Reddit’s New Ad Format is Genius

🍨 Q1 2024 Paid Social Ads Benchmark Report

April 25, 2024

Hey there Scooper 🍨

Hope they stay as strong as they’ve entered, read on to know more!

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BENCHMARK REPORT

📈 Q1 2024 Digital Ads Benchmark Report: Trends in Paid Social Media
Insights from Tinuiti

The Q1 2024 Digital Ads Benchmark Report provides a comprehensive overview of current trends in social media advertising, with detailed insights into spending, impressions, and engagement across key platforms like Meta, Instagram, and TikTok.

The Scoop:

  1. Growth Across Meta Platforms: Ad spending on Meta platforms rose by 16% year-over-year, driven by stable CPMs and a 15% increase in impressions. This growth is notably supported by the expanded inventory of Reel ads.

  2. Stabilization of CPM Rates: Facebook experienced a modest 2% decline in CPM, marking the smallest drop in two years and helping to boost spending growth. Instagram showed a similar trend, with slight CPM declines contributing to increased ad spending.

  3. Significance of Reels and Shopping Campaigns: Reel advertisements now account for 13% of Instagram's and over 15% of Facebook's total ad impressions. Additionally, Advantage+ Shopping campaigns represent 24% of Meta’s retail ad spending.

  4. TikTok’s Continued Expansion: Despite facing regulatory hurdles, TikTok saw a 21% increase in ad spending year-over-year. A notable rebound in March 2024, with CPMs rising by 17% after a previous decline, highlights TikTok’s enduring appeal, particularly among younger demographics.

These insights are vital for advertisers aiming to optimize their budgets and refine strategies to maximize ROI.

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REDDIT ADS

🛍️ Reddit Launches Dynamic Product Ads for Enhanced User Engagement
Insights from Social Media Today

Reddit is elevating its ad capabilities with the introduction of Dynamic Product Ads, tapping into the platform’s community-driven discussions to deliver highly targeted advertising based on user interests and behaviors.

The scoop:

  1. Targeted Engagement: These ads are automatically displayed in subreddits related to active discussions about specific topics, ensuring that users see ads amid their discovery phase. This approach leverages data showing that 40% of new monthly conversations on Reddit involve purchase decisions, and 75% of users value the platform for genuine product discussions.

  2. Dynamic Updates and Retargeting: The ads feature real-time updates with the latest product images and prices to maintain relevance and accuracy. Additionally, they include retargeting capabilities, which allow brands to re-engage users who have previously shown interest in specific products, thereby improving the chances of conversion.

  3. Flexibility and Accessibility: Available in public beta, Dynamic Product Ads offer various presentation options, such as single image or carousel formats, and are accessible in several languages including English, German, Spanish, French, Italian, and Portuguese. This broad accessibility helps advertisers reach a diverse global audience.

By integrating these features, Reddit’s Dynamic Product Ads aim to bridge the gap between advertisers and potential buyers, enhancing the user experience and boosting conversion rates through strategic, community-focused product discovery.


APPLE AI 

🍏 Apple Introduces OpenELM: Pioneering On-Device AI

Apple is revolutionizing AI technology with the introduction of OpenELM, a suite of open-source large language models (LLMs) optimized for on-device operation, now available on the Hugging Face Hub. This move underscores Apple’s commitment to enhancing AI accessibility and privacy.

The Scoop:

  1. Innovative Model Suite: OpenELM consists of eight models, with four based on the CoreNet library for pre-training and four specifically tuned for various tasks. These models employ a layer-wise scaling strategy to enhance efficiency and improve accuracy by 2.36% over predecessors like OLMo while requiring half the pre-training resources.

  2. Unprecedented Open Source Access: In a significant shift from traditional practices, Apple has released not only the model weights but also the comprehensive training and evaluation frameworks. This level of transparency aims to facilitate advanced research and collaboration within the AI community.

  3. Privacy and On-Device Processing: OpenELM models are designed to operate directly on devices, ensuring enhanced user privacy by eliminating the need for cloud-based data processing. This feature is crucial in addressing common privacy concerns associated with AI.

  4. Community Empowerment and Ethical AI: The open-source nature of these models allows for broader scrutiny of potential data biases and ethical implications.

Apple’s initiative positions the company at the forefront of ethical AI development, attracting top talent and setting new industry standards. OpenELM’s emphasis on privacy, transparency, and user control is likely to influence future AI developments across the technology sector.


That’s all for today! While we curate another Viral Scoop for tomorrow, let us know how you felt about today! And share this with someone who’d love it.🥰