Meanwhile, the share of ad spend on Facebook dropped while the share of ad spend on Google only increased by 4.3%.
Katya Constantine, who runs direct-to-consumer agency DigiShopGirl, noted a similar pattern among her clients’ third-quarter ad spend, with TikTok spend increasing significantly from the prior quarter, Facebook spend staying flat (though down 50% year over year) and Google decreasing 13%.
Both Google and Facebook reported disappointing third-quarter earnings, though Constantine said it is more Facebook that is truly losing market share. Though she believes the company, still a digital advertising titan, can make up for those losses.
“Facebook’s drop has stabilized and now they are rebalancing,” she said of the shifting media mix. “Facebook is doing a lot of innovation within their ad platform,” like providing better tech for advertisers.
While TikTok, and to some extent, Twitter, have been beneficiaries of these shifts, not all smaller social platforms are increasing market share. The Ramp data reported Reddit and Snapchat as the media channels experiencing the biggest declines in transaction volume, falling by 66.9% and 45.7%, respectively.
Constantine noted among her clients that Pinterest spend has significantly declined and Snap has stayed flat, albeit from a significantly lower amount than last year.
A surprising finding to come out of Ramp’s data was Taboola, the content recommendation ad-tech platform, saw the most growth of any ad channel, with transaction volume rising by 20.2%. This was probably from a small base, the company still makes up less than 1% of total ad spend on Ramp cards, and didn’t command enough spend to be included in the media mix pie chart in last quarter’s report.
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Catherine is Adweek’s platforms reporter.
Adweek is the leading source of news and insight serving the brand marketing ecosystem.