2023 is already on the horizon, but it does not seem that it will be a year that brings good news as far as the economy is concerned. For this reason, MAGNA has decided to correct downwards its global advertising investment forecasts for next year. According to MAGNA ‘s “Global Ad Forecast” report , global advertising investment will reach $833 billion in 2023, which will translate into 5% growth compared to 2022 ($795 billion). This growth figure will be lower than that achieved in 2022 (+7%) and in 2021 (+23%). The numbers put on the table by MAGNA in its latest report are 1.5 percentage points below the company’s previous forecasts in June 2022 due to the deterioration of the current economic context.
EVP Global Market research at MAGNA
Assures that global advertising investment slowed down during the second half of the year as a result of economic uncertainty and the problems top industry data that hampered some digital advertising formats. Even so, the traditional media managed to make a jump of 2.5%, « The growth rate of digital advertising (+8.9%) was the lowest figure considered to date by MAGNA, suggesting that the transition towards a ‘digital centric’ media landscape is slowing down,” warns Létang. « Advertisers continue to value ‘brand safety’ in traditional media . Television (+2%) and outdoor advertising (+12%) were particularly resilient in 2022,” emphasizes the MAGN executive.
In 2023 advertising investment in traditional media will lose steam
Looking ahead to next year, and in the heat of uncertainty that is currently digging its insidious claws into the economy, advertising spending BTC Database AS gobbled up by traditional media will unfortunately begin the downward slope . According to MAGNA, in print media and television, advertising spending will contract by 3% and 4% respectively. For its part, advertising investment in audio (+1%) will remain stable and outdoor advertising will increase revenue by 6% over the next year. For its part, spending on digital advertising will jump 8% to $557 billion in 2023 . Video will be the digital format that will grow the fastest (+11%), followed by search engine advertising (+10%). And advertising investment on social networks will recover slightly (+7%).