The true cost of social media ads in 2024

Chart: Social Media Ad Rates, 2021-2024, using 14-day trailing average CPM rates for Meta, TikTok, Snapchat, Spotify, and YouTube. Source: Gupta Media's Social Media CPM Tracker, where you can track and compare real-time and historic fluctuations in Social Media CPMs, including CPM rates for Instagram Reels, Instagram Stories, Google Discovery, Google Performance Max, and Pinterest.

How much do Facebook and Instagram ads cost in 2024?

In October 2024, the average CPM for Meta (Facebook and Instagram) is currently $8.95. The average CPLC is $0.72. And the average LCTR is 1.25%.

Table: Facebook and Instagram Current Advertising Costs, Updated in October, 2024. Source: Gupta Media Social CPM Tracker 2024.

Facebook and Instagram, the pioneers in social-media advertising, remain the standard against which other platforms are measured—providing brands with a potent combination of reach, engagement, and precision targeting. With their combined strengths, advertising on these platforms offers a multifaceted approach to performance marketing, ensuring that brands can remain front and center in the ever-evolving digital landscape.

While Facebook has transformed the way we connect, communicate, and share, Instagram has emerged as the premier platform for visual storytelling, lifestyle inspiration, and influencer-led content. Meta’s combined granular targeting capabilities—leveraging user data like demographics, interests, and behaviors—ensure that brands can reach the precise audience they aim for. This makes ad spend more efficient and results more relevant. Driven by advertiser demand, Meta’s ad platforms have continued to evolve with new features and focus. With Instagram's Shop feature and Facebook's Marketplace, the path from discovery to purchase is more streamlined than ever. Brands can directly drive sales from their ads, offering users a frictionless shopping experience.

The synergies between Facebook and Instagram mean that brands can create integrated campaigns that flow seamlessly across both platforms, optimizing reach and engagement. Beyond mere advertising, these platforms enable brands to build and nurture communities. Engaging content, coupled with ads, fosters brand loyalty and turns customers into brand advocates. And both Instagram and Facebook offer detailed insights and analytics, allowing brands to measure their campaign performance in real-time, understand user engagement, and refine strategies based on direct feedback.

The most expensive month for Facebook and Instagram ads is November, with an average $8.80 CPM. The most expensive day of the week for Facebook and Instagram ads is Friday, with an average $7.43 CPM. The most expensive week of the year for Facebook and Instagram is the week of Thanksgiving and Black Friday — in 2023, that was ISO week 47, with an average CPM of $10.11. That was followed by Week 48 — which in 2023 included Cyber Monday — with a CPM of $9.32, and Week 50 (December 11-17), with a CPM of $8.59. In 2024, we’ve already seen two weeks — ISO Week 21 ($8.74) and Week 36 ($8.61) — that were more expensive than any week in 2023 with the exception of the ones we just mentioned. 

While multiple news reports in the spring of 2024 claimed Meta was experiencing ad-rate inflation, the numbers tell a different story. See “Are Social Media Ad Rates Rising or Falling?” below for a deeper discussion of the rate of growth in Meta’s ad rates as compared with other social platforms—and compared to historical Meta ad rate growth and fluctuation. 

Table: Meta’s average monthly CPM, cost per link click (CPLC), and link click-through rate (LCTR), September 2022-September 2024. Source: Gupta Social Media Tracker, September 2024.

How much do TikTok ads cost in 2024?

In October 2024, the current average CPM for TikTok is $5.21. The average CPLC is $0.58. And the average LCTR is 0.90%.

Table: TikTok Current Advertising Costs, updated in October, 2024. Source: Gupta Media Social CPM Tracker 2024.

TikTok’s popularity continues to grow, transforming from a hub for short-form videos into one of the world's most engaging and dynamic platforms. For brands seeking to amplify their reach and resonate with a young, tech-savvy audience, advertising on TikTok has moved from a nice-to-have to a priority. Rooted in creativity, authenticity, and user participation, TikTok allows brands to tap into trends, challenges, and user-generated content, offering a more organic and engaging way to promote products and services.

Not only is TikTok’s user base growing, but it boasts an engaged audience actively searching for the next big thing. GenZ and Millennials make up over half of TikTok’s 148 million monthly active users, and its audience skews both younger and female. Thanks to an algorithm that prizes virality, brands that craft compelling, trend-worthy content have the chance to be showcased to a massive audience, often beyond their target demographic. TikTok's advertising platform allows brands to pinpoint their ideal audience based on demographics, behaviors, interests, and more. 

The most expensive month for TikTok ads has typically been December—and we anticipate that will be the case in 2024, but with CPMs rising quickly, the December 2023 CPM of $4.23 has already been exceeded multiple times. Thus far in 2024, the most expensive month has been July—which coincided with a rush of Olympics advertising—with an average CPM of $4.97, followed by June ($4.77). The most expensive day of the week for TikTok ads is Wednesday, with an average $3.93 CPM. The most expensive week of the year for TikTok in 2024 is week 39 (September 23-29) with a $5.75 CPM — but again, we expect the record will be broken in the week leading up to Christmas (in 2024, that’s week 51, December 16-22), which was the high-water mark in 2023. 

Table: TikTok monthly average CPM, CTLC, LCTR. Source: Gupta Media Social CPM Tracker October 2024.

In 2023, we saw TikTok lean into shopping. With features like "Shop Now" buttons and shoppable video links, brands gained the ability to drive direct sales from within the app, creating a seamless shopping experience. In 2024, TikTok has focused on bringing ads to its search platform—a boon to brands seeking to move beyond Google and reach younger audiences where they hang out. Depending on who’s asking, anywhere between 10% (according to Adobe) and 51% (according to HerCampus) of Gen-Z users prefer TikTok over Google for search. TikTok rolled out expanded search ads with keyword targeting in August 2024.

But our teams have found TikTok search advertising to be a mixed bag.  A common theme is that search campaigns often return low volume—an uphill battle if you’re looking for scale. Post-click performance has been hit or miss, but generally Cost Per Click (CPC) costs are higher for search than for in-feed ads—so your post-click performance needs to be even stronger to make up for that difference.

How much do Snapchat ads cost in 2024?

In October 2024, the current average CPM for Snapchat is $10.38. The average CPLC is $0.91. And the average LCTR is 1.14%.

Table: Snapchat's average CPM, CPLC, and LCTR, updated October, 2024. Source: Gupta Media.

In 2024, Snapchat re-emerged as a breakout platform for brands looking to engage with a younger, highly interactive audience. With its unique ad formats, including augmented reality (AR) lenses and interactive story ads, Snapchat offers brands a creative playground to capture attention in innovative ways. Unlike more traditional social platforms, Snapchat’s ad offerings are built around the concept of engaging, immersive experiences that align seamlessly with the app’s core user behaviors: quick, visually-driven interactions. 

Snapchat’s ad rates were the fastest-growing of any social media platform we measured in 2024, with CPM rates rising 47% year over year.

The most expensive month for Snapchat ads in 2024 is August, with an average CPM of $9.96. However, we expect that to be surpassed later in the year. In 2023, the most expensive month for Snapchat ads was October ($9.16 CPM). The most expensive day of the week for Snapchat ads is Thursday, with an average $7.91 CPM. The most expensive week of the year for Snapchat in 2023 was week 42 (October 16-22), and the most expensive week of the year so far in 2024 has been week 31 (July 29-August 4). 

Table: Average monthly CPM, CPLC, and LCTR for Snapchat, 2024. Source: Gupta Social Media CPM Tracker 2024.

Why are Snapchat ads so expensive?  

We believe this is the untold story of the year—and not nearly enough agencies are talking about the platform’s CPM growth, nor the implications for marketers.  

Our first takeaway: Snapchat isn’t just for awareness anymore. As the platform has matured, advertisers now have the ability to optimize for more than just impressions. And that added targeting ability is driving up CPMs—making it very, very expensive.  

In fact, in 2024 Snapchat became too expensive for some of our media plans—in one example, CPM rates were two to four times higher than made sense for the campaigns. In another example, where we were able to look at an apples-to-apples analysis for a campaign focused on awareness metrics—conducted with over $1 million in ad spend, in multiple countries—we saw Snapchat’s CPM come in at nearly 3x all other platforms. And the results were generally not worth the premium: When using link tagging, we saw Meta driving a 13x stronger (that’s not a typo: 13x) conversion rate than Snapchat. 

How much do YouTube ads cost in 2024?

In October 2024, the current average CPM for YouTube is $4.75. 

Even with stiff competition from TikTok and Instagram’s Reels, YouTube reigns as the undisputed king of video streaming. In both form and content, it has not only redefined entertainment but has also sculpted new pathways for information dissemination, education, and branding. Boasting billions of views daily, the platform intertwines diverse global cultures, interests, and demographics under one digital roof. In May 2024, “YouTube made up nearly 10% of all viewership on connected and traditional TVs in the U.S.,” according to Nielsen—the largest share ever reported by a streaming platform. As interest in CTV explodes, YouTube is at the front of the pack. 

The most expensive month for YouTube ads is October, with an average $4.75 CPM. The most expensive day of the week for YouTube ads is Monday, with an average $3.53 CPM. The most expensive week of 2024 for YouTube thus far has been ISO Week 41 (October 7-13), with a CPM of $6.33. 

Table: Average monthly CPM for YouTube, updated October 2024. Source: Gupta Social Media CPM Tracker 2024.

What are the most expensive and least expensive days of the week for social media ads?

Seasonal fluctuations generally have a much bigger impact on CPM cost than the day of the week. But, we wondered: Does day matter? We crunched the numbers to find out the relative cost for each day of the week on each social platform. 

Table: Meta (Facebook and Instagram) average CPM by day of the week, 2024. Source: Gupta Media CPM Tracker.

Table: TikTok average CPM by day of the week, 2024. Source: Gupta Media Social CPM Tracker. 

Table: Snapchat average CPM by day of the week, 2024. Source: Gupta Media Social CPM Tracker. 

Table: YouTube average CPM by day of the week, 2024. Source: Gupta Media Social CPM Tracker. 

How much do Facebook and Instagram ads cost on Black Friday and Cyber Monday?

Cyber Monday (November 27, 2023) was the single most expensive day of the year for ad rates on Meta, with a CPM of $12.23—that’s 66.6% more expensive than Meta’s 2023 annualized average CPM rate of $7.34. Black Friday (November 24, 2023) was the second most expensive day of the year for ad rates on Meta, with a CPM of $12.09.  

The week including Black Friday — ISO Week 47 (November 20-16) — was the most expensive week of the year, with an average CPM of $10.11. It was followed closely by ISO Week 48 (November 27-December 3), with an average CPM of $9.32, driven by Cyber Monday.    

For Facebook and Instagram CPMs, the difference between the weeks of BFCM and the rest of the holiday season is striking, as the weeks directly before and after BFCM saw CPMs between 12% and 15% cheaper.   

How much do TikTok ads cost on Black Friday and Cyber Monday?

TikTok’s average CPM on Black Friday (November 24, 2023) was $4.70 — 27% more than the monthly average, but well below the platform’s holiday peak. TikTok’s average CPM on Cyber Monday (November 27, 2023) was $4.22.  

In recent years, Meta’s CPM dropped after Cyber Monday, but the reverse is true on TikTok. The most expensive day of the year on TikTok came on December 20, 2023, with an average CPM of $5.04. While Meta CPMs tended to fall in December, TikTok CPMs stayed elevated throughout the month. In fact, the two most expensive weeks on TikTok were ISO week 50 (December 11-17, 2023), with an average CPM of $4.67 — and ISO week 51 (December 11-24, 2023), with an average CPM of $4.59.      

Why should brands pay higher CPM rates in Q4?

When investing in paid social media advertising on Black Friday, marketers have two strikes against them. First, increased ad costs: CPM rates are likely the highest they’ll be all year. And second, because products are often discounted to compete with other sales, there’s also a potential for a decline in margins and/or average order value (AOV). 

So in order for increased CPMs to be worth the spend, advertisers need two things to happen. To keep their cost per acquisition (CPA) on track, they need their conversion rates to improve. And they also need a strategy in place to encourage consumers to purchase more in order to deliver on revenue targets. 

How much more expensive are social media ads during Q4?

Buyers of TikTok and Meta ads pay a premium during the Q4 holiday season when ad rates rise. We calculate that difference by comparing the CPMs in Q4 to CPMs in Q1 through Q3. What we saw in 2022 was that TikTok’s Q4 premium was 22%, as compared with earlier in the year. On Meta, that premium was only 13%. Similarly, in 2023 we saw TikTok’s Q4 premium was 30%, compared with Q1-Q3. On Meta, the 2023 premium was 17%.  

Are TikTok Ads Cheaper During Q4?

While TikTok CPMs have consistently been on the rise, the platform is still in its infancy relative to its competitors. Year-to-date, TikTok ads are 47% more efficient than Meta ads.  

But will that number hold up during the hyper-competitive Q4 holiday season? We believe it will: last year, between October 1 and December 31 of 2023, TikTok ads were 52% cheaper, on average, than Meta’s.  

Just because TikTok ads are cheaper doesn’t mean they’re more effective. More sophisticated platforms like Meta and Google still reign during the holidays when it comes to harnessing a powerful algorithm designed to reach the users most likely to make it across the purchasing finish line. 

But TikTok’s efficient CPMs present an opportunity for smart advertisers: With a combination of the right audience, the right conversion rate, and the right creative—typically native to the platform, and user-generated—there’s an opportunity to save big with a heightened share of spend on TikTok compared to Meta. 

Tips for Advertising on TikTok During Q4

In short: Start now, because optimizing TikTok campaigns takes time.

One of the biggest limitations of a conversion-optimized TikTok campaign is that the platform’s pixel can only learn from attributed events. There’s a bit of a paradox here: It means your campaign needs to drive conversions . . . before the pixel can learn how to drive conversions.

How does that impact your Q4 campaigns? If you’re planning to place a big bet on TikTok around the holiday season to reach users more cheaply than Meta, you’ll need to start training the pixel now. This way, the pixel will have enough attributed events to execute a fully conversion-optimized approach when it matters — i.e., when CPMs are at their most efficient. 

Is Black Friday advertising overpriced?

Once upon a time, Black Friday was a retail jackpot: One shot, all-in. It hasn’t been that way for some time—but in recent years we’ve begun to see a new paradigm that marketers have been slow to recognize.  

It’s not simply the creep of Black Friday into Thanksgiving day, or the expansion of BF into BFCM and then Cyber Week. In recent years, the nation’s biggest retailers began referring not just to T-5 (the so-called Turkey Five: Thanksgiving, Black Friday, Saturday, Sunday, and Cyber Monday) but to T-11. By the time Black Friday rolls around, discounts have been available for days—if not weeks.  

Shoppers are beginning to catch on, too. Last year, a viral TikTok video—shot by a customer at a big-box retailer—gave away the ruse. The shopper digs behind the Black Friday price card on a television display, and pulls out the old sale card behind it—for the exact same price. It’s a meme that illuminated a broader collective vibe shift: Culturally, the rush of Black Friday seems to be fading. Is it cooked? 

History may show that 2023 was the year the dam broke in terms of moving sales back by not just hours or days but weeks: Holiday shopping last year started, essentially, in early November—and even earlier if you factor in Amazon’s October Prime Big Deal Days, which in 2024 were held October 8-9.

On Gupta Media's Social Media CPM Tracker, we’re seeing Meta’s advertising rates — which tend to track with consumer demand — stay relatively flat year-over-year in November and December, as compared with steeper increases in September and October. That’s consistent with the idea that online marketers have squeezed nearly as much juice as possible out of their campaigns in the run-up to the holiday season — and are now beginning to expand their prospecting earlier into the fall.

Introducing a new holiday shopping mini-season: The BFCM "Jump Start"

In 2023, we began mashing up multiple data sets to look for holiday advertising value that other agencies were missing.  

We begin with our CPM data, which gives us day-by-day granularity on how social media rates vary, day to day, during the crucial Q4 holiday shopping season. Then we layer in equally-granular data on consumer intent — measured in the amount of money spent by consumers during those same days. What we’re looking for are the places where CPM is relatively low and consumer intent is relatively high. Last year, and again this year, we found value to be mined in a specific platform —TikTok— during a one-week span adjacent to the most coveted shopping weekend of the year.

We also found that CPM rates for TikTok and Meta stay relatively higher during a key holiday-shopping period when consumer intent is relatively lower — suggesting that advertisers may be overpaying during a time when demand is mis-aligned.   

First, the good news. Our data shows that advertisers looking to jump-start their BFCM campaigns may want to look at TikTok ads during the week before Thanksgiving. In 2023, the key period occurred November 14-20. In 2024, because Thanksgiving falls later, we believe the week to focus on will be November 19-25. Are we trying to make Jump Start happen? Yes, yes we are. Feel free to suggest a better name, but that’s what we’re going with. 

During the Jump Start period in 2023, CPM rates were sagging — for the week of November 14-20, TikTok’s ad rates were 13% cheaper than the monthly average. And during the same week, overall consumer purchases were escalating from $3.1 billion per day on November 14 to 3.97 billion per day on November 20. The combination of lower CPM and elevated consumer intent during Jump Start week suggests untapped value for advertisers.

By contrast, consumer intent begins to drop right around December 12 — about the time that online shoppers go into last-minute mode. Between December 13 and December 24, overall consumer spending plunges from $4.36 billion to $1.36 billion. During the same span, TikTok CPM rates hover between $4.50 and $5 — above average for the month. 

While some advertisers may need to keep the wheels turning for last-minute gifting, we believe the most efficient play for many advertisers in 2024 will be to shift spending from mid-December to a Jump Start in mid-November. 

5 tips for planning your 2024 holiday campaigns

With Thanksgiving falling late this year, platforms are projecting a condensed shopping season for 2024 — advertisers have five fewer days between Cyber Five and the end of the year to close the deal. With consumers typically spending billions per day during that stretch, retailers are under pressure to make sure they front-load those sales — which means every campaign decision is amplified. Here are 5 best-practices to making the most of your holiday rush, based on data from the top digital ad platforms: 

1. Early Engagement is Critical: Across platforms, consumers are starting holiday shopping earlier. Google notes that "deliberate" shoppers begin wishlisting as early as May, with 34% of shoppers last year saying they began shopping by July. (That’s up 6% year over year.) According to Tinuity, nearly half — 48% of shoppers plan to finish at least half of their holiday shopping by Thanksgiving. TikTok confirms this shift: the platform sees a 190% increase in videos tagged #holidayshopping in the two week period straddling Halloween. Not coincidentally, retailers like Amazon and Target have begun scheduling prominent deal-based promotions in early- to mid-October.   

2. Cyber Week as a Focal Point: Deal-seeking peaks during the Cyber Five (Thanksgiving to Cyber Monday), making this period a crucial opportunity for advertisers to capture consumer intent. Platforms like Facebook and TikTok, especially for Gen Z, are central to inspiration and purchases during this time. 

3. Self-Gifting and Personal Spending Growth: A growing trend is self-gifting, with TikTok users leading the charge. Nearly 87% of TikTok users plan to buy gifts for themselves, and Gen Z's self-purchasing habits are more than double that of Gen X and Boomers.

4. Late Holiday Shopping Shifts to In-Store: If you’re looking for value during the waning days of the holiday season in mid-December, data shows that 41% of last-minute shoppers turn to in-store purchases rather than expedited shipping, which presents an opportunity for omnichannel advertisers. 

5. Post-Holiday Engagement: Google’s holiday guidance highlights "devoted" shoppers who continue spending into late December and early January—the period sometimes referred to by Meta and TikTok as “Q5.” Advertisers can run campaigns beyond Christmas to capture these late-season buyers.