A survey conducted by the World Federation of Advertisers and Ebiquity reveals that marketers are gearing up to expand their advertising efforts in 2024. With 60% of the surveyed companies planning to boost their ad budgets, radio is projected to remain rock solid, especially against other traditional media.
The survey sampled opinions from 92 prominent advertisers who control over $50 billion in global annual ad spend. In 2022, only 29% of those same advertisers anticipated a budget increase, forecasting increased confidence for the days to come. While a majority aim to escalate their expenditures in 2024, 33% of respondents are set to maintain their current budget levels into the next year, and a small fraction, 7% combined, predict decreases in their ad spending.
So what about radio? The data collected shows that AM/FM ad spend is firmly planted, with 57% of advertisers maintaining 2023 budgets for 2024. 13% plan for a slight increase (between .1% and 10%) in radio budgets and 1% will increase spending by at least 10%. In contrast, 24% plan on a slight decrease in spending, while only 4% plan significant cuts of 10% or more.
Unfortunately for radio’s traditional brethren, the outlook isn’t as positive. More than 56% of Linear TV ad budgets will be cut, with 14% seeing a significant decrease, and 64% of advertisers tightening the purse strings on Print, with 19% decreasing budget by more than 10%.
Digital audio also holds promise for radio companies, as the area is favored for massive growth. 63% of those surveyed say they will increase ad spend in 2024, with only 6% decreasing budgets.
As a footnote, industry leaders do warn that the tenuous situation in the Middle East could lead to economic stress and could play a role in whether these trends hold true.
