Just five companies – Alibaba, Alphabet, Amazon, Bytedance and Meta – dominate global ad expenditure and are set to increase their share to 51.9% in 2024 when adspend will exceed $1trn for the first time.
The new figures from WARC predict global adspend this year will grow 4.4% this year to $963.5bn and 8.2% next.
Other findings include:
*Social, retail and CTV are set to lead growth.
*Financial Services, Technology & Electronics and Pharma & Healthcare are set to be the fastest-growing sectors next year.
*In 2024 Political ad spend should reach a new record-high of at least $15.5bn.
*US to account for almost a third (31.3%) of global spend; the US market is forecast to rise 2.2% to $303.5bn this year then a further 7.6% to $326.7bn in 2024.
James McDonald, director of data, intelligence and forecasting, WARC, and author of the research says: “High interest rates, spiralling 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.”
from Digital Marketing Education https://ift.tt/93EeIJv
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