This year has been a rollercoaster for platforms. Some, like Meta and Google soared, while others like Snapchat and X (formerly Twitter) had a rough time. Check out Digiday’s breakdown of who nailed it and who struggled, with some insider insights sprinkled in for that extra detail.
TikTok has had a wild year. It started in the hot seat with its DOJ investigation, and while those troubles aren’t over, most marketers no longer seem concerned about the app getting banned, or its ties to China. Then around halfway through the year its longstanding chief operating officer V Pappas left. All this was playing out against the backdrop of a series of internal restructures including layoffs and a retreat from gaming. But despite all these troubles, spending on advertising on TikTok is growing at a clip. According to ad execs who previously spoke to Digiday, spend on the platform is expected to increase by up to 25% in 2024.
“TikTok is an innovation machine,” said Kevin Goodwin, vp of digital marketing at New Engen. “Every week we get a note about a new feature or product they’re rolling out, so there’s always something new to experiment with,” said Kevin Goodwin. “This has really driven adoption and interest. It’s the number one platform clients bring up, even if it makes no sense for their business from an audience perspective — which tells me TikTok must be doing something right.”