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Figures shared by New York-based media agency VaynerMedia from 2022 show that the cost to obtain 1,000 impressions from video advertising on TikTok is almost half the price of Instagram Reels, a third cheaper than Twitter and 62 per cent cheaper than advertising on Snapchat.
Advertising soared on TikTok in the fourth quarter of last year. The top 1,000 advertisers in the US increased their spending on the viral video platform by 66 per cent to $467mn from September to October of 2022, according to data from Pathmatics, a market intelligence company.
“So many of our brand partners . . . used to be 100 per cent Instagram,” said Permele Doyle, founder and president of creative agency Billion Dollar Boy. “Now for 2023, we’re seeing 80 or 100 per cent TikTok.”