However, in Japan the lifting of travel restrictions, coupled with the government stimulus measures to support the return of travel is expected to lead to a surge in advertising demand. Other positive global spend drivers in 2023 will include events such as the Rugby World Cup 2023 and the FIFA Women’s World Cup 2023.
In addition, a significant proportion of the growth in 2023 will be driven by media price inflation. Latest data from the World Federation of Advertisers report revealed inflation continues to be highest for Linear TV in 2022 driven by continuing demand and declining scheduled TV audiences. Inflation is less for other audiovisual formats such as Connected TV , Broadcaster Video On Demand , Digital Video and traditional media such as Print and Radio, with some exceptions by market and media.
Meanwhile, all the growth drivers are within Digital. Whilst traditional media continue to account for US$261.4billion, this is forecast to increase by just 0.3% in 2022 and decline by -2.0% in 2023.