News and Insights
BOOM SCROLL: AUGUST 2024
August 15, 2024
No more doom scrolling. Here’s the most important intel from the past month you definitely need to know.
tl;dr
TikTok sees reduced competition, Reddit engagement surges, Instagram doubles down on short-form, and X faces UX challenges.
#1 TikTok: Advertise More Affordably
Major advertisers are pulling back from TikTok, uneasy about the network’s murky future. Target has cut ad spend by 30%, DoorDash by 25%.
💥 The Boom
– Ad costs are falling as inventory opens up
– For now, users are still active
Our take
More eyeballs + less competition = a good time to keep your TikTok ads running, especially for quick wins like sales or leads. The platform is still there (for now), and so are its users.
#2 Reddit: Reddit gets r/results
31 minutes a day. That’s how long Reddit’s users are spending on the platform, up from 28 minutes in 2023. It’s the largest jump in time spent on any social network.
💥 The Boom
– Just announced partnerships with NFL, NBA, MLB, PGA Tour, and NASCAR
– If Reddit’s not in your media mix, you might be missing out
Our take
Reallocate some of your ongoing paid media spend to Reddit, including their lead generation ads and their new “free form” ad type.
#3 Insta: Keep Short-form Short
Instagram isn’t going to focus on long-form video, said boss Adam Mosseri in a recent (short) video announcement. His rationale? Long-form might undermine the platform’s “core identity to connect people with friends.”
💥 The Boom
– Even though you can post longer videos, stick to Reels (under 90 seconds)
– Cut your longer content into a snack-sized video series
Our take
Looking for reach, growth, and engagement? Keep your short-form content short and save your full-length videos for YouTube.
#4 X: More Changes Incoming!
X is preparing to further “simplify” its user experience by removing the ‘repost,’ ‘like,’ and ‘comment’ buttons in favor of swipe gestures.
💥 The Boom
– User feedback has been negative
– Expect your already low engagement to keep falling
Our take
Keep the lights on on X, and start exploring Threads, with its 175 million Monthly Active Users and new 3rd party social management tool connectivity.