Market Insights Advertising & Media Advertising

Social Media Advertising - Norway

Norway

Ad spending in the Social Media Advertising market is projected to reach US$0.67bn in 2024.
Ad spending is expected to show an annual growth rate (CAGR 2024-2029) of 6.08%, resulting in a projected market volume of US$0.90bn by 2029.
In global comparison, most ad spending will be generated in China (US$81,360.00m in 2024).
In the Social Media Advertising market, the number of users is expected to amount to 5,484.00k users by 2029.

Key regions: China, France, Australia, India, Germany

Market

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Currency

Analyst Opinion

The Social Media Advertising market in Norway is experiencing significant growth and development.

Customer preferences: Norwegian consumers are increasingly turning to social media platforms for information, entertainment, and social interaction. As a result, businesses are recognizing the importance of advertising on these platforms to reach their target audience. Social media advertising allows companies to engage with consumers directly, build brand awareness, and drive sales.

Trends in the market: One of the key trends in the Norwegian Social Media Advertising market is the shift towards mobile advertising. With the widespread use of smartphones in Norway, consumers are accessing social media platforms primarily through mobile devices. This has led to an increase in mobile advertising campaigns that are specifically designed to target mobile users. Advertisers are focusing on creating mobile-friendly content and utilizing features such as location-based targeting to reach consumers on the go. Another trend in the market is the growing popularity of influencer marketing. Norwegian consumers are increasingly relying on recommendations from influencers on social media platforms. This has created opportunities for businesses to collaborate with influencers to promote their products or services. Influencer marketing allows companies to tap into the trust and credibility that influencers have built with their followers, resulting in increased brand awareness and customer engagement.

Local special circumstances: One of the unique aspects of the Norwegian market is the high level of internet penetration and social media usage. Norway has one of the highest internet penetration rates in the world, with a large percentage of the population actively using social media platforms. This provides a fertile ground for social media advertising to thrive, as businesses have a large and engaged audience to reach.

Underlying macroeconomic factors: The growth of the Social Media Advertising market in Norway is also influenced by macroeconomic factors such as increasing disposable income and a stable economy. As the Norwegian economy continues to grow, consumers have more purchasing power, leading to increased spending on products and services. This creates opportunities for businesses to advertise on social media platforms to capture the attention of consumers and drive sales. In conclusion, the Social Media Advertising market in Norway is experiencing significant growth and development due to customer preferences for social media platforms, trends such as mobile advertising and influencer marketing, local special circumstances such as high internet penetration and social media usage, and underlying macroeconomic factors such as increasing disposable income and a stable economy.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on social media advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers social media advertising generated by social networks or business networks such as Facebook, Tiktok, Instragram, Pinterest, and LinkedIn.

Modeling approach:

A combined top-down and bottom-up approach determines the market size. Starting with the top-down approach, we calculate global social media advertising by aggregating revenues from key players (Meta Platforms (Facebook and Instagram), ByteDance (Tiktok and Douyin), Twitter, Snapchat, and Microsoft (LinkedIn)). Followed by the bottom-up approach, we justify global, country, and region results using web traffic and the number of app downloads. Lastly, we distribute the results to each country individually with relevant indicators such as GDP, internet users, social media users, and digital consumer spending by country.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.