Page 8 - AeM_December_2021

RESEARCH, ANALYSIS & TRENDS

when the online audio sector as a whole is ex- was down 6.6% in 2021, with a 6.1% dip forecast
pected to be worth $8.3bn. Spotify is one of the next year and a 5.2% fall expected in 2023. The
main players, it is set to see ad income top $2bn online component of the total will grow continuous-
for the first time in 2023. ly, however, to command a 49.6% share of ad rev-
enue in 2023.
Trends by legacy media and format
Trends by product category (Five largest
• TV: Advertiser spend – inclusive on linear TV and in 2022)
broadcaster catch up services – is projected to
grow by 3.3% to $184.7bn in 2022 following a • Telecoms & utilities: Helped by its double-digit
5.5% rise this year. Linear TV is set to remain larg- growth in 2020, telecoms & utilities is the first cate-
er than OTT – services such as YouTube and Am- gory to record advertising spend above the $100bn
azon Prime Video – for the duration of the forecast mark in a single year (2021). Strong investment in
period, though its share of global ad spend will dip online advertising will help fuel further rises, leav-
below a fifth as broadcaster’s video-on-demand ing the vertical’s total level of spend in 2023 more
(BVOD) services attract incremental dollars. than double the pre-pandemic figure in 2019.

• Out of home: The market recorded a recovery of • Business & industrial: Spend grew by a quarter
21.8% this year, though that was not enough to in 2021 and a further increase of 13.4% to a total
offset the 28.2% decline recorded in 2020 as the of $94.1bn is expected in 2022. Growth from busi-
coronavirus outbreak first brought the world to a ness advertisers in 2023 will be the second-
standstill. The sector’s fortunes are heavily de- quickest rate across all categories, behind tele-
pendent on the possibility of future social re- coms & utilities, and this brings total spend above
strictions in response to emerging variants, though $100bn. The sector includes a substantial amount
currently growth of 13.3% is expected in 2022. of classified advertising within real estate and re-
cruitment – two bellwethers of wider economic
• Cinema: Spend was heavily curtailed in 2020 as health.
cinema chains had to shutter in response to the
outbreak, resulting in a 71.2% fall in advertiser in- • Media & publishing: Advertising investment was
vestment. Spend rebounded strongly this year, largely flat in 2020 but surged in 2021, rising by
buoyed by a new James Bond film, to record a rise 33.4% to take total spend to $83.6bn. Double-digit
of 149.9%. Further growth, of 26.1%, is currently increases in the next two years will push invest-
projected for 2022 but, as with the OOH sector, ment above the $100bn mark by 2023.
this is provisional.
• Retail: A cut of $5.4bn in 2020 will more than be
• Broadcast radio: Investment in broadcast radio recovered this year – investment will rise by 20.0%
ads rose by 8.4% – or $2.5bn – this year and is set before easing to 10.1% growth in 2022. A further
to grow by 3.5% in 2022 and a further 1.5% in increase in 2023 will lift total spend to $89.5bn, by
2023, by when the market will be worth $34.3bn. which point online media will account for more than
Consequently, it is the only legacy medium set to three-fifths of all investment.
record continuous growth over the forecast period.
• Financial services: Mild growth in 2020 coupled
• Newsbrands: Advertising spend on print and with steep cuts to automotive advertising has
online news dipped by 4.0% this year, with an pushed financial services into the top five largest
8.9% rise for online platforms negated by a 7.4% categories. Total spend rose by almost one-third
decline among print titles. These trends are set to this year and this will take total spend to $63.9bn.
continue to 2023, resulting in online platforms ac- Double-digit growth is expected in 2022 and 2023,
counting for 42% of total newsbrand ad revenue, by when investment will be two-thirds higher than
up from a share of 31% today. in 2019.

• Magazine brands: As with the news sector, in- A sample of the full report is available. ◊
vestment gains for online titles were not enough to
stymie print losses. Consequently, the total market By MediaBUZZ

8 December 2021: Customer Journey Analytics