Research firm BIA/Kelsey predicts that social media spending will grow at a compound annual rate of 21 percent.
The firm predicts that by 2016, advertisers will spend $9.8 billion in social media advertising. Last year, $3.8 billion was spent in social media advertising.
“BIA/Kelsey (which advises companies in the local media space) further forecasts the local segment of U.S. social media ad revenues to grow from $840 million in 2011 to $3.1 billion in 2016, driven by better performance and richer ad formats like videos,” reports The Next Web.
“The firm says Twitter and Facebook will be a boon for local businesses and ‘democratize social ads’ by offering self-service ad creation, distribution and analytics tools,” adds the post.
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