EMarketer: Social Media Ad Spending to Hit $23.68 Billion

EMarketer: Advertisers worldwide will spend $23.68 billion on paid media to reach consumers on social networks this year, according to new figures from eMarketer, a 33.5% increase from 2014. By 2017, social network ad spending will reach $35.98 billion, representing 16.0% of all digital ad spending globally. Advertisers in the U.S. and Canada place a premium on social media and will ramp up paid spending on social networks 31.0% this year to pass $10 billion for the first time.