HM DL: August 26, 2022: TikTok Gains On Competitors; YouTube Expands Access To Insights; IG Reels Generate Most Reach
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Spending Rises Amid Economic Uncertainty, And TikTok Gains On Competitors
Our forecast shows US marketers will continue to increase their spending on creator partnerships—and more of those dollars are now going to TikTok.
The DL: According to a new report published by eMarketer, influencer marketing is here to stay. The site has forecasted that US marketers will continue to increase spending on creator partnerships since influencer marketing has become a $5 billion industry in the US, despite inflation and fears of a recession. This is an increase from eMarketer’s previous forecast of $850 million. Instagram is forecasted to continue to command the highest share of influencer marketing spend. TikTok is estimated to overtake YouTube by 2024.
TikTok Tests A New ‘Nearby’ Content Feed, Which Could Become A Major Consideration For Brands
TikTok has?confirmed that it’s currently experimenting with a new ‘Nearby’ content feed, in addition to the current ‘For You’ and ‘Following’ tabs.
The DL: TikTok is experimenting with a 'Nearby' content feed, which would be a new feed that users can utilize on the app with the current existing feeds, 'For You' and 'Following'. This could not only help show relevant local updates but be a great asset to brands. TikTok is projected to reach 1.5 billion users by the end of 2022 and 40% of young people are using TikTok and Instagram for recommendations instead of Google. This could be a great way for brands to showcase themselves to their local audiences and brands should keep this on their radar if it becomes available to all users.
Advertisers Go Back To School With New Retail Media Options
Late summer means back-to-school planning for many households, and advertisers and retailers like Target are doing their homework to learn how to best serve them, with many taking advantage of new retail media capabilities.
The DL: It’s August, and that means back-to-school season is kicking into high gear. This year, however, consumers are being extra cautious with their spending habits due to the inflationary environment. Although, that is not stopping ad spending for said retailers.?
Ad spending on digital retail is estimated to reach $41 billion this year, which is up 31% compared to 2021 Insider Intelligence reports. This is estimated to grow even more in the coming years. Retailers like Target are using “life-stage” audiences that relate to the back-to-school shopper. Target has a database of more than 165 million shoppers. Target drove more than $1 billion in revenue from ad placement just last year.?
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?As an early leader in the retail media arena, Target’s Roundel has insights into evolving advertiser demands, the company says. “We really?aim to build programs that truly elevate that overall shopping experience and to be a part of one-of-a-kind moments, such as those that serve as a helpful reminder to buy a favorite brand or a trusted introduction to a new one,”. It will be interesting to see where Target comes in in the coming years.
YouTube Expands Access To Audience Behavior Insights, Adds New Creative Tools For Community Posts
Good news for YouTube creators, with the platform throwing smaller channels a bone, by expanding access?to its ‘Other Videos Your Audience Watched’ data.
The DL: YouTube is giving creators more opportunities to reach their audience by allowing them to access its "Other Videos Your Audience Watched" data. This feature, which was first introduced in 2020, provides a summary of videos that your audience has watched in the past seven days and can help you identify key trends and improve your strategy.
YouTube is also allowing mobile app users to search for videos within the shorts section and find and watch videos within the short category. According to the company, the new feature has been very popular among YouTube users, with 75% of them actively engaging with the platform's short category. These new features are expected to help the creators who are in the short category get the most out of these new tools and easily find and engage with their audience.
New Report Show That Reels Are Generating The Most Reach On Instagram
With video engagement growing, Instagram needs to lean into this trend in order to best serve its users.
The DL: Instagram Reels launched two years ago this month and the head of Instagram, Adam Mosseri, has stated on numerous occasions that short-form video content is here to stay and will continue to grow. This is evident in a research study conducted by HypeAuditor which evaluated over 77 million posts that were posted in July 2022. Images made up 42% of posts, carousels made up 26% of posts, and reels made up 22% of posts. Despite reels being the third most popular format to upload, they saw the highest performance in terms of reach and likes. This is great news for businesses and individuals alike, if you have been struggling with reach and engagement, we encourage you to start posting reels as this is the perfect opportunity to increase brand awareness. If you are new to reels, you can contact us to help you out.
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