The research shows that advertisers are spending more to reach audiences and that audiences are experiencing more ad pressure as a result, according to Will Swayne, global practice president for media at Dentsu.
“Audiences are receiving an increasing volume of ads, so finding new ways to drive ad effectiveness has never been more important,” Swayne said. “We are seeing an increased focus on planning and buying for attention, over pure reach, as more brands seek to maximize their return on investment and capitalize on the attention economy tools available to them.”
Digital and CTV reigns
Connected TV is expected to see the largest growth in 2024, Dentsu found, doubling year over year to grow 30.8%, as video platforms launch or update their ad offerings.
While digital ad spend is leveling out following the boom of the late 2010s, it will continue to be a main driver of global ad spending growth in the coming years, the report found.
Dentsu anticipates the digital sector will grow 6.5% in 2024 ad revenue to reach $442.6 billion, composing 58.8% of global advertising spend. The 2024 growth prediction is on par with the 6.3% growth the agency holding company observed in 2023, and mid-single-digit growth is expected to continue through 2026, according to Dentsu.