US advertisers are expected to spend around $1.68 billion placing adverts on social networking platforms in 2010, with half being spent on Facebook.
According to the latest predictions made by research firm eMarketer, the amount spent on social media advertisements will rise by 20 per cent to from last year to $1.68 million.
The company believes this rise is thanks to the escalating popularity of social networking platforms, especially Facebook, which has more than 500 million members worldwide.
eMarketer also predicted that advertisers will flock Facebook in the coming months. The company says that in 2011, Facebook will see an increase of 112 per cent in revenue from advertisements.
In a statement to The L.A Times, Debra Aho Williamson, an analyst with eMarketer, said: “That's primarily due to the strong performance of Facebook and somewhat due to the fact that we started adding Twitter to our analysis. Facebook has been one of the leaders in ways to advertise in social media.”