Worldwide spending on social media advertising by firms is set to reach $23.68bn (£15.8bn) in 2015, according to research in the US.
The data from New York-based eMarketer goes on to show that in 2017, social newsfeed spending will reach $35.98bn (£24.2bn), which will equate to 16% of total digital advertising spend.
Breaking down the findings for this year, the study showed that social spend in North America will hit $10bn (£6.7bn), with the Asia-Pacific region rising to $7.4bn (£4.7bn) and Western Europe $4.74bn (£3.18bn).
Breaking the results of the study down according to each social network, the findings showed that Facebook was out in the lead when it came to exploiting advertising spend.
It estimates that the firm will see over £10bn in revenue from its advertising streams this year, which comprises a domineering 65.5% of all global advertising income. Twitter, meanwhile, lags some way behind. The eMarketer findings estimate that the microblogging site will see revenue amounting to just over £672m, equating to an 8.8% share of the global total.
LinkedIn, on the other hand, will see its percentage share of the market drop off, counter to both Twitter and Facebook. Total spend on its platform is likely to hit just £600m.
The research also broke the findings down by spend per social media user, showing that it is North America firms again that will pay out the most at $50 (£35) a head. This reflects again spending in Asia Pacific, which is set to be just around £5 per user.
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