Influencer Ad Spending Expected to Jump in 2024, TikTok Shop Hikes Seller Fees & Meta Will Stop Treating Teens Like Adults
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The influencer advertising industry is on a significant upswing. After a 17% growth in 2023, reaching over US$30 billion, 2024 is set to see a further 13% increase, potentially reaching US$35 billion. This growth is driven by brands reallocating budgets to influencer marketing, as highlighted by OnlyAccounts.io . Nearly two-thirds of brands are expected to increase their influencer budgets, according to Impact.com . Key insights also indicate major ad spending contributions from the US and China, and a rising interest in AI influencers, signaling a dynamic shift in the industry.
TikTok is changing its strategy for TikTok Shop, significantly increasing its commission rates. Initially taking a 2% cut, the platform is set to increase this to 8% by July 2024. This move is part of TikTok's ambitious plan to boost its U.S. e-commerce revenue, targeting an annual revenue of $17.5 billion. Despite initial hurdles, TikTok Shop has seen growing interest from creators and vendors, with the platform looking to position itself as a major player in the e-commerce sector, competing with giants like Amazon.
In a substantial policy shift, Meta is introducing more restrictive content settings for teen accounts on Instagram and Facebook. This move aims to shield young users from harmful content, including material related to self-harm, graphic violence, and eating disorders. The decision comes amidst legal challenges from several states and is part of Meta's broader efforts to create a safer online environment for younger audiences. This development marks a significant step in addressing concerns about the impact of social media on teen well-being.
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Parag Agrawal , Twitter's ex-CEO, has raised $30 million for his new AI startup, led by Khosla Ventures . The startup focuses on software for large language models, with additional backing from Index Ventures and First Round Capital. This venture marks Agrawal's shift into the AI sector following his exit from Twitter after Elon Musk's acquisition.
Palantir Technologies Inc. , facing scrutiny over its NHS contract, has initiated an influencer marketing campaign to address public concerns about patient data privacy. Partnering with a digital marketing agency, the data analytics firm aims to clarify misconceptions and reassure the public regarding its handling of NHS patient data. This move comes after leaked emails, revealed by the Good Law Project, exposed Palantir's strategy to counter the backlash and possibly discredit the project's critics. The campaign, which emerged after securing the NHS contract, reflects Palantir's effort to navigate the controversy and affirm its commitment to data privacy.
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10 个月Good quick read!