LOS ANGELES & PORTLAND, Maine--(BUSINESS WIRE)--Emburse, the global leader in spend optimization, released new information today about corporate online advertising spend in May 2023. The data reveals that despite macroeconomic concerns, companies are on track to spend more on search and social advertising in 2023 than in 2022. As companies seek ways to be more efficient with their budgets, they are shifting which platforms they prioritize with their ad dollars, but have not slowed ad spending overall.
According to the data released in an infographic today, the top three vendors by share of advertising spend, in order, are Google, Meta, and LinkedIn. Spending on Twitter declined 54% from May 2022 to May 2023, while companies are putting more money toward Gen Z-oriented social media platforms. ByteDance, which owns Tiktok, saw a 55% increase, and Snap, which owns Snapchat, a 41% increase from May 2022 to May 2023.
Companies invested 6% more in digital advertising in the first five months of 2023 than in the same period in 2022. Emburse also reported increased investment in newer business applications like chat-based AI tools. For example, the amount spent on OpenAI increased 3,266% from May 2022 to May 2023. Although many people expected companies to reduce spend overall this year, instead the company has seen an effort to better align business values with their budgets.
“Online advertising is an essential business function, even as companies look to establish lasting efficiency with their budgets and better manage spending practices,” said Emburse’s Chief Experience Officer Johann Wrede. “Many of our customers entered 2023 ready to make changes with a shifting economy, and found that concentrating their ad dollars on platforms that are giving them high value with little tumult is the way to make a longer-term impact on their bottom line.”
More than 18,000 companies trust Emburse for its corporate card and spend management solution, Emburse Spend, representing over $80 billion in spending transactions a year. Emburse tracks corporate financial trends, such as the SpendSmart Travel Trends report, which in Q1 2023 revealed that the number of domestic and international flights, hotels, and car rentals increased year-over-year. Investments also increased across all measurements, with the amount spent on flights increasing by 85% domestically and 178% internationally.
Emburse will continue to track the shift in corporate expenses as the year goes on. To view the full infographic and learn more about the data, visit emburse.com/learn/digital-ad-spending.
Emburse is the global leader in spend optimization. Our expense, travel management, purchasing and accounts payable, and payments solutions are trusted by more than 12 million business professionals, including CFOs, finance teams, and travelers. More than 18,000 organizations in 120 countries, including FORTUNE 100 corporations, high-growth startups, public sector agencies, and nonprofits, count on our intelligent automation, sophisticated analytics, and unmatched spend control to streamline processes, increase spend visibility, enhance compliance, and deliver positive financial outcomes.
Our mission is to humanize work by eliminating manual, time-consuming tasks, so our customers and their teams can focus on what matters most in their personal and professional lives.
For more information on Emburse, visit emburse.com, or follow our social channels at @Emburse.