Recently, the Magazine Manager blog shared the good news that advertising spending in the U.S. grew in 2023. And even though that growth (achieved after nine consecutive months of YoY spending) only amounted to a 0.5% overall YoY gain, it’s still cause for optimism looking ahead.
Add another log to the optimism fire with Insider Intelligence’s latest projection that worldwide spending in digital, traditional, and total media ad spending will all grow faster in 2024 than they did last year.
(Source: Insider Intelligence)
“After two years of relative malaise, the outlook is very positive on a global scale and in every major region,” writes Insider Intelligence’s Ethan Cramer-Flood of the 9.7% total worldwide ad spending growth, the fastest Insider Intelligence has forecast since it began tracking in 2011 (besides 2021’s pandemic-rebounding spike).
Traditional ad spending will get a boost from the Summer Olympics, political advertising, and “better macroeconomic conditions,” while digital ad spending will make up 70% of worldwide spending this year and almost three-quarters of spending by 2027.
“Because of that huge share figure,” Cramer-Flood writes, “the metrics for total media advertising now largely mirror the metrics for digital.”
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