Mobile to drive growth in adspend over next three years
Advertising is set to see the strongest sustained period of growth in ten years, according to ZenithOptimedia - with the principle engine of growth being mobile technology.
According to ZenithOptimedia's new Advertising Expenditure Forecasts, growth in global adspend will rise from 3.6% in 2013 to 5.3% in 2014, coming from the continued steady improvement in Europe and three major events: the Winter Olympics, the football World Cup, and the mid-term elections in the US.
ZenithOptimedia forecasts that the global ad market will accelerate to 5.8% in 2015 and the same in 2016, assuming that the Eurozone's gradual recovery continues and no new crisis occur.
Mobile is currently the main driver of growth. This is the first time in 20 years that a new platform is expanding overall media consumption without cannibalising any other media.
The report predicts that mobile will contribute 36% of all the extra adspend between 2013 and 2016, with TV being the second largest contributor and accounting for 34% of new ad expenditure. Desktop internet is forecast to account for 25%.
Despite sizeable growth, mobile advertising still only accounted for 3.7% of global adspend in 2013. By 2016, however, ZenithOptimedia expects it to account for 7.7% - ahead of radio, magazines and outdoor to become the world's fourth-largest medium.
"Mobile technology is creating new opportunities for marketers to connect with consumers," said Steve King, ZenithOptimedia's CEO, worldwide.
"Combined with the continued rise of young, dynamic markets, this will spur healthy and sustained growth in global adspend over the next three years."