Total global advertising & marketing industry revenues, including more than 100 digital and traditional media platforms and channels in every major media market worldwide, are on pace to grow 4.9% to $1.363 trillion in 2019, the strongest growth rate in an odd year since prior to the Great Recession, according to new research released today by PQ Media.
Global advertising & marketing growth decelerated in the second half of 2019, following strong first-half spending in most major markets, due to lack of major political elections and international sporting events, as well as slowing economic growth exacerbated by ongoing trade tariff wars that sparked recession fears among some economists.
Global advertising & marketing revenues are projected to grow at an accelerated 5.9% in 2020, the fastest growth rate in over 10 years, despite uncertainty regarding economic recession in some major markets, according to PQ Media's just-released Global Advertising & Marketing Revenue Forecast 2019-23. Robust growth next year is expected to be fueled by a potent mix of accelerated growth in spending on various mobile advertising and marketing channels, digital product placement and content marketing, influencer marketing, and OTT advertising, as well as record media outlays related to the World Cup, Summer Olympics and US presidential election.
Global advertising & marketing revenues grew 5.5% to $1.299 trillion in 2018, with the advertising sector up 5.1% to nearly $600 billion and marketing up 5.9% to almost $700 billion and accounting for 54% of total media revenues worldwide. The United States remained the world's largest media market, generating overall ad & marketing revenues of $502.01 billion in 2018, followed by Japan, China, the United Kingdom and Germany. India was the fastest growing media market in 2018, posting growth of 11.4%, trailed by the Netherlands, Argentina, Russia and China. Global markets where digital media commanded the greatest share of overall ad & marketing revenues were led by the Netherlands (41%), Australia, UK, Canada and South Korea.
Global digital & alternative media revenues grew 11.6% to $496.23 billion in 2018, accounting for 38.2% of total ad & marketing revenues. Online search remained the largest overall digital ad & marketing channel at $52.80 billion, while smart tech marketing grew the fastest, surging 441.6%, according to PQ Media. Internet advertising was the largest overall digital ad platform at $105.94 billion, while mobile advertising was the fastest growing, up 27.5%. Although smartphone shipments continue to decline, brands are expanding their investments in mobile media to reach coveted iGens and Millennials. Despite remaining the largest combined digital ad & marketing platform, internet media growth continues to decelerate or decline in many top markets, as consumers pivot away from using PCs and laptops.
Experiential marketing was the largest global digital marketing platform in 2018, generating $115.40 billion, while overall mobile marketing grew the fastest, vaulting 32.6%. Digital video is becoming "must-have" as telecom providers expand 5G services to more DMAs. Ad-supported streaming video services, like Hulu, continue to release new original programming to drive subscriber growth via OTT video, which is emerging as a growth channel for product placement. Influencer marketing is also on the rise, as more brands identify key influencers in core markets to engage with target consumers, particularly growing multicultural audiences.
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Of the 40 digital & alternative media channels tracked, 28 posted double-digit growth in 2018. Each of the top 10 fastest growing ad & marketing segments worldwide were mobile media channels, including mobile smart tech, coupons, social media, video, audio, gaming, and email. And the 11th and 12th-ranked fastest growing channels were product placement in digital media and digital content marketing, both of which include strong mobile components, according to PQ Media's Global Advertising & Marketing Revenue Forecast 2019-23. Other alternative media channels that have displaced various online ad & marketing channels among the ranks of the fastest-growing media are influencer/word-of-mouth marketing, non-digital content marketing, OTT advertising, product placement in music & television, and digital out-of-home advertising.
While most mobile media channels are among the fastest-growing categories, some major brands are reevaluating their digital media investments due to various strategic challenges, questionable tactics and privacy issues that have emerged in recent years.
"While digital & alternative media operates in a complex ecosystem that includes alarming fraud levels, shifting social media algorithms and disorderly measurement systems, brand marketers will continue to invest in media strategies and tactics that can prove engagement with elusive non-Boomer target audiences," said PQ Media President Patrick Quinn. "As they seek to navigate the changing media landscape, brands are turning to digital media on the premise that it will offer higher consumer engagement, such as mobile video, audio and games that create consumer buzz; influencer and content marketing to control the conversation; and product placement and OTT advertising to capitalize on hot new streaming video programs."
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Traditional advertising & marketing revenues increased 2.1% to $802.83 billion in 2018, as broadcast TV remained the largest ad platform, generating $176.12 billion, while cable TV was the fastest growing, up 5.4%. Direct marketing was the largest overall traditional marketing platform at $220.36 billion, and public relations was the fastest growing, up 9%. Broadcast TV advertising was most affected by the lack of international sporting spectacles and no major political elections. Print ads declined for the ninth consecutive year, but at the slowest rate since 2014. Traditional out-of-home media growth remains solid, as recent studies have touted the medium's strength in engaging with younger audiences.
Total US advertising & marketing revenues increased 5.9% to $502.01 billion in 2018, as digital & alternative media grew 12.9% to $204.51 billion and commanded 40.7% of total media revenues.
About the Report:
PQ Media's Global Advertising & Marketing Revenue Forecast 2019-23 includes a Core PDF Report and Companion Excel Databook, enabling users to benchmark digital and traditional advertising and marketing revenues, growth and key trends impacting the top 20 global media markets across all 4 major regions; to analyze in-depth breakouts, comparisons and rankings of more than 100 traditional, digital and alternative media sectors, silos, platforms and channels. To download a free executive summary, dataset samples and table of contents for the full report, click the link in the report title above. This new PQ Media Forecast is one of three reports to be released this year as part of the annual Global Media & Technology Forecast Series 2019, a multi-report bundle that delivers the most comprehensive view of the global media landscape through three KPIs: media industry revenues, consumer media usage, and consumer media spending.
About PQ Media:
PQ Media delivers intelligent data and analysis to leading global media organizations through annual market intelligence reports, custom market research services and strategic consulting assignments. PQ Media uses a proprietary econometric methodology to define, segment, size, analyze and project growth across more than 100 digital and traditional media worldwide by region and country, media platform and channel, and consumer demographic group.
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