The downgrade is driven primarily by slowdowns in growth in China (due to ongoing lockdowns) and the US.
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Magna has downgraded its 2023 ad industry growth forecast by 1.5 points, but described impressive performance by traditional media companies in 2022.
Global OTT TV episode and movies revenues are expected to increase by 55% over the next six years.
The multitude of similar reports begs the question: do we need this many forecasts? And if so, what is the best way to release them?
WPP’s investment wing, GroupM, has forecast a deceleration in global advertising growth, with this year expected to record growth of 4.8% vs 2018’s 5.7%, followed by 3.9% in 2020.
Zenith also notes that the price of media has grown faster than adspend over the last 10 years as commercial audiences shrink.
After recording “stellar” growth across online formats, full year adspend growth figures for 2019 have been upgraded 0.4 percentage points to 5%, reaching £24.7bn in total.
Paid search also reached a new milestone this year, exceeding $100bn for the first time.
The first quarter of 2019 saw UK advertising expenditure climb 4.2% year-on-year (YoY) to a total of £6bn.
Industry experts weigh in on the findings of Zenith’s latest adspend forecasts.