September 13, 2024

by Nicole Montgomery and Kevin Synnott

3 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 (July 2024):

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

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Month-Over-Month Takeaways:

  • TikTok's Back-to-School Slowdown Mirrors Seasonal Trends: TikTok's explosive growth may have hit a temporary speed bump, with CPMs staying relatively flat from July to August 2024. However, user engagement has dipped, with CTRs down 31% since last month. Comparing August 2023 to August 2024, both CPMs and CTRs are relatively stable, showing only a slight decrease—suggesting that this is a typical seasonal pattern. The drop in engagement could be linked to TikTok’s younger audience heading back to school, leaving less time for scrolling and swiping.

  • Search Engagement and Costs Surge: August 2024 witnessed significant increases in both CPMs and CTRs on search platforms Bing and Google Search. Bing’s CPMs skyrocketed by 113% since July, with a 17% bump in CTRs. Google Search saw even bigger jumps, with CPMs up 158% and CTRs climbing 57% month-over-month. Year-over-year gains, though smaller, still show an upward trend from August 2023 to August 2024, hinting that part of this spike is seasonal—likely driven by back-to-school shopping. Yet, the steady year-over-year rise suggests other factors, like platform changes, are also at play. As search continues to evolve, marketers should keep a close eye on these shifts.

Comparisons to Previous Year (August 2023):

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

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Year-Over-Year Takeaways:

  • X's Resurgence Drives Costs Up: X continues to rebound after its rocky start to 2024, with CPMs soaring 577% from August 2023 to August 2024. Though CTRs dipped slightly year-over-year by 12%, the platform’s resurgence in performance from July to August 2024 is unmistakable. X saw a 64% month-over-month increase in CPMs and an impressive 81% jump in CTRs. The upcoming U.S. Presidential election could be fueling this resurgence, but whatever the cause, X is heating up again.

  • Pinterest and Instagram Continue Their Growth Spree: Pinterest and Instagram are maintaining their momentum. Both platforms have seen impressive year-over-year growth in user engagement, with Instagram's CTRs up 158% and Pinterest's soaring by 276%. Instagram's CPMs have risen modestly by 14%, while Pinterest's have dipped by 15%. Month-over-month, CPMs and CTRs on both platforms have remained relatively steady. Despite the surge in user engagement, advertisers haven't fully capitalized on the opportunity. Whether advertising competition will catch up and brands will ride the Pinterest and Instagram wave remains to be seen.