2011 Forecast by eMarketer predicts US marketers will spend $3.08 billion to advertise on social networking sites this year, an increase of 55% from 2010.
"This year’s dramatic growth in spending will bring social media ad dollars to 10.8% of the total spent online in the US. Worldwide, where social network ad spending will rise 71.6% to $5.97 billion, that proportion will be somewhat lower, at 8.7%."
Marketers are definitely buying into the power of Social Media, especially the 800 lb Gorilla of Social Media, Facebook, to market their products and services.
Is your company looking to expand it's marketing scope into the social ring? Do you think eMarketer's projections for 2011 and 2012 are correct?