It appears that ad spend on social is slowing down globally after reaching $17.9 billion during the first quarter of 2019.
Going by WARC reports which looked at Twitter, Pinterest, Facebook, Snap and Weibo figures, North America is still the largest market with $8 billion.
Overall, user growth is driven by distrust for social media companies. 50% of consumers think technology and social media to hold too much power. A different 70% of consumers in the US distrust information they receive on social media.
Results of the survey pointed to 42.1% of consumers who trust influencer products and opinions.
In the same manner, time spend on social media has been stagnant over three years, at two hours a day on average.
Europe reported among the highest slow-downs with daily usage reducing to 1:45 hours.
Meanwhile, Asia’s usage went up to 2:11 hours.
The increasing mistrust in online data and social media usage has caused 75% of consumers to limit their digital footprint.
‘Facebook wants to diversify revenue streams by launching Libra which, according to the company, will not gain from consumer data,’ says the managing director at WARC, James McDonald.
‘However, the costs of advertising on the social platforms tied to Facebook may increase if the company ties its ad servings to the increased sales facilitated by Libra.’
When it comes to eCommerce, 71.1% of consumers fear for their security when shopping through social media.