According to new estimates from GroupM, the world’s largest advertising media company, the U.S. advertising market is poised for further growth in the next few years. GroupM expects ad revenue to grow to $281 billion a year by 2024, up from $227 billion this year. Unsurprisingly, the increase will mainly be driven by a steep rise in online advertising sales, which are expected to grow by $60 billion between 2019 and 2024.
Fortunately for traditional media outlets, in this case TV and radio broadcasters, advertising is not a zero sum game and a dollar spent online is not necessarily pried away from a struggling radio station. In fact, both TV and radio advertising revenues are expected to remain more or less at the same level through 2024 with minimal ups and downs along the way. The same cannot be said of print adverts, which are expected to continue their sharp decline.