Ad spend will grow by 18% in 2021, according to new forecasts by GroupM.
The overall view of the advertising market is optimism, says Liesa Newland, head of investment intelligence at GroupM.
The 18% growth in media advertising revenue will mean higher levels of demand than in pre pandemic 2019.
"The notable trends driving this result are the expansion of the app ecosystem, increasing consumer adoption of e-commerce, and widespread business transformation initiatives," she says.
"These factors are tangibly causing acceleration in digital media spend (~20%).
"TV network owners are prioritising investments in content delivered on streaming services resulting in faster growth in connected TV+ advertising."
The reforecast is more optiministic than Magna which has lifted its global ad spend forecasts with the Australian market expected to grow 11.4% this year.
GroupM says most of the improvement in global growth reflected in the mid year update belongs to digital media.
"We now forecast 26% growth for all forms of pure-play digital media versus 15% at the time of our December update," says the mid year reforecast.
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