Tuesday, February 27, 2024

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    Meltwater: APAC bucks global trends, maintains steady social media spend in 2024

    Despite 38% of global decision-makers plan to increase their spend on social media in 2024, teams in APAC are more likely to dedicate the same budget rather than increase it. That is according to Meltwater’s latest State of Social Media Report for the Asia Pacific (APAC) region

    According to the annual social media trends report conducted by Meltwater, a media intelligence platform, 47% of teams in APAC say social media will play a bigger role in 2024. Only 5% of respondents said see social media playing a less important going forward.

    On a global scale, compared to last year’s Meltwater report, X (formerly Twitter) usage is down by 14%. However, in the APAC region, usage is up by 1%.

    See also: “Understanding social sentiment has never been more critical”: Meltwater’s Ross Candido on the power of data during challenging economic times

    In terms of challenges, the study found that employee bandwidth is a shared concern amongst employers (51%), as they think about managing social media. Lacking additional creative resources has also emerged as significant consideration for 2024, as has beating the algorithm.

    Teams in APAC are finding not having a strategy a greater challenge than other regions (37% vs 25% in EMEA and 29% in Americas). 

    In fact, a reported 34% of respondents stated that while they have a dedicated social media team, they are still defining a strategy, while 25% are in the tougher spot of having a strategy but lacking the resources to execute on it.

    See also: Mediaweek reveals Australia’s top 10 TikTok creators, according to Meltwater

    Looking at influencer marketing, 40% of respondents admit they don’t know whether they will invest more time or budget in influencer marketing in 2024. 23% have reported increasing their budget, which Meltwater alleges may imply a bigger strain on social media managers. 

    Meltwater notes the industry, now worth $10 billion, has experienced 50% growth per annum, is one of the clearest examples of how social media is transforming traditional marketing.

    The post Meltwater: APAC bucks global trends, maintains steady social media spend in 2024 appeared first on Mediaweek.

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