AD SPEND 📈 1. Global advertising and marketing spending is forecasted to rise by 7.7% this year, reaching $1.631 trillion, nearly doubling last year's growth. 2. The growth is driven by major events like the Super Bowl, the Paris Summer Olympics, and U.S. political elections, with significant investments in marketing. 3. Super Bowl's record viewership and the expected heavy investment in Olympics and political advertising indicate a strong year for ad spend. 4. Despite last year's slow growth of 4%, digital media leads the recovery with a 10.4% increase, while traditional media spending drops by 1.9%. 5. The U.S. maintains its status as the largest media market with a 3.7% increase in spending, reaching $645.08 billion, with digital and experiential ads leading growth. 📖Article by Ad Age : https://lnkd.in/gftf7vSA
And yet, we have seen a general downswing in jobs for tech and media that carried over this year from last year. I do wonder how the increase in ad spend for 2024 will influence the growth of jobs in these sectors.
Interesting that the article mentions that DOOH spend grew double digits last year and is expected to again. The viewership of key events like the Super Bowl and the Oscars have shown the year is off to a great start.
Wonder how much of that increase ends up in the open internet 🤷🏻♂️
The Adtech God speaketh
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Great points! Add on the fact the 2020/2021 olympics had to deal with Covid interference, viewership should be very strong this year!
Solutions oriented brand & performance marketing executive. I connect dots & create value through innovation & action over paralysis.
9moSeems like a perfect storm of big tentpole events that give big budgets big advantages, plus the ridiculous growth in political ad spending that will destroy all previous records (a big problem, but saved for another time). Can't help but wonder what the year would look like if it were a "normal" year. No use in looking at 2025 yet because who the hell knows what craziness the world has in store for us in the next 10 months, but I can't help but wonder what the projections would look like without the collection of big time events. Also can't help but wonder if small/medium brands are totally priced out this year... perhaps relegated to purely programmatic real-time buying vs the upfronts that can be more price effective when negotiated correctly.