May 8, 2024

by Nicole Montgomery and Kevin Synnott

2 min read

As advertisers, staying ahead means more than tracking trends—it demands a clear understanding of how the digital landscape evolves. In this piece, we explore recent shifts in key metrics across digital channels, offering insights for navigating this dynamic media terrain and uncovering valuable opportunities for marketers.

Comparisons to Previous Month (March 2024):

The table below reports the percentage changes in key metrics across digital channels when compared to the preceding month, March 2024. For each metric, positive percentages denote growth, while negative figures signify a decline. 

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Month-Over-Month Takeaways:

  • Bing experiences performance shifts: Bing saw a rise in CPC relative to the prior month, indicating that advertisers are facing higher costs to capture their target audiences on the platform. However, alongside these increases, there has been a sharp increase in CTR. These trends may signal increased clickiness of the platform. While we cannot say for certain, it is possible that Microsoft’s Copilot AI is increasing usage of the platform. Bing is a platform to watch for advertisers.

  • Big changes for X: Although the average CPM for April experienced a small downturn, this change was coupled with huge increases in CTR. This may signal an increase in user engagement on the platform. Consequently, CPCs on the platform have plummeted. Only time will tell if this is the beginning of a resurgence for the platform.

  • TikTok CTR holds strong in the wake of new legislation: TikTok experienced a significant increase in CTR, signaling a rise in user engagement. This suggests that even with a potential ban on the horizon, users are exhibiting steadfast commitment to the platform. Additionally, CPMs are holding steady, resulting in a drop in CPCs. 

Comparisons to Previous Year (April 2023):

The table below reports the percentage changes in key metrics across digital channels when compared to the preceding year, April 2023. For each metric, positive percentages denote growth, while negative figures signify a decline. 

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Year-Over-Year Takeaways:

  • Instagram and Pinterest remain strong: Instagram and Pinterest continue to show significant year-over-year growth in CTRs and sharp decreases in CPCs. This pattern affirms the impact of Meta's focus on algorithm optimization and Pinterest’s new interactive features and advertising formats.

  • YouTube on the rise: Big increases in YouTube year-over-year CTRs suggest that users are engaging more on the platform. This pattern is likely attributable to the popularity of YouTube Shorts. Consequently, CPCs have declined significantly. These year-over-year changes, coupled with the uncertainties surrounding the future of TikTok, suggest that YouTube may be an attractive alternative for advertisers.