Digital Surge Propels Global Ad Market To Nearly 6% Rebound From 2022 Levels, GroupM Estimates; Nearly Half Of TV Ad Dollars Have Shifted To Streaming
deadline.comMajor media agency GroupM says global ad revenue in 2023 will come in at about $889 billion, with year-over-year growth of 5.8% matching the company’s mid-year estimates.
The tally, which excludes political spending because of its highly cyclical nature, is expected grow at a slower rate of 5.3% in 2024 due to inflation and other macroeconomic factors.
Spending overall in 2023 has benefited from a surge in digital spending. “Pure play” digital advertising, a category including YouTube and TikTok but not counting connected-TV and digital out-of-home, will end 2023 up 9.2% over the prior year, exceeding GroupM’s prior expectation of an 8.4% gain.
By 2028, pureplay digital will be larger than the entire advertising industry was in 2022, the company said. Connected TV continues to climb as streaming gains ever-more clout, and the category is expected to grow 13.8% in 2024 compared with this year.
Read more on deadline.com
