WPP boss Sir Martin Sorrell has revealed plans to more than double its spend on Snapchat this year, bringing the investment to an estimated $US200 million ($A252 million) for 2017.
The world’s biggest media buyer has gradually upped its spend on Snapchat over the past two years, increasing from $US60 million in 2015 and $US90 million in 2016.
Speaking to US news site CNBC, Sorrell said it will continue to plough advertising budgets into Snap although admitted it is paltry in comparison to the sums going on Facebook and Google.
“But it’s at very low levels. It’s $200 million versus $6 billion [on Google] or $2 billion for Facebook. So, you’re talking about a flea on the elephant’s backside,” he said.
“I think [Snap is] potentially more competitive as the third force” he said, adding he preferred the platform over Facebook.
That said, WPP spent $US1.7 billion on Facebook in 2016 and plans to spend over $US2 billion this year.
Sorrell added that social media companies were fighting the rise of extremist and hate content and said Facebook and Google had made significant steps but must remain “as vigilant as you possibly can”.