Group M Forecasts That Global Ad Spending To Bounce Back Faster Than Previously Expected
Group M released their latest forecast, where they state that they expect the worldwide ad industry to bounce back in force in 2021.
The media firm Group M expects worldwide ad revenue to go up by a whopping 19% to $749bn in 2021, not counting US political advertising. This is a notable increase from their earlier forecast of a 12% increase for that year.
Such an increase would be a massive improvement from 2020, where global ad spending dropped by 3.5% to $628bn as a result of the pandemic.
For specific regions, UK ad revenue is expected to grow by 24%, same with Brazil, 23% in China, then 17% in the US, including political ads.
Group M chalked up a lot of the growth to digital advertising, which saw a lot of growth as a result of people being stuck at home amidst the pandemic, with an expected growth of 26%, compared to the firm’s December forecast of 15%.
According to Group M Global President of Business Intelligence Brian Wieser, the numbers are reflective of the greater ad revenue at the digital titans like Google, and Facebook, during the first quarter of 2021, as well as the many digital companies that went public.
Group M also noted that the connected TV category is also in a good spot, getting some benefit from the increased consumption of users, with an expected growth in global ad spending in connected TV of 25% to $16bn, and is expected to hit $31bn by 2026, which is good for king kong digital agency and anyone in the ad industry.