message to whoever is watching, rather than people genuinely interested in your products or services at that time – used to work, so why stop now? In Western markets, one or two old-school retailers still hold on to this format, seemingly unable to follow their customers to where they really are. Where is that, you might ask? If you don’t know by now, you should: The simple answer is online. But it is a lot more complicated than that. Data from marketing insights agency Warc and research house GWI released last month shows a new victor this year in the race for the globe’s advertising dollars: social media. It forecasts $247.3 billion will be spent by advertising on social media channels this year – 14.3 per cent more than last year. Meta alone – the parent of Facebook, Instagram and Threads – is on track to overtake all global linear television in advertising revenue next year. Social media is now the world’s largest channel worldwide by advertising investment, after overtaking paid search last year. Since 2014, the time people spend on social platforms has increased by 50 per cent – from an average daily consumption of 95 minutes to 152 minutes this year. Data.AI claims the number of people using social platforms has risen 169 per cent in the past decade. Western platforms are growing fastest, fuelled by Chinese brands targeting US and European audiences. Much of social media’s success has been driven by Meta’s remarkable renaissance,” explains Warc Media’s head of content Alex Brownsell. “However, social’s stronghold on budgets can also be seen in TikTok’s rise, and a return to double-digit ad revenue growth at Snapchat and Pinterest.” Responding to advertiser demand, platforms are increasing their inventory and the frequency of delivery. Warc says Meta increased its ad load in the last quarter of last year by 19.1 per cent. Most Reels (short-form video) sessions now deliver seven or more ads. And of course, influencers are playing their part, drawing viewers, and thus advertising real estate the platforms can sell. In Asia-Pacific markets – with Indonesia and the Philippines singled out especially – more than 70 per cent of consumers use social media across multiple stages of their buying journeys. GWI data shows that social media users in Apac are 11.2 per cent more likely than the global average to purchase a product or service every week because of social media influencer endorsement. Of course, it stands to reason that if that is where customers are engaged in this era, that’s where you want to pitch an ad to them. And brands are. Warc says the global social media landscape, “shows no sign of losing momentum”. No disrespect to the free-to-air television industry, but the main driver of this change is technology – not just the impact of AI in helping platforms target ads to the right consumers, but the ability of platforms to store and broadcast millions of items of content and display them at the right place at the right time. “Social media advertising is about more than promoting your products or services,” to borrow a quote from digital media agency Common Ground. “It offers the opportunity to connect with your target audience and develop meaningful connections.” Television may be a great platform on which to watch live sport, streaming services or news bulletins. But is it still a useful medium to reach consumers? The statistics say it is not. Consumers have voted with their thumbs. The era of TV ads has begun its death throes. Further reading: Kate Spade CEO: “The power of TikTok for product discovery is incredible”