With projections forecasting an 8.2% increase in spending, the global advertising landscape could cross the trillion-dollar threshold in 2024, according to a new analysis by WARC. The comprehensive study paints a promising picture for the advertising trade, including audio.
A resurgence in social media advertising, accounting for one-fifth of all spending, is predicted to fuel this growth. Furthermore, emerging channels such as retail media and connected TV are set to see increased investment in the coming months.
The US economy plays a vital role in these trends, with predictions showing a rise in ad spend to $303.6 billion this year and $326.7 billion in 2024. Europe’s growth appears more modest, with variations across different countries.
In the specific realm of audio, the advertising expenditure is projected to increase by 3.3% next year. This growth should put global ad spend for 2024 at around $36.6 billion dollars. While other mediums such as Linear TV are facing declines, outdoor, and cinema advertising are also set to witness growth.
WARC Director of Data, Intelligence, and Forecasting James McDonald noted, “High interest rates, spiraling inflation, military conflict, and natural disasters have made for a bitter cocktail over the preceding 12 months, but the latest earnings season shows that the ad market has withstood this turbulence and has now turned a corner. Our new measurements show how the fortunes of just five companies have a major bearing on the prospects of the industry at large, and that these companies are on course to record oversized gains in the coming months.”
