Magna Global, a media intelligence company, has released the next edition of the U.S. Advertising Forecast report. The analysis shows the difference in ad spend between the first half of 2021 and the same period in 2020. Results show that every part of the advertising ecosystem is growing.
If it comes to digital audio, we see our future in bright colours. Every branch is getting better after COVID-19 but compared to traditional media, digital media are thriving:
“All major industry verticals grew ad spending in the first half, with automotive, finance, restaurants and retail showing the largest growth vs. 2020 (+50% or more). As a result, the advertising revenues of traditional media owners (incl. long-form video, audio, publishing, OOH) grew by +11% year-over-year while pure-play digital ad formats (incl. search, social, short-form video, digital audio) expanded by +49%”.
Audio advertising, including traditional radio broadcasters, pure players, broadcast radio, audio streaming and podcasting, increased by +29% compared to the poor first half of 2020. The digital side of audio achieved an incomparably better result than the combined types: “digital audio pure-play (streaming and podcasting) grew by +51%”.
Magna’s forecast for the upcoming year is equally optimistic:
“In a year that should finally be entirely free of COVID-restrictions, without any remaining supply issues (affecting industries such as auto) or capacity issues (affecting travel, restaurants, theatres and local businesses), economic growth and consumption will remain strong and all industry verticals will finally catch up with pre-COVID levels of ad spend”. We believe that if we go back to the pre-covid situation, it will be a relief for everyone.
If you want to know more, check out the report.
