Ad Spending on Social Networks to Reach $2 Billion by 2011; But is it Enough?

Updated figures from eMarketer indicate that businesses are even more interested in advertising on social networks than previously thought. While their December 2009 forecast on social network advertising for 2010 spending was $1.3 billion USD, the new numbers show a 30% increase in spending for 2010, bringing it up to $1.68 billion. And eMarketer predicts that spending will increase up to $2 billion by 2011. These numbers indicate that businesses are slowly opening up their eyes to the potentially lucrative social networking advertising market – but they still fall short of matching advertising dollars with actual time spent on social networks.