Advertising spend, as defined by media agency bookings, fell 5.3% in May but forward bookings indicate an improvement in the market.
Guideline's SMI (Standard Media Index) forward bookings data shows future bookings at the highest level this year.
The latest ad spend extracted from the SMI payment systems shows that 90.5% of last year’s June ad spend has already been confirmed (excluding Digital) with a week of trading numbers still to come.
"There are definitely strong signs of market improvement,’’ said Guideline SMI APAC managing director Jane Ractliffe.
Outdoor media was the only major media reporting growth in May with total bookings up 1.6%.
Radio also did well in May with total bookings back just 0.7% and cinema also outperformed, down just 0.5%.
Digital ad spend was back 2.3% in May but streaming sector has grown 9.7% (mostly due to growth at SBS on Demand and YouTube) and bookings to social sites are up 3.2%.
Regional TV and regional radio are reporting flat ad spend in June and cinema bookings are up 11% year-on-year.
Ractliffe said the higher demand in regional TV and radio continues this year’s trend of building demand within regional media, with regional radio ad spend up 9.7% and regional press bookings up 29% in May.
"We’ve noticed throughout 2024 growing demand for regional media with regional press being the star performer with double digit growth so far this year while regional radio ad spend is up 0.1% over the same time,’’ she said.
"And in the linear TV world the decline in ad spend is the lowest in regional TV with the total back 6.2% so far this year.’’
Among the key product categories, the growth drivers in May were government (+13%), retail (+5.7%) and automotive brand (+6.7%).
But the market has so far failed to gain the usual end of financial year kick from the insurance category with its ad spend back 6.6%, while communications ad spend is back 20%.
Calendar year-to-date results show the market is back just 2.1% with both the digital (+4.2%) and outdoor (+3.9%) outperforming.
And as the financial year-end draws near, the total market is back just 1.8% from last year’s record total with by far the largest growth being recorded by outdoor (+10.3%).
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