The global advertising market is projected to reach $989.8 billion in 2024 and surpass $1 trillion by 2025, exceeding previous expectations.
According to the 2024 Global Midyear Advertising Forecast, the increase is attributed to higher digital advertising spend, recovery in key markets like China, and the growing influence of automation and other technologies.
The growth forecast for 2024 has been revised upwards to 7.8%, a jump from the previous estimate of 5.3%.
The United States and China are the main drivers of the industry’s expansion, together contributing over half of the global advertising revenue. In 2024, the U.S. market is forecast to generate $365.9 billion, a 5.8% rise from the previous year.
Meanwhile, China’s revenue is projected to grow to $199.4 billion, surpassing earlier expectations.
These two countries alone will account for an incremental $44.5 billion in 2024, dwarfing the combined growth of $27.5 billion from all other markets. Excluding the contributions of the U.S. and China, global advertising growth for 2024 is estimated at 6.9%.
Digital Advertising
Digital advertising continues to account for an estimated 73% of total revenue by the end of 2024. This trend is expected to continue, with digital platforms —including streaming services and online publications — projected to capture 82% of the market by 2025.
The segment is forecast to grow 12.4% in 2024 and 10% in 2025, far outpacing traditional formats such as print and radio.
While television, including streaming services, is projected to grow at 2.4% on a compound basis through 2029, print advertising is set to decline further, with global revenues expected to drop by 4.5% in 2024 and 3% in 2025. Audio advertising is predicted to remain stagnant over the same period.
Regional Highlights
China is expected to see a 13.5% increase in advertising revenue in 2024, reaching $204.5 billion. This growth is partly attributed to initiatives aimed at boosting consumer confidence and spending.
Meanwhile, the UK, Europe’s largest advertising market, is forecast to grow by 8.3% in 2024, contributing $53.2 billion to global revenues.
Industry Implications
Major digital platforms such as Google, Meta, ByteDance, Amazon, and Alibaba will benefit the most from this growth, collectively capturing more than half of the global advertising revenue.
These platforms have become integral to both small and large advertisers, offering sophisticated tools that target a wide range of marketing needs.
In contrast, traditional advertising agencies face challenges in capturing a good share of this expanding market, as clients increasingly favour digital platforms.
Even with economic uncertainties in developed markets like the U.S. and UK, the global advertising sector shows no signs of slowing, underpinned by innovation and changing consumer behaviours.
Nigerian Perspective
In Nigeria, advertising expenditure has mirrored global trends, with companies ramping up their budgets to enhance brand visibility and customer engagement.
Despite a 35.9% year-on-year growth between 2021 and 2022, spending dipped slightly in 2023 as businesses adopted a more cautious approach due to economic limitations.
