Ad spending on digital video is burgeoning, and Facebook, along with its Instagram platform, control about a quarter of the action.
That’s the conclusion of the latest eMarketer report, which estimated that U.S. ad spending on digital video will grow about 30% this year to $27.82 billion. And Facebook will control 24.5% of that overall spend with video ad revenue of $6.81 billion.
That figure represents 87% of overall digital video ad spending on social media platforms, Snapchat and Twitter included.
It also surpasses the estimated $3.36 billion YouTube will generate in U.S. ad spending, which represents 17% growth.
“In-feed video has been a successful ad format for both Facebook and Instagram,” eMarketer principal analyst Debra Aho Williamson said in a statement. “Marketers rely on in-feed video ads to capture users’ attention and build brand awareness. A newer video ad format, in-stream advertising in Facebook Watch shows, is still relatively new, but we think advertisers will increase their usage of it because it is similar to linear TV advertising.”
While Twitter and Snapchat control only a small portion of U.S. video ad money, they both have a growth trajectory to report.
Snapchat controls only round 5.1% of U.S. dollars spend on social video, but its revenue from the category will increase 19% to $397.3 million in 2018, eMarketer projects.
Twitter, meanwhile, controls about 8.1% of social video spending, and will see its revenue from the category grow by 12% to $633.3 million.
Overall, video now makes up about a quarter of all digital ad spending, eMarketer said.