Marketing services spending is expected to reach $455.72 billion by 2010, according to new research published by Veronis Suhler Stevenson (VSS).
Spending on direct response media, event marketing and custom publishing is fuelling the growth says VSS.
VSS says that total media and communications spending is forecast to rise 7.2% in 2006 to $961.9 billion, and to reach $1.236 trillion by 2010.
The spending trends reflect a healthy economy, continued development of online and mobile content and better measurement of ROI and engagement, making marketers more comfortable increasing their spending levels.
In August, a report from GroupM said that worldwide media and marketing services spend will grow 6.2% this year to $673 billion and is predicted to grow 6% next year to $713 billion, slightly ahead of 5%-6% expected growth in the global economy (see Worldwide Media And Marketing Spend To reach $713 Billion In 2007).
According to the VSS forecast, total spending on broadcast television is expected to climb 8.7% to $46.64 billion this year.
Entertainment media spend, including box office, recorded music and videogames, fell 2.3% to $83.82 billion in 2005, the first decline in over 25 years.
VSS also predict that spending on internet and mobile advertising, marketing and paid content through traditional media companies will reach $25.57 billion by the end of 2006, growing 26.1% from 2005.
Meanwhile, total newspaper publishing spending, including print, online and mobile platforms, is forecast to rise by 1.5% in 2006 to $67.76 billion.
Spending on direct marketing is expected to increase 6.6% to $154.47 billion in 2006 and grow at a compound annual growth rate (CAGR) of 6% over the 2005-2010 period.
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