Comparisons to Previous Month (June 2024):
The table below reports the percentage changes in key metrics across digital channels when compared to the preceding month, June 2024. For each metric, positive percentages denote growth, while negative figures signify a decline.
Month-Over-Month Takeaways:
X's Comeback as Engagement and Costs Skyrocket: After a rough patch from February to June 2024, where CPMs hit new lows, X is bouncing back with a vengeance. User engagement is up, with CTRs climbing 20% and CPMs skyrocketing by a whopping 423%. What’s driving this rebound? Could it be the buzz around the Olympics or the ramp-up to the U.S. Presidential election? Whatever the reason, X is hot again, and advertisers are feeling the pinch.
Budget-Friendly July Sees CPMs Drop Across Most Platforms: Good news, advertisers! CPMs for most platforms took a dip from June to July 2024, making Q3 budget management a bit easier. But hold on, there are a few outliers shaking things up. Google Ads Search costs are soaring, with CPMs jumping 34% from the previous month. Meanwhile, Google Performance Max, which has been a competitive hotspot, saw a surprising 13% drop in CPMs. Is the Max craze cooling off? Time will tell. Over at Bing, it’s a different story – CPMs surged 33%. Keep an eye on these two as we watch this digital drama unfold.
LinkedIn's Summer Surprise as Engagement Soars and Costs Plummet: LinkedIn is the surprise hit of the summer, defying vacation season slowdowns with a 35% rise in CTRs from June to July. Even better for advertisers, CPMs dropped 36%, leading to a 53% decrease in CPCs. This is a stark contrast to the May-June trend where costs were climbing as engagement fell. Maybe advertisers underestimated LinkedIn’s staying power over the summer? Stay tuned as we see if this engagement surge continues into August 2024.
Comparisons to Previous Year (July 2023):
The table below reports the percentage changes in key metrics across digital channels when compared to the preceding year, July 2023. For each metric, positive percentages denote growth, while negative figures signify a decline.
Year-Over-Year Takeaways:
CPCs Trend Down with a Notable Exception: The downward trend for CPCs continues into July 2024, mirroring the month-over-month CPM drops. Most platforms saw decreased CPCs compared to June 2023, providing a welcome relief for advertisers. The glaring exception is X, where a 50% drop in CTRs pushed CPCs up by a staggering 701%, coupled with a 297% increase in CPMs. Clearly, advertisers are diving back into X, driving up costs significantly.
Meta’s a Mixed Bag: Meta’s platforms are telling two different stories. Instagram remains a star performer with a 79% increase in CTRs, showing that user engagement is thriving amid recent algorithm tweaks. Advertisers are responding, driving up CPMs by 12% from July 2023 to 2024. On the flip side, Facebook is struggling. Both CTRs and CPMs have dropped by 25%, indicating a shift in user and advertiser focus towards Instagram.
TikTok's Relentless Growth Defies the Ban Threat: TikTok isn't slowing down. The platform saw steady growth in both CPMs and CTRs over the last few months, with July 2024 continuing the trend. CPMs increased by 11%, in line with recent months, showing intensified advertiser competition. But the real story is user engagement, with a 47% jump in CTRs from June 2023 to 2024. Despite looming threats of a ban, users are sticking with TikTok, making it a hot spot for advertisers.
Pinterest is an Advertiser’s Hidden Gem: Pinterest is seeing explosive growth in user engagement, with CTRs up by an incredible 388% from June 2023 to June 2024. While overall engagement still lags behind other platforms, Pinterest’s new features are clearly working. Interestingly, advertisers haven't fully caught on yet, as evidenced by a 24% drop in CPMs. This presents a golden opportunity for advertisers to capitalize on Pinterest’s rising user engagement while competition remains low.