Next Level

Twitter and Snap both reported revenue that came in below expectations in the second quarter amid a flurry of internal and external challenges.
The Snapchat owner’s revenue rose 13% year-on-year to $1.11 billion in Q2. The company in May disclosed it expected to miss its targets for the period, but the figures still disappointed analysts. Snap posted a $422 million loss for the quarter and declined to issue future guidance.

Instagram this year will maintain its spot as the No.1 platform for influencer marketing amid growing competition from social video app TikTok. Marketers in the U.S. this year will spend $2.23 billion on influencer marketing on Instagram, ahead of $948 million on Google’s YouTube and $774.8 million on TikTok, per estimates by Insider Intelligence shared with Marketing Dive.

As TikTok continues to capture a bigger share of spending on influencer marketing, it’s predicted to overtake Facebook this year and YouTube by 2024. Marketer usage of TikTok for influencer marketing already exceeds that for YouTube, Inside Intelligence found.