During the third quarter of the year, Facebook advertisers upped their video ad budgets by 24% according to data by Nanigans.
The rise marks the third time in a row where video ad spending doubled on image ad spend.
Meanwhile, CPC rates for video ads went up 31% during the same period, driven by high demand. Nanigan’s client transactions and data show that advertisers are willing to pay more for video ad types.
CPMs decreased by 5% but went up 4% during Q3 compared to Q2.
Click-through rates for video ads went down 28% compared to Q3 in 2018, but advertisers were willing to spend more. They probably received good returns from video ads.
Dynamic ad expenditure went up by 98%, showing how effective the ad type is on Instagram and Facebook. During Q3 of 2019, dynamic ads offered better CTR than non-dynamic ads.
Facebook CPM and CTR suffered in the EMEA region, but they both increased in APAC and the US. CPC in APAC went up 66%, while CPM increased by 41%.
The rise in video ad spending on the platform shows a growing commitment to engage users successfully. Video and dynamic ad formats seem to be doing well in that regard.