Advertisers worldwide will spend $23.68 billion on paid media to reach consumers on social networks this year, according to new data from eMarketer, a 33.5 percent increase from 2014.
The study reports by 2017, social network ad spending will reach $35.98 billion, accounting for 16 percent of all digital ad spending globally.
The study added:
This year, advertisers in the US and Canada will spend more than $50 for each user across the social landscape in their respective countries, and in just two years, will increase that outlay to $71.37 per user, a reflection of growing spending against a maturing user base.
In 2015, advertisers in the U.S. will spend $9.59 billion on social ads, up 31.0 percent from 2014 and more than double the amount they spent in 2013.
When it comes to the most popular social networks for advertisers, Facebook dominated the paid social advertising landscape globally. eMarketer says that in 2015, the company will make $15.50 billion in ad revenues, or 65.5 percent of all social network ad spending worldwide. In 2014, when Facebook owned 64.5 percent of the social ad market.
Twitter is no slouch here, expected to snag 8.8 percent of global social network ad spending, or $2.09 billion, up from 7.1 percent share in 2014. LinkedIn will earn $900 million in advertising this year, but its share of global social ad spend will decrease to 3.8 percent, down from 4.2 percent last year.