Trends in Global Advertising: Growth Projections for 2023 and 2024

Friday 08 December 2023 - 10:06

The landscape of the global advertising market is poised for notable shifts in the coming years, as indicated by GroupM, WPP's media branch. Projections for 2023 suggest a substantial increase of +5.8%, reaching a staggering $889 billion (excluding U.S. political advertising). The growth trend is expected to continue in 2024, albeit at a slightly slower pace, with an anticipated rise of +5.3%.

Traditional TV, often referred to as "linear TV," is anticipated to experience a decline of -4.3% in 2023, with a further dip of -3% projected for 2024. Similarly, the audio sector is forecasted to face a decrease of 2.9% in 2023, followed by a modest recovery with a gain of +0.4% in 2024. Print media, including newspapers and magazines, is expected to encounter challenges, with newspapers reflecting -3.3% and -2.5% in 2023 and 2024, respectively, and magazines projected at -7% and -4.1% during the same period.

On the brighter side, the overall outlook for outdoor advertising appears optimistic. The sector is anticipated to witness a substantial growth of +10.3% in 2023, with continued expansion at +8.3% in 2024. This growth is further dissected into Out-of-Home (OOH) advertising, expected to rise by +6.4% in 2023 and +4.8% in 2024, and Digital Out-of-Home (DOOH) advertising, projected to experience a remarkable surge of +18.1% in 2023 and a sustained growth of +14.6% in 2024.

Zooming in on the French advertising market, GroupM predicts a growth of +3.6% in 2023, with a more substantial surge of +8.3% anticipated for 2024. These insights reflect the evolving dynamics of the advertising industry globally, with digital platforms and outdoor advertising emerging as key players steering the industry's trajectory. As the market continues to adapt to changing consumer behaviors and technological advancements, advertisers and marketers are presented with both challenges and opportunities in navigating this dynamic landscape.