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The advertising economy is going to keep on keepin\u2019 on, according to a new industry forecast.<\/p>\n
US ad revenue is expected to grow about 5% in 2023, predicts former GroupM exec Brian Wieser, who\u2019s now an industry analyst and author of the Substack Madison and Wall. The projection, which excludes political advertising, has the US ad industry growing to about $363 billion this year, with a jump of 4.3% predicted in 2024 (the 2024 figure jumps to 8.1% including political advertising, largely as a result of the presidential election).<\/p>\n
It\u2019s a return to \u201cnormalized growth,\u201d Wieser wrote, meaning the days of double-digit growth seen earlier in the pandemic are behind us.<\/p>\n
\u201cWe\u2019ve had remarkable and entirely unsustainable growth levels in the advertising industry\u2026over the last decade, really,\u201d Wieser told Marketing Brew. \u201cIt feels like we\u2019re going into a period where normalcy should return, and the old models that roughly connect economic growth to advertising growth should dominate.\u201d<\/p>\n
His forecast is based on an analysis of different data sets, including public filings from roughly 80 companies and a \u201csignificant volume of US government data.\u201d<\/p>\n
Digital \u201cplatform-focused\u201d companies ranging from social to retail media networks will account for 64% of advertising spend, growing 11% this year, per Wieser\u2019s report. Meanwhile, he noted that the television ad sector is experiencing an \u201cwhat might feel like an existential crisis at the moment,\u201d citing strikes, carriage disputes, and cord-cutting concerns.<\/p>\n
\u201cIt\u2019s almost certainly the case that it\u2019s going to be harder and harder with every passing year to accomplish goals that they\u2019re used to accomplishing,\u201d Wieser told us, noting that ad buyers may \u201creassess the role of television in their media mix.\u201d<\/p>\n
Though advertisers have pulled back in some respects because of recessionary concerns over the last year, \u201cIf anything, it could be considered a positive that the industry didn\u2019t fall faster, or even decline over the past year and a half, especially as much of the industry seemed to try to talk itself into a downturn last year by fearing for a recession that never came,\u201d Wieser wrote.<\/p>\n
The forecast is somewhat in line with many of the major advertising groups\u2014in its mid-year forecast, GroupM projected growth of 5.1% this year, while Dentsu said it expects US investments to rise just 2.6%.<\/p>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Get marketing news you’ll actually want to read The email newsletter guaranteed to bring you the latest stories shaping the marketing and advertising world, like only the Brew can. The advertising economy is going to keep on keepin\u2019 on, according to a new industry forecast. US ad revenue is expected to grow about 5% in […]<\/p>\n","protected":false},"author":1,"featured_media":12750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[78],"tags":[],"class_list":{"0":"post-12749","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marketing"},"yoast_head":"\n
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