Global industry growth is being buoyed by booming digital platforms. Magna expects digital platform ad sales, which include search, commerce, social and digital video, will grow by 8.5% to reach $577 billion in 2023, accounting for 69% of total ad sales. Traditional media owner revenue, which includes television, audio, publishing, out-of-home and cinema, will shrink by 2.9% in 2023, netting $264 billion, Magna predicted.
Social media ad revenue is expected to rebound in 2023 after its worst year of growth on record, when it grew just 6% in 2022. Short-form digital video, including YouTube and Twitch, will grow ad sales by 8.6% to $71 billion this year, according to the Magna forecast. Digital formats such as search, video and banners are expected to slow down in 2023 but social is predicted to grow 9.4% as it overcomes most of its data-related headwinds and new vertical video formats stop impeding overall revenue, Magna reported.
Magna predicts that retail media networks will generate $121 billion in advertising sales this year, up 12% from 2022. While most of these ad sales will come from e-commerce platforms, traditional retailers are developing their own media capabilities, and their advertising sales are forecast to grow 24% to reach $21 billion.
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