Social media platforms such as Facebook and Twitter can help boost the amount of advertising in Ireland.
In the last 12 months, the number of ads on social media platforms in Ireland has increased from less than 10 per cent of all online traffic in 2016 to almost 30 per cent today, according to the latest figures from the Irish Advertising Standards Authority (IASA).
This was up from just over 10 per to 25 per cent a year ago.
Facebook and Instagram have a combined ad reach of over 5.6 million, according the IASA.
But the online advertising market in Ireland is still relatively small compared to the US, where ad revenues totalled $1.3 billion in 2017.
Twitter alone had a market share of over 40 per cent, according Twitter Ireland, while Instagram had an estimated market share around 25 per.
“We are looking at our first year as an Irish company to be a part of that market,” said IASI chairman Dr Andrew Donnelly.
“The market in the US is really small, so this is the start of a really good relationship with the US and hopefully that can continue.”
Twitter, which operates in more than 190 countries, has seen a dramatic rise in popularity over the last few years, with the platform gaining millions of users each month.
It was previously estimated that in the first six months of 2017, it generated more than $1 billion in advertising revenue.
The Irish company has been investing in advertising technology to reach more people, particularly in the digital advertising space.
“In the last couple of years we have seen a lot of consolidation in the ad industry in the United States,” said Donnelly, who added that Twitter has made investments to expand its ad targeting.
We are really happy to be investing in the business.” “
It’s been quite a positive journey for us.
We are really happy to be investing in the business.”
In the past, Twitter has been a mainstay in the Irish advertising market.
It has over 830 million users, while Facebook has around 637 million users.
“I think that has really helped drive growth in the last year and a half,” said Michael Cavanagh, chief executive officer at Facebook.
“With more users, more engagement and more engagement, that really drives the kind of things we do and that is the kind that we are seeing here in Ireland.”
Facebook is now also working with Twitter Ireland to create an app for Irish users.
It is set to be launched in March and has the potential to be the main way for Irish consumers to connect with their friends and get relevant content, according an Irish Times article published on Monday.