🚀 TikTok Bill Signed into Law, LinkedIn Launches Premium Company Pages and Podcast Ad Revenue Soars
Welcome to Prosek’s Digital Download: where industry-leading insights in financial services and digital marketing collide.
Our Digital Download newsletter is on LinkedIn! Make sure to subscribe here to stay ahead of the digital marketing curve in 2024.
Spring has sprung and so has the U.S. government’s crackdown on TikTok. In the latest edition of the Digital Download, we explore the new TikTok law, LinkedIn’s Premium Company Pages offering and the explosive growth of podcast advertising. We also highlight how financial services firms celebrated Earth Day in stand-out ways on social media.
A lot has happened since you last tuned in. Let’s get to it!
3 Can’t-Miss Digital Updates
Social Media and Advertising
What Happens Now that President Biden has Signed the TikTok Bill
What’s happening: President Biden signed a bill into law on April 24 that forces TikTok's China-based parent company, ByteDance, to divest from TikTok’s U.S. operations within the next year or face a nationwide ban of the app. The bill signing comes amidst longstanding concerns about the app’s advertising and user data privacy, enhanced by the fact that Chinese law requires China's companies to share information with the government. The new law is not expected to cause any immediate disruption to TikTok, but ByteDance has vowed to fight it in court as the company maintains that TikTok separates and protects U.S. customer data through an independent firewall.Â
Why it matters: TikTok is currently the third largest U.S. influencer marketing platform in terms of ad dollars spent. TikTok’s uncertain future could spook advertisers and creators alike, though many are taking a wait-and-see approach. More broadly, the new law could also have shockwave implications for the U.S. media ecosystem, as it sets a precedent for other countries to force U.S. companies to sell their local operations or to transfer them to a foreign company.Â
LinkedIn Launches Premium Company Pages
What’s happening: LinkedIn is rolling out a new subscription service called Premium Company Pages designed to enhance companies’ presence and engagement on the platform. Exclusive features range from automatic Page invites to members who engage with a Page, deep insights into Page visitors and a visible call-to-action button, among others. Starting in April 2024, access will be gradually granted to all eligible Pages.Â
Why it matters: LinkedIn Premium Company Pages offers a new way for brands to stand out on the platform, which could be especially useful for those that are creating new Company Pages or small businesses looking to gain wider brand visibility and convert more visitors to followers.Â
The Forecast for Podcast Advertising Looks Sunny
What’s happening: Podcast advertising revenue is expected to reach a record $2.28 billion in 2024, accounting for nearly one in every three digital audio ad dollars spent this year. As the fastest growing segment of digital audio advertising, podcast ad revenue is expected to top $3 billion by 2028, according to eMarketer. Overall, digital audio advertising is set to grow 6.8% this year to $7.12 billion — accounting for more than 40% of all audio ad revenue.
Why it matters: Podcast content and listeners continue to grow at record speeds, providing advertisers with highly engaged audiences to reach and a rich variety of relevant content to leverage. At the same time, podcast advertising technology has also kept pace, now offering marketers more flexibility and support to customize campaigns than ever before. Brands should consider their advertising budgets and be sure they aren’t leaving a golden opportunity on the table to leverage podcasts to reach prospects in an engaging way.
Good Reads
Reddit Rolls Out Mobile UI Updates To Streamline Interaction
Meta's Newest AI-Powered Chatbots Show Off Impressive Features and Bizarre Behavior
Marketing Inspiration - Earth Day Edition
A myriad of financial services firms celebrated Earth Day on social media by showcasing a variety of engaging initiatives to reiterate their commitments to the environment. Here are some best-in-class examples that reflect our recommended strategy for maintaining authenticity while communicating values and brand purpose.
Blackstone highlighted a portfolio company partnership to discuss its ongoing efforts to impact global energy transition efforts.Â
Santander Bank US reiterated its year-long commitment to employee volunteer service and shared a carousel of photos of teams giving back across the country for Earth Day. Â
Prosek Partners recognized the day on LinkedIn with a motion graphic and post that highlights our partnership with Blue Dot Capital Inc.
