In its annual financial filing this year, Best Buy said ad costs “consist primarily of digital advertisements.”
In disclosures from 2019 through 2022, the retailer said ad costs “consist primarily of digital and television advertisements.”
Filings from 2015 through 2018 said ad costs “consist primarily of digital, print and television advertisements." Best Buy previously said ad costs “consist primarily of print and television advertisements.”
Back in 2000, when BestBuy.com launched as a shopping site, the company distributed about 40 million newspaper inserts a week. TV accounted for about one-third of the ad budget.
The evolution of Best Buy as a digital-centric marketer is essentially the evolution of Ad Age’s Leading National Advertisers. TV and print once ruled, but digital media in 2022 grabbed the lion's share of budgets for blue-chip marketers.
The Leading National Advertisers report ranks the 200 biggest U.S. advertisers, 200 most-advertised brands, top advertisers by medium and market leaders by category.
Ad Age’s report found solid growth for advertising, driven by growth at internet companies.
Ad forecasters expect spending to grow in 2023 and 2024, but budgets could come under pressure amid looming signs of a recession.