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Social media advertising spending is projected to reach $268.74 billion globally in 2024,a meaningful increase from $227.23 billion in 2023, demonstrating its growing importance for businesses of all sizes. [Statista](https://www.statista.com/statistics/248398/social-network-advertising-revenue-worldwide/). This article provides a detailed overview of social media advertising, covering its benefits, platforms, strategies, and best practices.
Historically, businesses relied on customary advertising methods like television, radio, and print. However, the shift in consumer behaviour towards social media platforms has necessitated a change in advertising strategies. Social media offers unparalleled targeting capabilities, allowing businesses to reach specific demographics, interests, and behaviors. This precision minimizes wasted ad spend and maximizes return on investment.
Did You Know? Approximately 58.4% of the world’s total population uses social media, averaging 2 hours and 24 minutes per day on these platforms. [DataReportal](https://datareportal.com/reports/digital-2024-global-overview).
Several platforms dominate the social media advertising landscape, each with its unique strengths and user base:
