Predicted Australian advertising revenues have been revised down by independent global agancy Carat. However, the firm forecasts a return to growth after two consecutive years of decline.
Carat predicts growth of 1.5% on 2012 for this year. It had previously forecast 2 per cent growth. The agency currently believes 2014 will return a similar level of growth (1.4%).
TV will still command the biggest share of 2013 spend (28.6%), said Carat, but digital will end the year less than two percentage points behind, at 26.9% market share, should it achieve predicted 16.1% growth. The agency forecast a 27.9% share for newspapers for 2013, which would see it remain the number two medium by spend despite forecast decline in the sector of 7.7%.
Digital video ad spend will grow 20% this year, predicted Carat, with search up 18%. The agency said it expects digital display advertising will see the biggest growth over the next two years.
Globally the biggest growth markets look set to continue to be Latin America followed by central and eastern Europe, Asia Pacific and North America. Western Europe, currently ravaged by the soveriegn debt crisis, could return to growth in even some of the worst hit markets, according to Carat. The UK, despite financial woes, could see growth of 2.7% for 2013 and 4.4% in 2014, according to Carat. That would pull the market up to a forecast growth of 1.8% in 2014.
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