Spending on global advertising is set to rise by an overall 5% this year, with digital fueling the growth, according to new data.
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00:00We've just released our latest ad spend report and what we see is that global advertising spend
00:05for 2024 is going to increase 5% this year. There are a couple of really interesting things within
00:10that. The first is that it's digital ad spend that is driving that growth and so we're going
00:15to see digital ad spend growing at 7.2% and that means that you know we are going to see an
00:20increased amount of shift towards digital which means that digital is now 60% of the total
00:26advertising spend globally. We have a number of clients and we're seeing a lot of advertisers over
00:32this period who have really looked at during the downturn at you know how are they going to drive
00:38growth. I think a number of consumers have taken on a lot of the cost of inflation and the increase
00:44in the pricing of those products but what we're seeing now is that there's been some volume drop
00:49and so now it is all about right how do the advertisers ensure that their brands are
00:54building up market share and volume again. It's all about relevancy today and I think that's the
01:00exciting thing about advertising becoming increasingly digital is it's becoming increasingly
01:05accountable which means that we can really make sure we're being relevant to the consumer and
01:11ensuring that they're reaching getting a right message at the right time at the right place.
01:15Within digital there are real fast currents so where people are spending more and more time so
01:22connected tv, social continues to grow, retail media is really growing fast across Europe and
01:28still within the US marketplace. AI plays a massive role in the future of advertising particularly
01:35as we see that digitalization happening. What we see is that there are a number of the platforms
01:41you know the Microsofts, the Googles, the Metas who are already building really strong AI components
01:47inside of their business that is really enabling us to be much more efficient and effective in the
01:52way that we're targeting to be able to really drive that personalization and there is always
01:56going to be a balance between AI and automation and and people that we can tell them within the
02:01within the creative businesses. It is going to be a balance between the two but what I think is that
02:06right now we've got to lean into AI to make sure that we're understanding the right use cases
02:11for the particular brand for the particular audience that you're trying to reach and in how
02:15we build out campaigns but also the campaigns that we're delivering to make sure that they are
02:20as immersive as possible from an experience standpoint.