What’s happening on Meta?

CPM

CPM continues to decline QoQ, with the UK in particular drastically lower than this time last year. The US bucks this trend, with a more resilient economy and therefore competitive advertising landscape.

CTR Engagement has declined YoY in the UK and ROW. This is impacting traffic costs, with CPC up in these markets. With more impressions shifting to video, creative is more important than ever for driving CTR.

CPC

CPC is up both QoQ and YoY. Despite rising traffic costs, a greater increase in conversion rates means that CPA is down 31% YoY and 15% QoQ. In other words, traffic is more expensive but has higher purchase intent.