The company now predicts a 22.5 percent jump this year, after a COVID hit in 2020, and 9.7 percent next year.
The better-than-expected gains will continue in 2022, with ad spending poised to grow 9.7 percent to $836.9 billion instead of the previously predicted 8.8 percent, GroupM said. In 2025, global media revenue will exceed the $1 trillion mark after hitting $999.9 billion in 2024, according to the latest estimates.
“We recognize the rates of growth observed in 2021 appear to be historical anomalies in an industry more accustomed to mid-single digit levels,” GroupM writes in its forecast, presented at the annual UBS Global Technology, Media and Telecom Conference. “However, a heightened pace of expansion for the advertising industry could very well persist as long as economies around the world are producing companies that are more reliant on advertising than those they replace.
The report also identified “key factors causing faster-than-expected growth,” including “new small businesses allocating greater resources to nationally oriented digital advertising,” app developers and other digital businesses rooted in the internet economy that have focused on ad-driven revenue growth, as well as “China-based marketers capitalizing on low-cost
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