Global Spend on Advertising to Surpass US$630 Billion in 2024

29 April 2021: Advertising and Branding agencies are part of that lucky group of business sectors that actually increased revenues because of the Pandemic. eCommerce and eSports are some of the fastest growing beneficiaries. Growth will likely come as the proliferation of digital mediums, such as tablets and smartphones, provide new revenue streams and increased demand for digital advertising services. A report from Statista said that the spending on advertising worldwide has been increasing steadily during the pandemic and that it is expected to see steady growth starting in 2021 and surpass 630 billion U.S. dollars in 2024. Active companies in the market include: Troika Media Group, WPP, Omnicom Group, Interpublic Group and MDC Partners Inc.

Statista continued “North America is the region that invests the most in the sector, followed by Asia and Western Europe. Middle East and Africa as well as Central and Eastern Europe spend the least. The global TV advertising spending in 2019 amounted to more than 176 billion U.S. dollars and it is expected to decrease, albeit slowly, to nearly 158 billion dollars by 2022. Europe together with Latin America are the only regions expected to see growth in TV investments in the measured period. Global radio advertising is projected to slightly grow between 2020 and 2022, offset by the impact of the pandemic on the industry, and ultimately reach 30.3 billion U.S. dollars.”