Social video ads revenue is set to reach $11.69 billion in 2020, representing double the rate of 2017 at $5.68 billion, according to a new forecast from eMarketer. The forecast marks a first for the research firm which until now had not reported ad spend for US social video ad formats.
Research by the Interactive Advertising Bureau (IAB) previously found that US marketer digital and mobile video ad expenditure increased 53% between 2016 to 2018. Of that percentage, agencies had increased their budgets toward video more (71%) than marketers (27%).
Similar to eMarketer, the IAB research noted that the shift to video was driven by social media video formats. Half of buyers said they planned to spend more on social media video ads over the coming year than other content sites.
Similarly, WARC recently determined that 60% of daily online video views now came from mobile devices, with social media networks such as Facebook taking a major slice of the pie.