1、2022GLOBAL END-OF-YEARFORECASTDECEMBER 2022A Report From GroupM,WPPs Media Investment GroupDECEMBER 2022 THIS YEAR NEXT YEAR IGLOBAL END-OF-YEAR FORECAST2INTRODUCTIONUNCERTAIN TIMES2023 OUTLOOKMAIN STREAMTOP 10 MARKET DATAGLOBAL SUMMARY DATA TABLE030613142132MEDIA TRENDS16CONTACT33INTRODUCTION3ADVER

2、TISINGHAS PERHAPSNEVER BEEN MORE TOP-OF-MINDOR MORE INTHE PUBLIC EYE THAN IT HASBEEN IN THE LASTSIX MONTHS.Not only due to the recent wall-to-wall news coverage of the critical role it plays inunderpinning the business of social media,but also because in a world beset byeconomic uncertainty,advertis

3、ing has been thrust into the spotlight as a sort ofbellwether for Big Tech and retail commerce.Held up to that light,the message is notaltogether negative.We now believe that global advertising growth for 2022 will be6.5%,excluding U.S.political advertising(what we call“underlying growth”).This islo

4、wer than our June forecast when we estimated 8.4%growth;however,this isprimarily the effect of lowered China expectations.Ex-China,growth is forecast at 8.1%for 2022.At the midpoint of 2022 it was difficult to gauge whether the earlysigns of economic slowdown would result in more mild or severe impa

5、cts toconsumer spending,global supply chains and,ultimately,advertising revenue.Clearly,inflation has proved more intractable,as has the war in Ukraine.Andyet,only half of the 62 markets we track downgraded their growth forecast for 2022.One-third,21 markets,upgraded their expectations,and 10 market

6、s made no changefrom the June forecasts.Its also important to note that,when comparing lastDecembers forecast to this Decembers,the U.S.dollar has appreciated considerablythroughout 2022,which incrementally skews growth downward due to the higherweight of the U.S.advertising market and brings down t

7、he overall size of the globalindustry,at least when denominated in U.S.dollars.DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I INTRODUCTION4Notably,only two of the 62 markets we track are forecasting negativegrowth in nominal terms(that is,without adjusting for inflation)in2022.A majo

8、rity of markets,35,are forecasting growth,albeit belowthe average global rate of inflation this year,which is 8.8%per theInternational Monetary Fund(IMF)October 2022 World EconomicOutlook.The other 25 markets are projecting growth above globalinflation,and while some still fall below inflation level

9、s in their owncountry(e.g.,Argentina and Turkey),16 markets are outpacing levelsof inflation at home,including Australia,Brazil,India,Kenya,Malaysia,Mexico,South Africa and South Korea.Looking at next year,when the IMF expects global inflation to dropto 6.5%,we see a similar trend with 26 markets pr

10、edicting advertisinggrowth above average global inflation,32 markets forecasting nominalgrowth below the rate of inflation,and just four markets predictingnominaldecline(Austria,Italy,NewZealandandSpain).Ourglobal forecast calls for growth of 5.9%in 2023.DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-O

11、F-YEAR FORECAST I INTRODUCTION55LARGE DECLINES APPEAR LIMITED TOSELECT CHANNELS IN SELECT MARKETS.For example,Germany,France and the U.K.all downgraded 2022 TV growth from positivein our June forecast to negative in our end-of-year forecast.These markets are expected to facesteep energy cost increas

12、es and shortages inlight of the war in Ukraine.Chinas out-of-home(OOH)figure for 2022 is set to decline more than34.3%after the countrys zero-COVID policyhas led to numerous restrictive lockdownsacross the country.INTRODUCTION THE STATE OF RETAIL MARKET GROWTH GEOGRAPHIC TRENDSUNEMPLOYMENT REMAINS L

13、OW ANDNEW BUSINESS CREATION REMAINS A SOURCE OF GROWTH.People,broadly,are able to find jobs,and new business creation,while falling in the most recent period in some markets,has been robust.These new businesses are likely advertisingat higher levels than the businesses they have replaced in the econ

14、omy.1234LARGE ADVERTISERS ARE CAUTIOUS BUT RECORDING REVENUE GAINS.For the most part,we have heard executives at some of the largest global advertisers voice concern about inflation and cost of living crises,but revenue has remained relatively resilient as companies pass on added costs to consumers

15、and sales continue to hold up.DIGITAL,BOTH PURE-PLAY DIGITAL PLATFORMS AND DIGITAL EXTENSIONSOF TRADITIONAL MEDIA,CONTINUESTO GROW.And despite recent headlines warning of aBig Tech bust and digital advertising slump,we expect both forms of digital advertisingto grow double digits in 2022,ex-China.DE

16、CEMBER 2022 THIS YEAR NEXT YEAR IGLOBAL END-OF-YEAR FORECASTTHERE ARE SEVERAL DRIVERS POINTINGTO CAUTIOUS OPTIMISM:MACROECONOMIC BACKDROPUNCERTAINTIMESThe uncertainty and lackof easy precedents in the current macroeconomic environment are posing significant challenges for companies that,like people,

17、dont tend to enjoy ambiguity.Unlike the global financial crisis of 2007 to 2009 or theoil embargo recession of the early 1970s,which were both marked by high inflation and high unemployment in many nations,one must ventureback to the 1940s and 50s to find a plausible analogfor our current economic m

18、alaise.While no comparisonis perfect,it can be illustrative to look at two post-war recessions in the U.S.when assessing the current environment.As the worlds largest economy and hometo many of the worlds largest advertisers and ad sellers,these U.S.examples providea useful,if limited,read.62 BLS an

19、d NBER1 BLSDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I UNCERTAIN TIMESDuring these periods after World War II and the Korean War,the U.S.economy was in a state of transition weaning off the government-driven industrial production and stimulus money that flowed into the market.Pric

20、es in the U.S.increased 15%in the first half of 19461alone as war-time price controls were lifted,returning soldiers drove up demand and global shortages of goods restricted supply.Sound familiar?Notably in 1946 the unemployment rate never rose above 5%,and the average for 1953(following theKorean W

21、ar)was 2.9%,eventually peaking at 6.1%in Septemberof 19542after the recession ended.These were also fairly mild recessions,with U.S.GDP declining 1.1%in 1947 and 0.6%in 1954,according to the Bureau of Economic Analysis.One could make the argument that we are in a global post-COVID-19“war”period mark

22、ed by the after-effects of government fiscal policy and major supply chain disruptions,and not in a dot-com bubble type recession.Thats why we are not seeing the universal downturn not yet anyway of 2008 or even 2001,despite most companies reminding us that they are proceeding with an abundance of c

23、aution.It should be noted that 2022 is also marked by a real and continuing war in Europe.Individual markets in the region are facing more challenging trends through the end of this year andinto next with no end in sight.Almost universally(outside of China and Japan),inflation has soared over the pa

24、st year.The latest headline figure for the U.K.(as of October)is 11.1%,measured as year-over-year change.3In Latvia,Lithuania and Estonia,the figure topped 20%in October.4In the U.S.,inflation growth has moderated following steep successive interest rate hikesby the U.S.Federal Reserve,and the lates

25、t October print of 7.7%was lower than expectations.5Persistent inflation is expected to pose a continued headwind for consumers and manufacturers through at least the middle of 2023.Consensus estimates for inflation aggregated by financial data provider Refinitiv do point to significant improvements

26、by the end of 2023,albeit still above central bank targets in markets like the U.S.,U.K.and Germany.7Decelerating inflation over the next several months could mean sustained consumer spending and the avoidance of an advertising recession,arriving none too soon as the higher household savings we ment

27、ioned in our June forecast,which eased early inflation pressures at the end of 2021,have now largely evaporated.In the Eurozone,the household savings rate for the second quarter of this year dropped to pre-pandemic levels and,in the U.S.,the September savings rate of 3.1%is the lowest its been since

28、 April of 2008(other than June of this year when the rate dipped to 3%before rebounding temporarily)6.Australias household savings rate for the second quarter of this year fell to 8.7%from 11.1%in the same period of 2021.7South Koreas household savings rate(or surplus rate)was 34%in the second quart

29、er of this year,down from the first quarter,but up from 28%a year ago.8As mentioned above,this spate of high inflation hasnt come with universally high unemployment,and mixed wage gains add to the ambiguity around what sort of recession may or may not be at hand.In October,theIMF forecast Chinas GDP

30、 growth at 3.2%for 2022,the second lowest level since 1977.This likely has moreto do with the governments restrictive zero-COVID policy and associated lockdowns than typical recession drivers like unemployment,which stood at 5.4%in July(albeit with a record-high figure for youth employmentof 19.9%,a

31、ccording to the National Bureau of Statistics).In the U.S.,recent wage gains reversed.October data showed a year-over-year decline of 3.7%in real average weekly earnings,but this is coming at the end of a decade-long period where the lowest earners saw wage growth often ahead of inflation.The labor

32、market has remained strikingly robust despite interest rate increases,with unemployment in the U.S.standing at 3.7%as of October.9SOME THINGS ARE7 ABS8 Kostat6 U.S.Federal ReserveUnemployment RateUNIVERSALDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I UNCERTAIN TIMES4 Statistics Lith

33、uania,Nov.2022Official Statistics of Latvia,Nov.2022Statistics Estonia,Nov.20223 U.K.ONS,Nov.20225 U.S.BLS,Nov.20229 U.S.BLS,Nov.2022HOUSEHOLD SAVINGS SUPPORTUNEMPLOYMENT REMAINS LOWPersistent inflation is expected to pose a continued headwindfor consumers and manufacturers through at least the midd

34、le of2023.Consensus estimates for inflation aggregatedby financial data provider Refinitiv do point to significant improvementsby the end of 2023,albeitstill above central bank targets in markets likethe U.S.,U.K.and Germany.DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I UNCERTAIN TI

35、MES89WORKFORCEREDUCTIONSDECELERATION ORWe are projecting nominal(or non-inflation adjusted)global advertising revenue growth in 2022 of 6.5%,a significant deceleration from the 24.4%growth observed last year anda downgrade from our June forecast of 8.4%growth.The difference between our current estim

36、ates and the June forecast can primarily be explained by changed expectationsfor China,which has gone from 3.3%growth to 0.6%decline,and for the U.S.,where we now predict 7.1%growth(excluding political advertising)versus 10.1%in June.These two markets will make up 55.5%of all advertising revenue in

37、2022,and lowered expectations therefore impact global totals.Of the other top 10 tracked markets,five will grow ahead of inflation(Australia,Brazil,France,India and Japan),while four will grow slightly behind country-level headline inflation(the U.K.,U.S.,Canada and Germany).In addition to China,onl

38、y Sri Lanka,where a cost-of-living crisis persists after mass protests led to the presidents resignation in July,is expected to record a nominal decline.DECLINE?3.3%-0.6%10.1%7.1%JUNE 2022DEC 2022DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I UNCERTAIN TIMESThe decline in unemploymen

39、t rates doesnt mean there havent been workforce reductions.Throughout the second half of 2022,there have been hiring freezes and layoffs reported at a number of advertising companies,and while,in the case of Twitter,the scale of the layoffs may have a detrimental impact on the platforms ability to s

40、ervice its customers,for the most part these labor market contractions are neither surprising nor a direct read-through to the state of advertising itself.Mark Zuckerberg,CEO of Meta,said it himself in a letter regarding the recent layoffs.He had expected the consumer behavior and business condition

41、s of the pandemic era to continue and hiring at the social media network rampedup to support that over the last 12 months.Combined,Meta,Google and Amazon grew advertising revenue by 39%in 2021 on a constant currency basis,and the tide lifted TV as well,which reversed six years of flat or declining r

42、evenues to grow 13%in the year.But as government stimulus funds have dried up and as people returned to spending on traveling and dining out,rather than gaming and eating at home,the advertising growth accompanying those pandemic conditions has decelerated and resulted in operating and capital expen

43、ditures that have grownmore quickly than revenue in 2022.Hence,layoffs.Broader layoffs and hiring freezes can also be seen as a sign thatcentral bank monetary tightening efforts,i.e.,interest rate increases,are having the intended effect:As the cost of capital goes up,corporate investment slows,cool

44、ing demand and the economy at large(or so the thinking goes).10CHINESE COMPANIES ADVERTISING OVERSEASWe believe another secular driver of growth has been the rise and disproportionate advertising spending of digital endemics,defined as companies whose business is primarily online.For our purposes we

45、 include Amazon in this definition,despite the increasingly physical presence they occupy.Other digital endemics include online travel booking,dating,sports betting,ride hailing and fintech companies.These companies tend to be higher intensity advertisers that is they spend more on marketing and adv

46、ertising than the businesses they have replaced in their sectors,sometimes pouring upwards of 50%of revenue into sales and marketing activities.DIGITAL ENDEMICSIt can be useful,given the significant up-and-down swingsof the last two years,to look at advertising growth on athree-year compounded basis

47、,essentially smoothing outthe volatility of the pandemic.And despite headlines portending the doom of Big Tech and advertising,we estimate the three-year compound annual growth rate(CAGR)for total advertising at 8.8%for 2019-2022,practically identical to the 8.7%rate for the previous three years(201

48、62019).That said,of the three major secular drivers of advertising growth we discussed in our June forecast(Chinese advertisers,digital endemics and new business formation),two are currently under some duress.DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I UNCERTAIN TIMESWe have noted

49、 the often overlooked and hard to quantify impact of Chinese companies advertising overseas.For thelast six years,Meta has listed China as one of the top sources of revenue,despite the social network not having any users within China.Amazon and Walmart have also been beneficiaries of Chinese manufac

50、turers selling goods on international e-commerce platforms.The extent to which Chinese advertisers will continue to fuel advertising revenue growth overand above global GDP growth likely depends on two factors:the domestic market(how well consumer spending holdsup through ongoing COVID-19 lockdowns

51、and a housing market slump)and the extent to which the Chinese government continues to levy fines and impose regulations on internet giants like Alibaba,Baidu,Tencent and Bytedance.If the domestic market slows,but so do government scrutiny and fines for Chinese advertisers,then we may expect more gr

52、owth in overseas advertising(assuming ports and factories remain able to produce and transport goods).If domestic demand picks up and companies are incentivized to focus nationally rather than internationally,or if continuedCOVID-19 lockdowns persist into next year,we are unlikely to see growth at t

53、he same pace of the last six years.Digital Endemic Sub-Segments(Sales&Marketing Expense Growth)Digital endemics could afford this“grow at all costs”mindset while the cost of capital was cheap,but as central banks globally have raised interest rates this year,venture capital funded companies and newl

54、y public companies have had to become more conservative,and we have seen a significant deceleration in sales and marketing expenses across this category.There is also an element of maturation among this group that has likely led to deceleration in advertising growth.Digital endemic advertisers(exclu

55、ding the travel and sports betting companies that have maintained sales and marketing budget growth this year)will have almost certainly been missed by those publishers reporting softer advertising revenue or advertiser pullback.Meta mentioned early in the year that e-commerce was their largest sect

56、or,and retaildigital endemics recorded year-over-year declines in salesand marketing expense from the third quarter of 2021 through the second quarter of 2022.DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I UNCERTAIN TIMES1112Newly formed businesses,which we believe are a third key dr

57、iver ofadvertising spending,have proven to continue to be remarkably resilient.In the U.S.,the number of new businesses formed through the first nine months of 2022,while down from pandemic-era highs,was still 45%higherthan pre-pandemic levels.In the European Union,new business registrationswere als

58、o up 3.5%in the first nine months of 2022 versus the same period in 2019.10However,in the U.K.,we note that new business births are now behind levels seen in2019 and business deaths have increased,pointing to the weaker economic climate there.11NEW BUSINESSFORMATIONU.S.Quarterly Business Application

59、s(Non-Seasonally Adjusted)DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I UNCERTAIN TIMES10 Eurostat,November 202211 ONS,November 2022DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I 2023 OUTLOOKWe now expect global advertising to grow 5.9%in 2023,behind the IMFs expecta

60、tion for global inflation of 6.5%and a downgrade from our 6.4%June estimate.Of the largest markets responsible for the majority of growth in the previous two years,the economic outlook is decidedly mixed.In the U.K.,GDP is currently forecast to decline 0.6%in 2023,while estimates for inflation remai

61、n above Bank of England targets at 6.5%.In China,estimates place GDP growth at 5.0%(an improvement over 2022s expected 3.1%growth).In the U.S.,the likelihood of a recession fell to 54%in mid-November,down from an October high of 64%.12Barring an escalation of the war in Ukraine or another COVID-19-s

62、ized global disaster,we expect growth to climb mildly in 2024 to 6.2%before returning to a trend of decelerating mid-single-digit growth through 2027.12Consensus estimates aggregated by RefinitivWe now expect global advertisingto growGlobal Advertising Growth(%)5.9%in 2023.132023 OUTLOOK14Television

63、 has historically been the first consideration on any large advertisers marketing plan due to its unmatched ability to drive reach.Brand builders have used TV to drive awareness and get their message in front of new potential customers who are incremental to loyal buyers.And because of the(relativel

64、y)high production cost of creating TV ads,it has meant that:To answer these questions,we can turn first to China where linear TV saw average reach for all day parts fallto 46%in 2021,13severely limiting its ability to fulfill the reach-based goals of marketers.The solution for many marketers in the

65、near term is mixed reach activating and measuring campaigns across not only linear and connected TV but also online video and OOH video inventory.How did it get to this point?In the last five to 10 years,as the quality of linear TV content diminished and as TV ad load limitations and new subscriptio

66、n-based streaming services limited available inventory,brands struggled to reach audiences in the medium.The need to appear next to professional content faded and marketers embraced social commerce sites offering millions of potential brand ambassadors all creating short-form video.With production c

67、osts reduced in the switch to short-form content,the door was open to advertisers of all sizes,including the“store brands”of the platforms themselves.And as campaigns fragmented across numerous creators incentivized to drive sales,anthemic brand messages gave way to performance-based personalization

68、.This characterization,simplified as it is,has implications for markets worldwide.We estimate that the vast majority of advertising in China has a performance,rather than a brand-building goal,habituating many marketers in China to the closed loop measurement found on social commerce sites like Pind

69、uoduo.In tracking metrics such as likes,reposts and direct sales,marketers have found a partial substitute for reach and frequency,long relied on as leading indicators of sales.But what happens if it becomes impossible to reach a majority of the population inany given market with television-based ca

70、mpaigns?Or if content production is democratized and atomized to the extent that performance campaigns vastly outnumber brand campaigns and short-form amateur video creators replace TVs cultural touchstones?LARGE BRANDS WITH BIGBUDGETS ACCOUNT FOR MOST TV ADVERTISING,As the quality of linear TV cont

71、ent diminished.brands preferences to appear next to professional content faded.”MARKETERS GENERALLY PREFER TO APPEAR NEXT TO HIGH QUALITY(PROFESSIONALLY-PRODUCED)CONTENT AS THEY SEEK TO BORROW THE BRAND EQUITY OF CONTENT TO BUILD THEIR OWN BRANDS,ANDTV CAMPAIGNS HAVE A SUFFICIENTLY BROAD MESSAGE TO

72、APPEAL TO ANY NUMBER OF POTENTIAL CUSTOMERS INA ONE-TO-MANY APPROACH.321DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I MAIN STREAM13 CSM ResearchMAIN STREAM15As time spent and advertiser dollars move to social networks and short-form video platforms in addition to connected TV,the co

73、ntent experience will be driven increasingly by algorithms and/or ones personal network,resulting in the atomizationof media.Pay TV Penetration(United States)By 2025,all pay TV providers combined will reach fewerthanthe homes in the U.S.”12/Traditional TV reach is declining in most markets,especiall

74、y among younger audiences,and some clients are already budgeting for TV alongside connected TV and,in some cases,YouTube.This will not be the case in every market today in some countries free-to-air TV is better able to satisfy reach goals than in others.But it seems reasonable to assumethat if ther

75、e is a relationship between share of spendingon content and share of viewing,that those reach and frequency goals will continue to fall off everywhere.Thiswill be especially true in markets where a majority of the audience is accessing content via ad-free or ad-light subscription services.Just how p

76、ervasive these subscription services become will depend on that share of spending on content mentioned above.While we note that Amazon,Comcast,Disney,Netflix,Paramount and Warner Bros.Discovery each spent upwards of$12 billion in 2021 on content,the current economic environment has resulted in some

77、additional focus on profitability in the near term,which could constrain content spending growth on streaming services.Hence it is unclear how the pace of streaming content investment will continue,but we do believe it will continue to grow over time.DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YE

78、AR FORECAST I MAIN STREAMIt is not hard to see the pattern beginning to form in other marketsas well.In the U.S.,in the closing months of 2022,streaming providers have claimed virtually all the most-watched TV programs other than live sports,which is still dominatedby linear networks and cable chann

79、els.But as Apple,Amazon and othernon-traditional players enter the market for sports rights,even thislast bastion of linear viewership wont be guaranteed.Sports alone certainly havent been enough tostem the losses of video customers from cable and satellite providers.We estimate that pay TV penetrat

80、ion,including multichannel videoprogramming distributors(MVPDs)and virtual MVPDs(vMVPDs)willfall below 50%of U.S.TV households in 2025.16DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I MEDIA TRENDSIn our June forecast,we downgraded our global advertising growth estimate from the Decem

81、ber 2021 figure of 9.7%to 8.4%a change primarily driven by deceleration in China,which made up 20%of total advertising revenue in 2021.Expectations for China have now deteriorated again,from our June market estimate of 3.3%advertising growth to an expected contraction of 0.6%this year.This,along wit

82、h pockets of reduced expectations in markets like the U.S.,put our current estimate at 6.5%global growth in 2022,decelerating in 2023 to a 5.9%increase,albeit with stronger gains in connected TV,retail media and some fast-growing markets like India.Advertisingis expectedto expand5.9%in 2023with stro

83、nger gains in CTV,retail mediaand fast-growing markets likeIndia.”MEDIA TRENDS17DIGITALDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I MEDIA TRENDSGlobal pure-play digital advertising is now forecast to grow by 9.3%in 2022,lower than our June forecast of 11.5%.This growth comes off th

84、e back of 31.9%growth in 2021 and brings the overall share of digital advertising(not including spending by advertisers on digital extensions of traditional media)to 67%of the industry total this year.We expect that share to rise to 73%by 2027.Retail media,one of the fastest growing segments of the

85、advertising industry,is now estimated to reach$110.7 billion dollars in 2022,an upgrade from our September forecast of$101 billion.This channel has likely been a beneficiary of shifts in offline to online retail advertising as well as budget from other media owners to retail media networks(note the

86、advertising revenue outperformance of some retail players such as Amazon in the third quarter of 2022 versus declines at some less commerce-focused platforms).But shifts alone are likely not enough to explain the growth of this medium,where we see two sources of current and future incremental growth

87、 within individual markets:spending from overseas merchants,notably China,and new,non-retail-endemic advertisers adding retail media either through direct buys or via existing programmatic vendors as an audience buy.Outside of retail media,we expect digital revenue including search,video and display

88、 to decelerate from double-digit growth to mid-single-digit growth over the next five years as the channel reaches maturity in more markets.TikTok(as measured independently from parent company Bytedance in China)is likely to roughly double revenue in 2022.This has likely been another driver of the a

89、dvertising deceleration or“pullback”noted at Meta and Snap(e.g.)over and above macroeconomic factors given that we see less deceleration across other digital platforms where TikTok would bea less obvious alternative(such as Microsoft).However,it is important to note that government scrutiny within I

90、ndia(where TikTok remains banned),as well as the U.K.,U.S.and European Union is intensifying as the company makesclear,or is not able to deny,that TikTok employees in China have access to data from the accounts of citizens in those markets.Marketers may choose to view the platform as a goodway to re

91、ach younger audiences who are becoming increasingly difficult to target via linear TV,with the caveat that longerterm strategies or investments come with increased risk of the platform being banned in additional markets.18DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I MEDIA TRENDSTwi

92、tter,too,remains an open question for many marketers because of the erratic product updates at the company and mercurial nature of new owner Elon Musk,who told staffers that bankruptcy is a possibility,as reported by Bloomberg.Despite its outsize role in certain news,political and media spheres,the

93、platform represented just 1.2%of all global digital ad revenue ex-China in 2021.Its size means Twitter is not a must-buy for the majority of advertisers,and while any spend coming out of the platform in the last three months of this year may not be reinvested due to macroeconomic concerns,TikTok,Red

94、dit,Pinterest and others may benefit in 2023 as long as scale and product offerings ramp up to support advertiser needs.What may be less easily replicated on other channels is the organic nature in which brands use Twitter to engage with audiences on a mass-reach platform.Television continues its re

95、covery to pre-pandemic levels,albeit more slowly in 2022,with an expected global growth rate of 1.7%(excluding U.S.political advertising).We expect growth to remain between 1%-3%over the next five years as connected TV grows double-digits,narrowly offsetting declines in linear TV in markets includin

96、g much of Western Europe,the U.S.,China,Malaysia,Taiwan,Singapore and most of Latin America,excluding Brazil.Its plausible that in 2021,connected TV inventory drove incremental growth from new TV advertisers.As we now move past the boom year of 2021,we expect the vast majority of connected TV growth

97、 to come from shifting shares of existing TV budgets.We do not expect the launch of ad-supported tiers from Disney and Netflix to be a significant factor in 2022.Ongoing declines in traditional TV viewership paired with increasing levels of cord-cutting continue to compromise the utility of the medi

98、um that marketers historically relied on to reach broad audiences with their campaigns.YouTube and,perhaps increasingly,short-form video platforms may offer marketers a plausible addition for video-based campaigns,especially for those less concerned with borrowingthe brand equity of the content wher

99、e their ads run.For others,media that have historically been used for local campaigns in a given market(e.g.,OOH or audio)may offer opportunities for broad reach alongside live sports and other tentpole moments.TVGrowth in global OOH this year will amount to 2.2%globally(excluding U.S.political spen

100、ding),or 18.1%on an ex-China basis.China,the largest OOH market for the last six years,has faced numerous city-wide lockdowns this year as a result of the governments zero-COVID strategy,limiting the potential reach of outdoor advertising.Growth in China is projected to return in 2024,however the ch

101、annel is not projected to regain pre-pandemic levels within the next five years.Globally,OOH will surpass 2019 levels in 2024,with some markets like Brazil,Australia,France and the U.S.already above 2019 levels in 2022.Digital OOH,despite making up a smaller share of the inventory in most markets,no

102、w represents 30%-40%of revenue at OOH companies like JCDecaux and Clear Channel Outdoor.OUT OF HOME(OOH)19DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I MEDIA TRENDSAfter a brief respite in 2021,traditional print continues its decline of 7.4%in 2022.Print-based media will decline by

103、3.7%when including digital extensions,which are forecast to make up nearly half of total revenue this year and more than three-quarters of revenue by 2026.Continuing its current path of low single-digit decline over the next five years,print revenue will fall to near parity with OOH in the year 2027

104、.That said,there is recognition among many in the industry that support of responsible journalism remains an intrinsic function of advertising,especially in an era of misinformation across social networks.Publishers,for their part,are diversifying their offerings and revenue streams with the additio

105、n of podcasts,affiliate programs and improved audience matching capabilities.PRINT20Audio is projected to grow 3.8%globally in 2022(excludingU.S.political advertising)and decelerate to 1.3%growth in 2023.Digital audio now represents nearly a quarter of total audio advertising revenue and is forecast

106、 to grow by double-digits in both 2022 and 2023.This growth will roughly offset the decline of terrestrial radio through 2027.Podcasts,while generating interest and experimentation among publishers and marketers,remains difficult to measure effectively which may constrain future growth.AUDIOLast,but

107、 certainly not least,as its six-and-a-half times the sizeof cinema advertising this year,we look at the impact of political advertising.In 2022,we estimate that U.S.political advertising will add$12.6 billion dollars to the overall industry($13.6 billion including direct mail).This total,for a mid-t

108、erm year,is only$500 million or so behind the figure for the 2020 presidential election year,and up an astonishing 90%over the previous mid-term elections in 2018.Local channels including TV,OOH and audio are large beneficiaries.Digital,and increasingly connected TV,are also finding political to be

109、an important source of revenue,especially with younger candidates and issue spending(as opposed to campaign spending).POLITICAL ADVERTISINGDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I MEDIA TRENDSof total audio advertising revenue and is growing much faster than the channel asa who

110、le.”14/90%over the previous mid-term elections in 2018.”U.S.political advertising.is up an astonishing2027Print revenue will fall to near parity with OOH in Digital audio now represents nearly a.”21TOP 10 MARKET DATADECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECAST I TOP 10 MARKET DATA22U

111、NITED STATES2022 CHANNEL SHAREOOH has enjoyed robust growth and will surpass 2019 revenue levels in 2022.Further growth is likely to hinge on OOH providers ability to digitize not just their inventory but also their operations and to align offerings with marketers that,we believe,are increasingly or

112、iented nationally rather than locally.Audio,newspapers and magazines combined will account for just 11.2%of all U.S.advertising revenue in 2022.Declines in terrestrial audio will be offset in 2022 by gains in digital audio,which is likely to represent a third of the total medium.Print,including news

113、papers and magazines,will see declines despite single-digit digital growth.Magazine sellers have been hit hard this year with increased paper costs due to a paper mill strike in Finland during the first half of the year as well as increases in postal rates.Some magazine companies have sought premium

114、ization increasing paper size and/or weight alongside higher rates for subscriptions and advertising.U.S.Advertising Revenue Growth vs Global GrowthThe U.S.economy has proved fairly resilient,walking the line between incurring enough“pain”to appease the Federal Reserve in their quest to curb inflati

115、on,but not tipping into a recession.TV and digital advertising make up the vast majority of U.S.ad revenue.Advertising on pure-play digital platforms,despite decelerating growth in 2022,continues to increase its share and will account for two-thirds of total ad revenue within the next two years.Reta

116、il media is the fastest growing component of digital and is expected to reach$33 billion in 2022.Currently we expect connected TV to grow double-digits over the next four years and make up nearly a third of all TV advertising revenue by 2027.We expect connected TV to make up nearly a third of all TV

117、 advertisingby 2027.”Ex-Political AdvertisingEx-Political Advertising$305.02022YOY GROWTH7.1%BILLION IN REVENUEIN 2022Source:GroupMDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECASTI TOP 10 MARKET DATAUNITED STATES23CHINAChina has seen far greater economic impactfrom the COVID-19 pandemic

118、in 2022 than was expected at the outset of the year.This acted asa drag on consumption and ultimately led to our lowered forecast of-0.6%growth of advertising revenue in 2022.With the 20th CPC national congress complete,China seeks a path out of COVID-19s shadow and its own new normal.More policies

119、aimed at boosting the economyare expected going forward and ad revenue growth will rise to 6.3%in 2023.Chinas advertising industry is dominated by the internet.Digital was nearly 90%of total revenue in 2022,and the channel still recorded growthin line with inflation this year.Going forward,the doubl

120、e-digit growth seen over the past two decades will be difficult to regain as internet penetration and time spent plateau.2022YOY GROWTH-0.6%BILLION IN REVENUEIN 2022$137.82022 CHANNEL SHAREAdding to the calculus for key platforms such as Alibaba,Bytedance and Tencent are tacit agreements reached wit

121、h the government this year following a series of anti-monopoly campaigns launched by the governmentin late 2020 aimed at these and other internet giants.Those restrictions were relaxed midway through 2022as the digital platforms demonstrated cooperation with the government and realigned business exp

122、ansion strategies.Over the next five to 10 years,growth will be driven by e-commerce as well as international expansion.OOH,hit by COVID-19-related lockdowns again and again,is experiencing its darkest hour as revenue this year is just above 2015 levels.The decline is expectedto end in 2023 before t

123、he channel returns to growth in 2024.Other traditional media,such as TV,radio and print,face further audience erosion and a continued shift to digital content.Without any major events in 2023,they will all see revenue contract,unable to sustaintheir current share of spend.China Advertising Revenue G

124、rowth vs APAC Regional GrowthPolicies aimed at boosting the economy are expected going forward and ad revenue growth will rise to 6.3%in 2023.Source:GroupMDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECASTI TOP 10 MARKET DATACHINA24JAPANWhile Japan faces similar geopolitical pressuresto ot

125、her parts of the world,inflation and interest rates remain low with inflation rates of 3.7%and negative interest rates of-0.1%(as of October 2022).With signs of the global economy slowing down and becoming more uncertain,broader headwinds are impacting Japans recovery from the pandemic as the Q3 202

126、2 figures show a 1.2%decline in real GDP growth relative to last year.Although the economy benefits from strong export growth and government support on consumer spending,a weaker currency,declining real wage growth and widening trade deficit amid global headwinds appear to be producing a dragon grow

127、th.2022 CHANNEL SHAREFor 2022,we estimate Japanese advertising revenue will grow 7%,with that figure decelerating to 4.4%in 2023.This growth is led by pure-play digital advertising,which accounts for the largest share(57.9%)in 2022 and is expected to continue rising above pre-pandemic levels.TV adve

128、rtising,representing the second largest share at 27.9%,is expected to grow 1.6%this year,driven by strong double-digit growth in connected TV post-pandemic.Japan Advertising Revenue Growth vs APAC Regional GrowthFor 2022,we estimate Japanese advertising revenue will grow 7.0%,with that figure decele

129、rating to 4.4%in 2023.2022YOY GROWTH7.0%BILLION IN REVENUEIN 2022$48.7Source:GroupMDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECASTI TOP 10 MARKET DATAJAPAN25UNITED KINGDOMDespite attempts to distance itself from the rest of the continent,the economic situation in the U.K.,at present def

130、ined by sticky high inflation of 11.1%and fears of a prolonged recession,has hinged in no small part on the countrys vicinity to the war in Ukraine,a common European energy market and ongoing labor and trade challenges post-Brexit.After a tumultuous summer that saw the transitionto a new British mon

131、arch and two new prime ministers,the U.K.has regained some of its footing with the pound increasing against the dollar from its low at the end of September,and full year 2022 GDP growth is estimated to reach 3.5%.Our forecast for advertising revenue growth in 2022 is 8.9%,withthat figure deceleratin

132、g to 5%in 2023.2022 CHANNEL SHAREDigital pure-play platforms,a medium set to account for 80%of total ad revenue this year will grow 11%,outpaced by retail media(a subset of digital),which we forecast will reach 6.5bn by 2027.TV remains a distant second to digital in the U.K.and,despite the ongoing d

133、ouble-digit year-over-year growth of streaming ad-supported video,is expected to remain broadly flat over the next five years.The World Cup in November and December will not be enough to offset losses in TV share and viewing this year.OOH continues its post-pandemic recovery with 30.4%growth in 2022

134、 and will surpass 2019 levels in 2024.Radio will rise above pre-pandemic levels in 2022.Newspapers and magazines by contrast are maintaining their decline,estimated at-4.3%in 2022 and-9.1%in 2023.U.K.Advertising Revenue Growth vsEurope&Central Asia Regional GrowthWe expect growth in the second halfo

135、f this year to weaken as we overlap particularly tough 2021 comparables.2022YOY GROWTH8.9%BILLION IN REVENUEIN 2022$46.7Source:GroupMDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECASTI TOP 10 MARKET DATAUNITED KINGDOM26GERMANY2022 CHANNEL SHAREThe IMF estimates real GDP growth of 1.5%inGer

136、many in 2022(as of November),followed by a contraction of 1%in 2023.Good performance in the first half of the year hasnt offset some of the declines in areas such as linear TV in the second half of 2022.We now predict Germany will finish 2022 with 5%nominal growth of advertising revenue(boosted some

137、what by inflation as in other markets).Growth in 2023 is forecast to improve to 6.7%,even as inflation expectations are lower at 4.4%.A look at the forecasts for individual channels in 2023 reveals that OOH(set to grow 5%),and digital(at 13%growth)are key drivers of Germanad revenue.Within digital,r

138、etail media will playan increasingly important role in 2023,with forecast growth of 12.8%.”Germany Advertising Revenue Growth vs Europe&Central Asia Regional Growth2022YOY GROWTH5.0%BILLION IN REVENUEIN 2022$32.7Within digital advertising budgets,retail media will play an increasingly important role

139、 in 2023,with growth forecasts of 13%in line with the broader digital channel,while search will grow slightly faster at 15%.We estimate radio will grow 1.9%in 2023(including digital extensions)on a nominal basis.Television will be faced with declining revenue in 2023 and is expected to contract by 2

140、.4%,on top of a 5.4%decline in 2022.Going forward TV will face added pressure to maintain its share of total ad revenue as minimal gains of 2%for TV digital extensions wont be sufficient to offset a 3.5%dip in linear TV.Print media are also expected to suffer losses.Newspapers will contract by 7%in

141、2023 while magazines will fall by a similar 5%.Source:GroupMDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECASTI TOP 10 MARKET DATAGERMANY27FRANCE2022 CHANNEL SHAREFor 2023,uncertainty remains,but we expect a weak start to the year,with a recovery expected mid-second quarter,depending on th

142、e evolution of the international context.We anticipate a deceleration of growth in 2023 to 6.3%with a focus on media that delivers short term efficiency and return on investment.As a result,100%of the estimated growth is expected to be in digital media,particularly performance-based media and retail

143、.TV and OOH are expected to recover,in particular due to a base effect,but also thanks to the deployment of new solutions around segmented TV,connected TV and DOOH.Press and radio are expected to decline,a consequence of budget arbitration by advertisers who are forced to make choices.We predict tha

144、t 2023 will be a transitional year,in the positive sense,before a more dynamic 2024 with growth of 9.5%driven by the Paris Olympics.France Advertising Revenue Growth vsEurope&Central Asia Regional GrowthThe French economy remains relatively resilient despite the geo-political context and the impact

145、of long-term inflation on the economy.GDP growth is expected to stabilize in the final months of the year,leading to an annual rate of 2.5%,driven by the first part of the year.Media investment has followed a relatively similar trend,with a very dynamic start to the year,followed by a slowdown from

146、May onward,and then a real deceleration during the third quarter.Our forecast for 2022 is 7.6%growth,lower than the June forecast of 11.1%.Television is showing a decline and is expected to end the year at-1.8%in its traditional form and at-0.5%including digital extensions.Digital pure-play platform

147、 growth has decelerated from 2021 across all its segments,with retail remaining the fastest-growing through 2027.We anticipate a deceleration of growth in 2023 to 6.3%with a focus on media that delivers short term efficiency and return on investment.”2022YOY GROWTH7.6%BILLION IN REVENUEIN 2022$24.6S

148、ource:GroupMDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECASTI TOP 10 MARKET DATAFRANCE28CANADA2022 CHANNEL SHAREWithin this uncertain backdrop,advertising revenue in Canada is forecasted to grow 5.8%during 2022,with that figure further accelerating to 8%in 2023.This growth is led by pure

149、-play digital advertising,which accounts for the largest share(72.8%)in 2022 and is expected to continue rising above pre-pandemic levels.Retail media(a subset of digital)is forecast to reach more than$2.6 billion in 2022,declining slightly versus 2021 before returning to growth of 15.3%in 2023.TV a

150、dvertising,representing 12.9%of advertising market share,is expected to grow 6.6%this year.There is a continued progressive shift from linear to connected TV and an increase in connected TV inventory,despite the cost of TV(while inflated)being lower than some of the connected TV options available.Ca

151、nada Advertising Revenue Growth vs Global GrowthThe Canadian economy currently faces an environment with high inflation and rising interest rates driven by supply-chain disruptions and rising commodity prices following the Ukraine-Russia war.Relative to other G7 countries,inflation is slightly lower

152、 and has decelerated from earlier this year to 6.9%(as of October 2022).Overall,economic growth is expected to slow with the IMF projecting 3.3%real GDP growth in 2022 declining to 1.5%in 2023.Retail media is forecast to reach more than$2.6 billion in 2022 and is expected to grow 15.3%in 2023.”2022Y

153、OY GROWTH5.8%BILLION IN REVENUEIN 2022$18.8Source:GroupMDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECASTI TOP 10 MARKET DATACANADA29BRAZIL2022 CHANNEL SHAREBrazil Advertising Revenue Growth vs LATAM Regional GrowthAt a time where high inflation and rising interest rates are key challenge

154、s facing the global economy,Brazils economy is also transitioning to new fiscal policies under a new president.Overall,economic growth is expected to slow with the IMF projecting 2.8%real GDP growth in 2022 declining to 1%in 2023.During 2022,total advertising revenue is expectedto grow 9%,with that

155、figure decelerating to3.8%in 2023.This growth is led by pure-playdigital advertising,which accounts for the largest share(44.7%)in 2022 and is expected to continue rising above pre-pandemic levels.TV advertising,representing 39.8%of advertising market share,is expected to stay broadly flat with 0.6%

156、growthin 2022.Retail media in Brazil is expected to grow 18%in 2023,following 25%growth in 2022.”Brazil is by far the largest LATAM market and maintained its eighth ranked position this year,but its forecast to be overtaken by India in 2023.Contrary to other large markets,newspapers will remain roug

157、hly flat through 2023 and 2024 before returning to decline in 2025.Retail media,a subset of digital revenue,is forecast at more than$170 million in 2022 and is expected to grow 18%in 2023,following 25%growth in 2022.2022YOY GROWTH9.0%BILLION IN REVENUEIN 2022$15.4Source:GroupMDECEMBER 2022THIS YEAR

158、NEXT YEARIGLOBAL END-OF-YEAR FORECASTI TOP 10 MARKET DATABRAZIL30INDIAIndias economic outlook appears to be stronger relative to other markets with the IMF projecting a real GDP growth of 6.8%in 2022,positioning it as one of the fastest growing economies in the world.Fiscal policy drivers,such as im

159、proved investments in digital infrastructure,a growing labor force and becoming an attractive exporter,partly explains its strong growth.Like many of its global peers,the Indian economy is also facing uncertainty amid wider geopolitical risks,enduring inflation pressures from a weak currency,high un

160、employment and high interest rates.2022 CHANNEL SHAREAgainst this backdrop,our advertising revenue growth forecast for 2022 is 15.8%,with that figure further accelerating to 16.8%in 2023.This growth is led by pure-play digital advertising,which accounts for the largest share(48.8%)in 2022 and is exp

161、ected to continue rising above pre-pandemic levels.Retail media in India is forecast at$551 million in 2022 and is expected to nearly double by 2027.TV advertising,representing 36%of advertising market share,is expected to grow 10.8%this year and continue growing double digits,driven by strong growt

162、h in both traditional and connected TV.India Advertising Revenue Growth vs APAC Regional GrowthIndias GDP growth of 6.8%positions it as one of the fastest growing economies in the world.”2022YOY GROWTH15.8%BILLION IN REVENUEIN 2022$14.9Source:GroupMDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR

163、 FORECASTI TOP 10 MARKET DATAINDIA31AUSTRALIAAustralia,like the rest of the world,is experiencing challenging economic conditions including inflation,energy cost increases,production shortages and rising interest and mortgage rates.The IMF predicts real GDP growth of 3.8%in 2022 and 2.1%in 2023.Low

164、unemployment,robust consumer spending and stored-up savings are mitigating forces in the market,which we estimate will expand 10.9%in 2022.However,the forecast for 2023 stands at 3.4%.The revenue growth of digital pure-play platforms during the pandemic has continued into 2022,albeit at a slightly s

165、lower 14.8%rise.Global media platforms and retail media are key contributors and should see ongoing single-digit growth over the near-term.TV will grow 3.7%in 2022 driven by connected TV.While linear TV will increase in 2022,it may be the last year of expansion as connected TV takes over a larger sh

166、are TV revenue.Total TV in 2023 is expected to record a small overall decline of 0.2%.2022 CHANNEL SHAREAudio will grow 6%in 2022,rivaling 2019s pre-COVID-19 revenue.Further advancements in the ongoing expansion of podcasting and streaming audio will drive growth in coming years.Revenuein 2023 is ex

167、pected to grow 1%.The return of the Australian population to work and social interaction contributed to growth of 27.1%in OOH,including 29.7%growth of digital OOH.In 2023,supported by programmatic activation,OOH will reach a new revenue peak,up 11.3%over pre-pandemic levels in 2019.Australia Adverti

168、sing Revenue Growth vs APAC Regional GrowthConnected TV is the key driver of TV growth and its possible that 2022 will be the last year for linear growth.”2022YOY GROWTH10.9%BILLION IN REVENUEIN 2022$14.5Source:GroupMDECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECASTI TOP 10 MARKET DATAAUS

169、TRALIAGlobal Summary Data Table32DECEMBER 2022THIS YEAR NEXT YEARIGLOBAL END-OF-YEAR FORECASTI GLOBAL SUMMARY DATA TABLEU.S.Dollars in Millions20002020224202520262027TV/Pro.Video$159,924.9$158,063.1$159,728.1$156,265.8$156,751.7$154,805.0$135,195.5$152,871.6$155,418.

170、8$157,811.4$162,119.8$165,730.3$168,248.9$170,058.0 Growth2.9%-1.2%1.1%-2.2%0.3%-1.2%-12.7%13.1%1.7%1.5%2.7%2.2%1.5%1.1%Share37.2%35.0%33.2%30.1%27.7%25.0%22.2%20.1%19.2%18.4%17.8%17.3%16.7%16.1%Traditional TV157,197.5154,453.6154,738.0149,762.0148,032.0144,318.5122,806.9136,082.0135,726.2134,571.31

171、35,175.7135,165.1134,186.0134,191.9 Growth2.5%-1.7%0.2%-3.2%-1.2%-2.5%-14.9%10.8%-0.3%-0.9%0.4%0.0%-0.7%0.0%Share98.3%97.7%96.9%95.8%94.4%93.2%90.8%89.0%87.3%85.3%83.4%81.6%79.8%78.9%Connected TV+2,727.43,609.54,990.06,503.98,719.710,486.512,388.716,789.619,692.623,240.126,944.030,565.234,062.935,86

172、6.1 Growth35.4%32.3%38.2%30.3%34.1%20.3%18.1%35.5%17.3%18.0%15.9%13.4%11.4%5.3%Share1.7%2.3%3.1%4.2%5.6%6.8%9.2%11.0%12.7%14.7%16.6%18.4%20.2%21.1%Audio29,669.929,918.630,115.030,592.130,071.630,203.822,477.426,145.127,143.627,497.327,497.527,517.527,646.227,668.3 Growth-0.2%0.8%0.7%1.6%-1.7%0.4%-25

173、.6%16.3%3.8%1.3%0.0%0.1%0.5%0.1%Share6.9%6.6%6.3%5.9%5.3%4.9%3.7%3.4%3.4%3.2%3.0%2.9%2.7%2.6%Newspapers61,725.958,732.553,279.249,834.945,328.141,743.331,096.332,876.731,782.730,393.729,658.628,882.628,244.627,549.4 Growth-11.7%-4.8%-9.3%-6.5%-9.0%-7.9%-25.5%5.7%-3.3%-4.4%-2.4%-2.6%-2.2%-2.5%Share14

174、.4%13.0%11.1%9.6%8.0%6.7%5.1%4.3%3.9%3.6%3.3%3.0%2.8%2.6%Magazines34,642.731,962.729,277.427,463.525,496.124,071.719,057.219,937.019,050.618,185.017,503.516,949.816,511.816,006.1 Growth-5.7%-7.7%-8.4%-6.2%-7.2%-5.6%-20.8%4.6%-4.4%-4.5%-3.7%-3.2%-2.6%-3.1%Share8.1%7.1%6.1%5.3%4.5%3.9%3.1%2.6%2.4%2.1%

175、1.9%1.8%1.6%1.5%Outdoor27,079.028,454.429,969.432,569.534,919.234,937.525,948.631,123.831,797.433,412.735,876.538,011.239,983.941,908.0 Growth4.9%5.1%5.3%8.7%7.2%0.1%-25.7%19.9%2.2%5.1%7.4%5.9%5.2%4.8%Share6.3%6.3%6.2%6.3%6.2%5.6%4.3%4.1%3.9%3.9%3.9%4.0%4.0%4.0%Traditional Outdoor21,565.622,585.222,

176、792.224,257.124,784.924,476.817,934.120,646.221,200.321,729.822,908.523,731.924,414.025,330.6 Growth0.0%4.7%0.9%6.4%2.2%-1.2%-26.7%15.1%2.7%2.5%5.4%3.6%2.9%3.8%Share79.6%79.4%76.1%74.5%71.0%70.1%69.1%66.3%66.7%65.0%63.9%62.4%61.1%60.4%Digital OOH5,513.55,869.27,177.28,312.410,134.310,460.78,014.510,

177、477.710,597.111,682.912,968.014,279.315,569.916,577.4 Growth29.5%6.5%22.3%15.8%21.9%3.2%-23.4%30.7%1.1%10.2%11.0%10.1%9.0%6.5%Share20.4%20.6%23.9%25.5%29.0%29.9%30.9%33.7%33.3%35.0%36.1%37.6%38.9%39.6%Cinema3,207.72,138.92,250.62,316.22,696.22,861.6678.0911.91,942.32,102.12,187.12,257.22,323.22,376.

178、5 Growth72.9%-33.3%5.2%2.9%16.4%6.1%-76.3%34.5%113.0%8.2%4.0%3.2%2.9%2.3%Share0.7%0.5%0.5%0.4%0.5%0.5%0.1%0.1%0.2%0.2%0.2%0.2%0.2%0.2%Digital Pure-Play113,492.9141,716.5177,005.7219,471.0270,557.7331,101.4375,312.2494,957.6540,933.2586,496.9634,109.8679,862.8726,277.9773,386.3 Growth23.3%24.9%24.9%2

179、4.0%23.3%22.4%13.4%31.9%9.3%8.4%8.1%7.2%6.8%6.5%Share26.4%31.4%36.8%42.3%47.8%53.4%61.6%65.2%66.9%68.5%69.8%70.9%72.0%73%Search57,678.066,780.876,697.988,964.3103,703.6117,896.3126,677.2168,745.3186,677.5199,543.7214,242.9225,242.2239,566.2248,892.9 Growth16.8%15.8%14.9%16.0%16.6%13.7%7.4%33.2%10.6%

180、6.9%7.4%5.1%6.4%3.9%Share13.4%14.8%15.9%17.2%18.3%19.0%20.8%22.2%23.1%23.3%23.6%23.5%23.7%23.5%Non-Search/Non-Retail49,077.064,858.982,248.1103,877.9127,366.0159,342.5176,172.5228,369.6243,586.4265,078.1286,805.6310,209.5330,638.7356,165.6 Growth17.0%32.2%26.8%26.3%22.6%25.1%10.6%29.6%6.7%8.8%8.2%8.

181、2%6.6%7.7%Share11.4%14.4%17.1%20.0%22.5%25.7%28.9%30.1%30.1%31.0%31.6%32.3%32.8%33.6%Retail6,737.810,076.818,059.726,628.839,488.153,862.572,462.497,842.7110,669.3121,875.0133,061.2144,411.1156,073.0168,327.8 Growth828.9%49.6%79.2%47.4%48.3%36.4%34.5%35.0%13.1%10.1%9.2%8.5%8.1%7.9%Share1.6%2.2%3.7%5

182、.1%7.0%8.7%11.9%12.9%13.7%14.2%14.6%15.1%15.5%15.9%Advertising Ex-US Political$429,742.9$450,986.8$481,625.3$518,513.0$565,820.5$619,724.2$609,765.2$758,823.8$808,068.7$855,899.1$908,952.8$959,211.3$1,009,236.4$1,058,952.6 Growth4.4%4.9%6.8%7.7%9.1%9.5%-1.6%24.4%6.5%5.9%6.2%5.5%5.2%4.9%US Political

183、Advertising3,828.4973.75,860.11,768.46,439.81,907.612,018.72,448.312,593.02,665.514,242.22,939.515,721.42,436.2Total Advertising$433,571.4$451,960.4$487,485.4$520,281.4$572,260.3$621,631.8$621,784.0$761,272.0$820,661.7$858,564.6$923,195.0$962,150.8$1,024,957.8$1,061,388.8 Growth5.2%4.2%7.9%6.7%10.0%

184、8.6%0.0%22.4%7.8%4.6%7.5%4.2%6.5%3.6%GLOBAL DIRECTOR,BUSINESS INTELLIGENCEKATE SCOTT-DAWKINSCONTACT33For inquiries,please write:3 World Trade Center175 Greenwich StreetNew York,NY 10007A WPP CompanyGroupM is the worlds leading media investment company with a mission to create a new era of media wher

185、e advertising works better for people.Responsible for more than$60 billion in annual media investment,according to COMvergence,the company innovates,differentiates,and generates sustained value for clients wherever they do business.GroupMs portfolio includes agencies Mindshare,Wavemaker,EssenceMedia

186、com and mSix&Partners,as well as Choreograph(Data&Technology),GroupM Nexus(Cross-Channel Performance&Activation),and GroupM Investment.All rights reserved.This publication is protected by copyright.No part of it may be reproduced,stored in a retrieval system or transmitted in any form,or by any mean

187、s,electronic,mechanical,photocopying or otherwise,without written permission from the copyright owners.Every effort has been made to ensure the accuracy of the contents,but the publishers and copyright owners cannot accept liability in respect of errors or omissions.Readers will appreciate that the data is as up-to-date only to the extent that their availability,compilation and printed schedules will allow and are subject to change.Photos on Unsplash,Pexels and DALLE34