 billion in 2023. While video advertising spends is expected to reach $56.6 billion by 2023.

Since video advertisement spends will be on the rise, a lot of social media platforms, including Tencent, Twitter, and Weibo, will try to make their platforms video advertisement friendly.

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