[Marketing Week] Bob Koigi: Global ad spending defies pandemic to record historic growth
As the global economy recovers from the devastating impacts of COVID-19, key sectors are bouncing back with numerous reports highlighting that while this will be a recovery year, there are signs that some sectors could record post pandemic growth rates buoyed by increased activity and demand for services.
It is the case with the global advertising sector that is projected to grow to impressive figures.
A June forecast by media investment and intelligence company Magna indicates that global advertising spending will grow by $78bn in 2021 to $657 billion, a new all-time high, following a decline of -2.5% in 2020.
Advertising activity has been fueled by economic recovery benefitting key ad-spending verticals severely hit by COVID-19 last year, for example, automotive, travel, entertainment, restaurants, stronger-than-ever organic drivers to digital marketing, and international sports events including Tokyo Olympics, UEFA Euro.
All 70 ad markets monitored will expand again this year with China (+16%) and the UK (+17%) among the largest increases.
Still on advertising, the first-ever global census of the marketing and advertising industry has now gone live, designed to assess the scale of the diversity challenge facing the profession.
Conducted by the World Federation of Advertisers, the survey will assess where the global advertising and marketing industry is in relation to diversity, equity and inclusion by investigating workforce composition across the industry as well as people’s perception of diversity and inclusion in the workplace, including uniquely their sense of belonging and their perception of progress.
In the partnership front, IRIS.TV, the world’s video data platform, has tapped SpotX, now part of Magnite, the global video advertising platform, to bring industry-standard contextual segments to SpotX’s supply, to enable marketers to target and verify the category of video on all screens.
Consumers are increasingly flocking to connected TV (CTV). CTV has been proven to perform better on every advertising performance metric from unaided awareness to return-on-ad-spend. IRIS.TV enables video-level contextual visibility by connecting media companies’ video data with trusted third-party verification partners and the advertising technology ecosystem in a privacy-first, neutral, and secure way.
Through this collaboration, Nielsen will integrate comprehensive automotive data from Polk Automotive Solutions by IHS Markit into its audience and outcomes measurement solutions.
Leveraging Nielsen offerings, advertisers will have a clearer understanding of today’s auto consumers, empowering them to make more effective, data-driven marketing decisions about engaging with auto audiences.
Audi has chosen Dept as its lead agency for the Dutch market. The main goal of the collaboration is to conquer the heads and hearts of the Netherlands and to put Audi firmly on the market as a premium and progressive brand.
With the introduction of the new all-electric models (e-tron, E-tron GT and Q4 e-tron), Audi aims to become the most premium progressive automotive brand. The first campaign will be rolled out after the summer.
As lead agency, Dept will be responsible for strategic advice, positioning, local campaigns and (digital) activations.
Apple has announced Apple Podcasts Subscriptions, the global marketplace for premium podcast subscriptions, is now available. Listeners in more than 170 countries and regions can purchase subscriptions for individual shows and groups of shows through channels, making it easy to support their favourite creators, enjoy new content, and unlock additional benefits such as ad-free listening and early access, directly on Apple Podcasts.
Elsewhere, Publicis Groupe has announced several leadership appointments within Publicis Media and its iconic agency brands, all designed to further accelerate the strength and momentum of the U.S. business.
On brands and sustainability, Sony Group Corporation and Sony Corporation have developed "Original Blended Material," an environmentally conscious and sustainable paper material made from bamboo, sugar cane fiber and post-consumer recycled paper, whose origins are specified.
Original Blended Material is a recyclable, durable and strong paper material that does not use any plastic. Sony has adopted this material for the packaging of WF-1000XM4 Truly Wireless Noise Canceling Headphones, which is uncolored to take advantage of the various shades of the material. Sony intends to adopt this material for the packaging of further select products.