The U.S. advertising market is poised to show remarkable strength, with a projected growth rate of 9.4%, up from 4.5% in 2023, as per analysts at Morgan Stanley.
The shift to digital has been seismic, with roughly 75% of the U.S. ad market now falling into digital channels. One of the key drivers of this performance-based push is retail media, a category that has exploded in recent years alongside the growth of e-commerce.This trend is complemented by the rise of connected TV, which has also seen tremendous growth in the last few years, although the sector is expected to face some deceleration in the second half of 2024 due to tough year-over-year comparisons.
While political ad spending in the latter half of 2024 is expected to provide some support, these sectors are not expected to experience a long-term recovery. Amazon, while still a dominant force in the digital ad market, has faced some challenges with its CTV offering, which has rolled out slower than expected.
This deceleration comes as the market moves beyond favorable comparisons from late 2022 and early 2023. Despite this, late-cycle media like retail and political advertising are expected to pick up the slack, ensuring that overall market performance remains healthy.While business and digital transformation services are vital for brands adapting to today's market, they also create challenges for traditional ad agencies, especially in sectors that focus more on IT services than marketing.
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