The first quarter is a notoriously fickle advertising market in media circles. A new report has illuminated just how difficult that nut can be to crack.
According to results published by MediaRadar, $10.8 billion was spent in advertising during the month of February. That number is down 8% from the 11.8 billion seen during the second month of 2023.
The decline coincides with a 7% decrease during January, which the company claimed is “not abnormal” compared to other years.
There were bright spots, however. The company claims it saw 20,000 different brands purchase advertising in at least one new format during the second month of the year. Meanwhile, 10,300 companies tracked fit into one of three categories: professional services, tech, or home furnishings, according to Inside Radio.
While overall advertising dropped in the first two months of the year, MediaRadar revealed that local TV ad spending grew by 11% in February compared to the same month in 2023. It added that it forecasts an increase in local ad spending in 2024, despite the first two months getting off to a slow start.
