2024 global ad spend will surpass $1 trillion: report

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Global ad spending is predicted to exceed $1 trillion in 2024, according to a report from marketing research firm WARC.

Spend is expected to increase 8.2% next year, the report estimates, while this year it’s set to jump 4.4% to $963 billion.

Alphabet, Meta, Amazon, Alibaba, and TikTok parent ByteDance will pull in 51.9% of all ad spend next year, per WARC’s analysis. Nitin Sinha, head of paid media at ad agency Laundry Service, told Marketing Brew he isn’t surprised that advertising spend could hit $1 trillion next year, especially considering the many advertising options these tech companies offer.

“As you would expect, some of these companies rely so heavily on advertising as their sources of revenue, so they’ve done a good job of optimizing that and giving advertisers a lot of options,” he said, pointing to YouTube’s move into short-form video as an example.

Besides examining total growth, the report broke down expected global ad spend growth by channel. It predicted that social media will experience the fastest growth next year, accounting for a fifth of global ad spend and reaching $227 billion. Meta will likely account for the lion’s share (64%) of spending in this category. Retail media will also boom, rising an expected 10.2% this year and 10.5% in 2024 to reach ~$142 billion, with Amazon accounting for 37% of that category’s spend.

The report also examined global ad spend data by sector, finding that financial services, tech and electronics, and pharmaceutical and health industries will likely experience the fastest growth. In terms of spend by country, the US will bring in about a third of global ad

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