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Social media scales new heights as the world’s largest channel by advertising investment, forecast to reach $247.3bn this year

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WARC Global Advertising Trends

Meta alone is on track to surpass all global linear TV in advertising revenue by 2025

WARC Global Advertising Trends: Social media reaches new peaks

2 May 2024 – Social platforms dominate the global media landscape, and wield huge influence over how brands reach their audiences.

According to WARC Media’s latest forecasts, social media is now the largest channel worldwide by advertising investment, having overtaken paid search last year, and is forecast to total $247.3bn in 2024, up 14.3% year-on-year.

Data from GWI shows that time spent with social platforms has increased by 50% since 2014, from an average daily consumption of 95 minutes to 152 minutes in 2024, and according to data.ai, worldwide user numbers across social platforms have risen 169% since 2014.

Alex Brownsell, Head of Content, WARC Media, says: “Much of social media’s success has been driven by Meta’s remarkable renaissance. 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.

“However, with this dominance comes challenges, such as rising advertising loads in social environments, and the impact of AI on media planning. In this report, we take a holistic view of the global social media landscape, which shows no sign of losing momentum.”

Key insights highlighted in WARC’s Global Advertising Trends: Social media reaches new peaks are:

Social is the leading media channel by ad spend globally

Global social spend is set to total $247.3bn in 2024, up 14.3% year-on-year, a slight deceleration from +16.0% in 2023. Western platforms are growing fastest, fuelled by Chinese brands targeting US and European audiences.

Meta is on track to overtake linear TV in ad revenue in 2025
Both Facebook and Instagram grew by more than 20% year-on-year in Q1 2024, and Meta is forecast to earn $155.6bn in ad revenue this year, representing a 63.0% share of global social spend, fuelled by a wave of investment from Chinese exporters, and the popularity of its AI tools. According to WARC Media, Meta is set to overtake global linear TV in advertising spend terms in 2025.

Investment in AI has helped to drive incremental social spend
Tools like Meta’s Advantage+, which automate aspects of creative and media planning, are becoming increasingly popular with advertisers. However, some brands have complained of erosion to campaign efficiencies.

TikTok’s growth will slow in 2024, amidst US ban concerns
WARC Media forecasts TikTok will earn $23.1bn this year. The +18.3% year-on-year increase marks a significant slow-down from the 87.8% growth rate it clocked up last year, despite the introduction of new search and shopping ad formats. Given TikTok’s unique popularity with Gen Z audiences, many advertisers in the US will be hoping a ban does not come into effect.

Snapchat and Pinterest return to double digit ad growth
Pinterest is set to enjoy a 17.3% year-on-year increase in ad revenue in 2024, while Snapchat is forecast to grow 13.7%. This strong growth of both platforms is attributed to a refocus and leaning into their respective strengths.

Twitter/X’s ad revenue woes are set to continue in 2024
X’s ad revenue in 2024 is predicted to decline by 6.4% globally and 5.1% in the US. However, compared to its startling 46.4% decrease in 2023, it marks something of a stabilisation for the Elon Musk owned platform, largely due to political ad spend. However, marketers remain concerned with brand safety and X’s much publicised issues with bots.

Ad loads are rising across social platforms
Meta reportedly increased its ad load in Q4 2023 to 19.1%, with most Reels sessions now having seven or more ads. Platforms are aiming to improve monetisation “efficiency” with new search and shopping ad formats.

Social platforms are becoming increasingly homogeneous
As TikTok prepares to launch a photo sharing app, Notes, and Meta invests in AI search tools, social platforms are converging in the advertising formats and commerce functionality they offer to brands.

Rachel Morman, Global Head of Social, PHD Global, comments: “AI offers incredible new opportunities for [social advertisers], delivering multi-advertiser contextual ads, but that may not be suitable for all brands – such as those that need to heavily consider exclusivity and adjacency.”

Gillian Collison, Global Head of Social, GroupM, added: “The challenge remains to enable brands to leverage their own data and analytics to understand target audiences at a deeper level, enabling personalised experiences across all mediums.”

Social Media outlook in the US, UK, China and APAC
US: Social media advertising spend is set to reach $75.6bn this year. Facebook remains the biggest player, forecast to reach $36.3bn, followed by Instagram ($21.3bn), and TikTok ($10.1bn).

UK: Social media advertising spend in the UK grew 15.6% year-on-year in 2023, and is forecast to reach £8.8bn in 2025, per the latest AA/WARC Expenditure Report. Much of this growth is attributed to rising spend on social video formats, up 20.0% year-on-year, according to IAB UK.

China: Major Chinese social platforms have suffered an ad revenue slowdown since 2021, however, signs of positivity are emerging: video and photo sharing app, Xiaohongshu, with 312m MAUs in China, has reported its first profit; and Douyin, owned by ByteDance, is forecast to earn $30.2bn in ad revenue, $7bn more than TikTok, its Western sibling.

APAC: more than 70% of consumers in Asian markets, including Indonesia and the Philippines, use social media across multiple stages of their buying journeys. GWI data shows that social media users in APAC are 11.2% more likely than the global average to purchase a product or service on a weekly basis because of social media influencer endorsement.

Read a complimentary sample report of WARC’s Global Ad Trends: Social media reaches new peaks here. WARC Media subscribers can read the report in full. A WARC podcast discussing the findings outlined in the report will be available from 7 May.

Global Ad Trends is a quarterly report which draws on WARC’s dataset of advertising and media intelligence to take a holistic view on current industry developments. It is part of WARC Media, a subscription service which provides rigorous and accurate benchmarks aggregated and verified from over 100 reputable sources, empowering media decision makers to plan strategies with precision.

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Good Nature Agro named one of Africa’s Fastest Growing Companies of 2024

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Good Nature Agro

Good Nature Agro has for the last 3 years been focusing on aggregating legume seed and commodity needs in the wider Southern and Central African region

CHIPATA, Zambia, May 17, 2024/APO Group/ — 

Good Nature Agro (https://GoodNatureAgro.com/), the Zambian company helping smallholder farmers reach the middle class, has been recognized by the Financial Times in the annual ranking of Africa’s Fastest Growing Companies of 2024, focused on identifying top performers in Africa’s private sector. This ranking places Good Nature Agro as number 44 on the list and the only Zambian company in the top 50.

The company has accomplished this feat through measured and consistent growth in their legume seed and commodity business lines, while increasing incomes for the more than 20,000 smallholder farmers with which they work.

We are exporting high-value beans, soya beans and groundnuts to food processors in South Africa, Namibia, Zimbabwe and Botswana

2024 also marks the 10th  anniversary of Good Nature Agro. Starting in 2014 with just 40 smallholder farmers in Kasenengwa District, Zambia, the company’s founders have remained committed to the company’s mission since day one. Today, Good Nature Agro farmers are present in all provinces of Zambia and the company has expanded its offerings to Malawi. The company has two active processing plants in Lusaka and Chipata, Zambia, an active seed breeding program and lab space, a proprietary digital platform for farmer and customer engagement, and more than 175 full-time employees. Good Nature Agro is also building a state-of-the-art export and processing facility in the Lusaka South Multi-Facility Zone(MFEZ).

Good Nature Agro Co-fonder and CEO, Carl Jensen, is thrilled with the news of the ranking, “We are proud to be included on the list, and we intend to use this opportunity to highlight our work with smallholders and the strength and potential of the Zambian agricultural economy. Credit for the strides we have made over the last 10 years goes to the hard work of our farmers, team, investors, and partners. Collectively, we are primed for a leap forward, and we will work tirelessly to move more smallholder farmers into the middle-class and emergent farmers towards generational wealth.”

On top of training, financing and production with Zambian farmers, Good Nature Agro has for the last 3 years been focusing on aggregating legume seed and commodity needs in the wider Southern and Central African region. “Being a Zambian-born and based company has strategically placed us to fulfill grain needs from beyond Zambian borders. We are exporting high-value beans, soya beans and groundnuts to food processors in South Africa, Namibia, Zimbabwe and Botswana, and we continue to prospect both production and supply in the Eastern African region. We are looking to onboard more customers and anyone looking for a reliable supply of legume seeds and commodities in and beyond the region. The Financial Times listing affirms our constant commitment to growth and service to our farmers and customers” said Sunday Silungwe, Founder and Director of Communications.

Representing Zambia alongside Good Nature Agro on the list are  Zamseed (#91) and Zambeef Products (#113). The list of Africa’s fastest-growing companies, compiled by Financial Times in collaboration with Statista, a research and database company, highlights advanced, modern, and thriving businesses in Africa fueling the global economy in the 21st century. The list showcases the growth of private companies across different sectors and offers a brief overview of the recent corporate landscape where technology, Fintech, and other businesses have had to adapt to a challenging environment. Good Nature Agro salutes all other companies represented as peers and examples of resilience and job creation.

Distributed by APO Group on behalf of Good Nature Agro.

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Entire Canon Colorado Roll-to-Roll Printer Range Now Supported by SAi Flexi RIP Software

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Canon

Capable of driving up to five printers simultaneously and any number of cutters, SAi Flexi offers a complete all-in-one solution for designing, printing, cutting and print & cut

DUBAI, United Arab Emirates, May 17, 2024/APO Group/ — 

Canon’s (https://en.Canon-CNA.com) entire UVgel roll-to-roll printer range, comprising the Colorado 1600 series and the new Colorado M-series, is now compatible with SAi Flexi, the all-in-one design, print and cut software for sign and print providers. Flexi Complete, the latest version of the RIP software, supports all Colorado models for seamless integration into a sophisticated production workflow.

SA International (SAi), a leader in design-to-production software, has released Flexi Complete, which includes drivers for the whole Colorado range (1630, 1640, 1650, M3 [W] and M5 [W]) and supports both white and multilayer printing. The new software drivers also support Canon’s FLXfinish+ technology, which enables customers to print matte, gloss or mixed matte and gloss on the same print, without the need for additional varnish.

SAi Flexi

Capable of driving up to five printers simultaneously and any number of cutters, SAi Flexi offers a complete all-in-one solution for designing, printing, cutting and print & cut. With the addition of the cross-platform ‘Flexi Designer’, it delivers a versatile experience, giving users a seamless workflow from design to production. An easy-to-use white printing workflow, that allows for the creation and customisation of white layers, comes as standard in all versions of SAi Flexi. The software incorporates a robust 64-bit RIP architecture that ensures optimal performance and precision in advanced colour management, spot colour mapping, Pantone matching, true-shape nesting, and banner finishing.

Scalable and modular Colorado M-series

The Colorado M-series is a modular 1.6m roll-to-roll printer with two speed configurations that is also available with Canon UVgel white ink, boosting the printer’s exceptional productivity and substantially expanding the range of applications customers can create.

PSPs already utilising SAi Flexi software can now capture the benefits of UVgel by adding Canon Colorado printers to their production floor without changing their workflow

The unique formulation of Canon’s UVgel ink facilitates the fast build-up of dense and opaque white images in fewer passes than conventional printing technologies, while printed output retains its original whiteness over time. The particular properties of UVgel also eliminate many of the production, nozzle-cleaning and maintenance challenges commonly associated with white ink, while delivering smooth, error-free printing, reducing ink usage and waste, and increasing productivity.

Mathew Faulkner, Director, Marketing & Innovation, Wide Format Printing Group, Canon EMEA: “Canon believes in open systems, which enable partners and customers to integrate Canon printers in their workflow by offering an Application Programming Interface (API) and a Software Development Kit (SDK). It allowed SAi to create a driver for the Colorado printers supporting the full functionality within the shortest timeframe. And means that our sales partners offering SAi as their preferred RIP software can now provide their customers with an integrated solution – SAi Flexi driving our Canon Colorado printers. In addition, PSPs already utilising SAi Flexi software can now capture the benefits of UVgel by adding Canon Colorado printers to their production floor without changing their workflow.”

Radisa Peric, Flexi Product Manager at SA International, comments:

“We are proud to offer our wide customer base the full support of the Colorado UVgel roll-to-roll printer range. SAi Flexi software is omnipresent in sign and print shops worldwide so the ability for our customers to use their preferred software with their Colorado printers is a win-win partnership.”

The Colorado M-series will be showcased at drupa 2024 on Canon’s stand in Hall 8A, B41-1 – B41-8. More information can be found on Canon’s Large Format printing solutions on the website https://apo-opa.co/4bitykQ.

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

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GITEX AFRICA 2024 powers cross continental quest for an Artificial Intelligence (AI) future as region prepares for new digital era

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GITEX AFRICA

70 percent surge in year-on-year growth at Africa’s largest tech and start-up show in Morocco supercharges the epic African race to define its own digital dynasty

MARRAKECH, Morocco, May 16, 2024/APO Group/ — 

Africa’s meteoric rise as an emergent international force in digital transformation coupled with the epic AI opportunity sweeping the globe is set to propel a new era of public-private sector investment collaboration when the continent’s largest tech and start-up event opens in Morocco this month.

The 2nd edition of GITEX AFRICA, from 29-31 May 2024 in the vibrant city of Marrakech, shall converge global leaders and experts, governments, businesses, big tech, start-ups, investors, and academia from 130 countries to catalyse partnerships and advance the future ambitions of a continent determined to elevate its entrepreneurial innovation economy.

Under the High Patronage of His Majesty King Mohammed VI of the Kingdom of Morocco, May God Assist Him, GITEX AFRICA is held under the authority of the Moroccan Ministry of Digital Transition and Administration Reform in partnership with the Digital Development Agency (ADD).

Africa’s blockbuster tech showpiece event is organised by KAOUN International, the overseas affiliate of Dubai World Trade Centre (DWTC), which organises GITEX GLOBAL in the UAE, the world’s largest and most trusted tech and start-up event.

With the final preparations underway for a purpose-built mega venue in the heart of Marrakech, GITEX AFRICA 2024 will span 21 halls featuring 1,400 international exhibiting companies – a 70 percent year-on-year increase over the event’s record-breaking debut 2023. 

This is the year of the AI phenomenon and its tantalising all-purpose capabilities to transform diverse sectors, from cybersecurity, cloud and IoT, to finance, telecoms, agriculture, and education, amplifying hopes of greater prosperity in the world’s second most populous continent.  AI’s impact on health tech has also spurred the launch of World Future Health Africa, accelerating the continent’s ascending digital health revolution.

More than 700 of the most outstanding global start-ups from 45 countries, including 200 Moroccan start-ups, will also feature at GITEX AFRICA’s North Star Africa start-up showcase, turbo-charging a great investment revival in a resilient and vibrant start-up ecosystem that is estimated to raise US$10 billion in VC funds by 2025.

These award-winning game-changers will connect with 350 investors from 35 countries with US$200 billion worth of assets under management. Now the vital barometer of tech’s massive cross-continental advances, GITEX AFRICA 2024 shall unify the global tech community’s commitment to accelerate a responsible future in the world’s burgeoning Silicon Valley. 

Addressing media at the show’s official preview press conference this Wednesday, May 15, was H.E Dr Ghita Mezzour, Minister of the Moroccan Ministry of Digital Transition and Administration Reform; Sidi Mohammed Drissi Melyani, the General Director of ADD; and Trixie LohMirmand, CEO of organiser KAOUN International.

In attendance were GITEX AFRICA’s official institutional partners: the ANRT (Moroccan National Telecommunications Regulatory Agency), ONDA (National Airports Office), OCP, Royal Air Maroc, ONCF (Moroccan National Railway Office), and the General Confederation of Moroccan Enterprises (CGEM).

The second edition of GITEX AFRICA Morocco falls within the framework of the unwavering efforts made by our country in the field of digital transition

Ms. Ghita Mezzour, Moroccan Minister of Digital Transition and Administration Reform, said: “The second edition of GITEX AFRICA Morocco falls within the framework of the unwavering efforts made by our country in the field of digital transition, in alignment with the Royal Directives of His Majesty King Mohammed VI, May God Assist Him, who stressed on the importance to optimally leverage the enormous development opportunities digital transition provides for African countries.” Adding: “This edition will further consolidate Morocco’s position as a regional digital hub, thus creating an environment conducive to attracting more investments and stimulating job creation. “

Mr. Sidi Mohammed Drissi Melyani, said: “This 2nd edition of GITEX AFRICA Morocco is even more ambitious and inclusive, as it responds first and foremost to the enthusiasm it has aroused around the world, and in more ways than one has affirmed Morocco’s positioning as a key hub in the world of technological innovation and the attractiveness of foreign investment in the promising digital sector. This year, just as many themes and sector niches will be highlighted, such as AI, reflecting the growing interest in the new global professions of technological innovation”.

Igniting talent development, catalysing a Pan-African tech rush

AI’s existential prospects and ability to leap-frog traditional barriers of economic development in Africa will dominate discussions at GITEX AFRICA 2024, catalysing a trans-continental tech rush across diverse industries, from cloud and IOT, cybersecurity, digital health, and future finance, to consumer tech, digital cities, and telecoms.

Tech leaders estimate the AI boom will add US$1.2 trillion to Africa’s economy by 2030, boosting the continent’s GDP by 5.6 percent, and accelerating the need for urgent digital discourses to deploy the shape shifting tech that is both sustainable and ethical.

Trixie LohMirmand, CEO of KAOUN International, said: “The recent developments in AI have created new opportunities and impetus for Africa in its digital transformation mission.

“Hosted in a continent adept at leapfrogging in critical industries, GITEX AFRICA Morocco presents governments, business leaders and talents with unparalleled access to new information and expert knowledge, and big opportunities in digital convergence. This shall empower them to co-create new strategies and solutions for the betterment of society.”

Government ministers, digital visionaries tackle Africa’s pressing tech challenges   

Africa’s most progressive leadership conference programme will meanwhile gather 450-plus speakers from 70 countries, to debate, scrutinise, and tackle the greatest tech challenges and opportunities in the world’s second largest continent with bold ambitions to co-create and define its own Pan-African digital roadmap.

The GITEX AFRICA Digital Summit returns, leading ten conference stages comprising 280-plus hours of mind-stretching content advancing Africa’s digital movement. Impactful agendas will explore government policy and regulation, connectivity, digital cities and future finance, cybersecurity and health tech’s transformative opportunity, along with fast-tracking the world’s most exciting start-up ecosystem and challenging the realities of AI mania.

GITEX AFRICA 2024 is open from 10:00am to 6:00pm. Admission is for pre-registered trade professionals only with a special invitation for students aged 16 years and older on day three. More information is available at www.GITEXAFRICA.com.

Distributed by APO Group on behalf of GITEX Africa.

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