Digital advertising has continued its rapid evolution in 2024, with major brands investing heavily in online ad channels to maximize their reach and effectiveness. According to Sensor Tower’s latest insights, digital ad spend and impressions have reached new heights, reflecting significant shifts in market trends, consumer behaviors, and brand strategies.
Their full report delves into key findings, including the rise of social media advertising, the dominance of specific industries, and the role of OTT platforms in shaping the future of digital marketing. Below we summarize the must know digital marketing information for attorneys.
US Ad Spend on Social Channels Climbs 15% YoY
Social media continues to be a dominant force in digital advertising. Social ad channels, including Facebook, YouTube, and TikTok, accounted for the vast majority of digital ad spend in the US.
These platforms outpaced OTT and desktop/mobile display advertising, growing by 15% year-over-year (YoY). This trend further illustrates how brands have leaned more on social media to engage their audiences and reinforces the importance for attorneys to make authentic connections with clients and potential clients in these online spaces.
TLDR; Social media is an ever-growing part of digital marketing plans. Don’t count paid social media out of your law firm’s marketing strategies!
Social Media Trends: Facebook Dominates, but Other Platforms Gain Ground
Facebook remains the top social ad channel, accounting for 36% of US social ad spend in the first half of 2024. Other platforms, such as Instagram, TikTok, and YouTube, gained market share as well.
Notably, Instagram led all US social ad channels with 27% YoY growth. TikTok followed with 19% growth, while X (formerly Twitter) was the only platform to experience a decline in ad spend. The fall of Twitter/X has been an unsurprising one for many marketers, while TikTok’s growth may surprise many due to questions surrounding its possible ban.
TLDR; Attorneys should be prioritizing Meta platforms for paid campaigns. Don’t count out LinkedIn either, especially for organic social media and cultivating a network of peers.
Audience Insights: Understanding Demographics on Social Platforms
Brands tailor their ad spend to reach specific audience demographics across social media platforms:
- Pinterest: Dominated by female users.
- X and LinkedIn: Skew more toward male users.
- Instagram and YouTube: Have balanced gender and age distributions.
Data Source for graphs: Sensor Tower
The demographic data is a helpful tool that allows advertisers to best optimize attorney ads.
OTT Advertising Surpasses $10 Billion in 2024
OTT (Over-the-Top) advertising has become a game-changer for marketers looking to extend their reach beyond traditional channels. Unlike cable TV ads, OTT allows advertisers to target specific audiences on streaming platforms like Hulu, YouTube, and Roku, reaching users on smart TVs, mobile devices, and gaming consoles. Another major selling point for OTT advertisements is its price point–it is much more affordable than traditional TV advertising.
OTT ad spend in the US surpassed $10 billion in the first eight months of 2024, marking a 13% YoY increase. Growth in OTT ad spend has outpaced desktop and mobile display ads (+11% YoY) but remains slightly behind social media advertising (+15% YoY).
TLDR; OTT could be a great addition to attorneys’ digital marketing campaigns who are looking to expand their audience and reach past traditional tv commercials.
Streaming Services: Peacock’s Olympic Boost and Hulu’s Continued Dominance
Major sporting events continue to drive OTT engagement. The Paris Olympics provided a significant boost for Peacock, increasing its US OTT ad market share from 6.8% in 2023 to 8.2% in 2024. During the Olympics, Peacock averaged nearly 3 million daily active users, marking a 130% increase from its 2024 pre-Olympic average.
Hulu remains the leader in OTT advertising, surpassing 10 billion monthly impressions in 2024. Pluto TV and Tubi are closely competing for the #2 and #3 spots. Since launching its ad-supported tier in 2022, Netflix has seen substantial growth, though its ad-supported audience remains a small fraction of its overall user base. Its targeting options are also currently national only, so is slightly less appealing to small businesses.
Ad Category Trends on Streaming Services
Each streaming service attracts different advertising categories:
- Peacock & Tubi: Financial Services dominated ad spend.
- Pluto TV: Automotive brands, including Nissan, Chevrolet, Toyota, and Hyundai, were the top advertisers.
- Netflix: Travel & Tourism accounted for 18% of its US ad spend, driven by brands like Airbnb and Expedia.
Methodology: How Digital Advertising Data Is Collected
The data presented in this report was compiled by Sensor Tower’s Insights team using Pathmatics by Sensor Tower Digital Advertising Insights. The estimates cover ad spending through August 31, 2024, based on a sample of digital ads collected from select channels in each market.
Pathmatics employs two leading data sourcing technologies: panels and data aggregators. By utilizing statistical sampling methods, the platform estimates impressions, cost per thousand impressions (CPMs), and total ad spend for each creative. Notably, OTT data is derived from real OTT & CTV viewers, representing popular streaming services such as Hulu, Netflix, Pluto TV, Tubi, Peacock, and Paramount+.
What’s Next for Law Firm Advertising? Let’s Map Out Your Future Together.
Digital advertising is more dynamic than ever. With social media and OTT leading the way, it’s important to consider how the shape of advertising influences your law firm’s strategy.
Attorneys need a trusted partner who is informed on paid advertising strategy refinement to maximize their ad spend efficiency and to reach the right audiences in the right places. Speak with us one-on-one today to discuss your paid advertising options.
