Social Network Spending to Hit $2.2B in '08

Social Network Spending to Hit $2.2B in '08

Source: http://www.marketingvox.com

Advertiser spending on social networks will reach $2.2 billion in 2008, reports MediaPost.

That number comes from a new study by eMarketer, which sees spending almost doubling from this year's $1.2 billion. Facebook and MySpace, it says, are poised to pull in 70 percent of those dollars.

The growth in usage of social networks drives the growth in ad dollars being funneled toward them. eMarketer says 37 percent of adults have visited a social network at least once a month in 2007.

It's also predicted that half the US adult population will be on a social network by 2011. For teens, that number will be 84 percent.

Both Facebook and MySpace have taken steps to cater to the needs and desires of advertisers. They've built out their offerings significantly, including options that use the vast amounts of data provided by users, and compiled by analysis of user behavior.