The words “economic headwinds” are used frequently in 2023, but according to projects from WARC, ad spending will grow 8.2% globally in 2024.
The analysis comes from a comprehensive study conducted by the company that accounts for various forms of advertising.
Audio advertising is expected to grow 3.3% in 2024, ballooning to more than $36 billion.
“High interest rates, spiraling 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,” WARC Director of Data, Intelligence, and Forecasting James McDonald said.
“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.”
Additionally, WARC expects social media to see expansive growth. The company projects nearly 20% of all advertising will be placed with social media outlets. Also, outdoor and cinema advertising to see growth in the next calendar year.
Meanwhile, linear television continues to face a decline in the ad market.
