Second verse, same as the first. Digital dominates global ad spend again, and CTV is leaving linear TV in the dust.
Overall, global advertising revenue grew 5.8% to $889 billion (excluding political advertising) in 2023, according to GroupM’s global year-end industry growth forecast. These numbers are roughly in line with 5.9% growth projection from GroupM’s midyear forecast and last December’s end-of-year forecast.
“Unlike some others, we’ve done a good job at reading the signs this year, as complex and uncertain as they were,” said Kate Scott-Dawkins, global president of business intelligence at GroupM.
GroupM predicts global ad spend will decelerate to 5.3% in 2024.
In contrast, Magna’s December global ad forecast predicts 7.2% growth in 2024 after 5.5% growth to $853 billion in 2023.
In North America, GroupM expects ad…
