Could 2024 set a record for ad spend?
Possibly: With major events like the US election and the Olympics, WARC projects the ad market will hit $1 trillion this year, and $1.23T by 2026.
Meta, Amazon, and Alphabet (Google) account for around 70% of new ad spend—quite the oligopoly.
By type, search ads represent 22% of ad spend, connected TV drives two-thirds of video ad growth, and “vintage” ad mediums make up just 25% of total ad spend.
Also, industries like tech, electronics, and fashion are expected to grow while retail could see a decline.
Meanwhile, The US ad market grew by almost 14% in July.
Last year’s growth during the same period was 7%, signaling a strong market improvement that has been climbing for 15 consecutive months.
It’s looking hopeful out there. And competitive, too.
Just keep in mind, this is a prediction, not a promise…
