Study Predicts Global Advertising Spend Will Exceed 8% in 2024

Global advertising expenditures are projected to increase by 4.4% this year to a total of $963.5bn and by 8.2% in 2024 to a total of $1.04trn. Within this period, it is anticipated that spending will surpass $1 trillion for the first time.

This year, the majority of African regions will not experience advertising expansion. According to the report, Africa is experiencing a challenging year, with spending expected to decrease by 11.6%, but development should return in 2024, boosted by a 6.1% increase in South Africa next year.

The study was published by World Advertising Research Censer, WARC, a media agency that provides marketers with the insight, intelligence, evidence, expertise, case studies, benchmarks, and direction they need to confidently face any challenge.

According to the report, market development in 2024 will be bolstered by the US Presidential campaign (political spending is expected to reach $15.5bn globally in 2024), sporting events such as the Olympics and Uefa Men’s European Championships, and improved trading conditions – particularly in China.

The data indicates that just five companies — Alibaba, Alphabet, Amazon, Bytedance, and Meta — will account for more than fifty percent (50.7% of global expenditures) this year and will maintain this position in 2024 with a 51.9% share.

This group’s advertising revenue is projected to increase 9.1% this year and 10.7% next year, while the combined advertising revenue of all other media owners will remain unchanged this year. According to projections, social media will be the fastest-growing medium in 2019, with expenditures reaching $227,2 billion, or 21.8% of total expenditures.

Meta, the owner of Instagram, Facebook, and Whatsapp, controls 64.4% of the social media market and is expected to generate $146.3bn in advertising revenue next year. Bytedance, the owner of TikTok, is projected to have a 17.6% share of the market in 2024, with an estimated ad revenue of $39.9bn. This is 3.5 times smaller than Meta.

Regional expenditures indicate that the United States will account for nearly a third (31.3%) of global expenditures, with the US market expected to increase 2.2% to $303.6bn this year and 7.6% to $326.7bn in 2024.