Advertising in Latin America – statistics & facts

The Latin American advertising industry seems ready to continue to expand as the decade unfolds. After surpassing pre-pandemic standards already in 2021, ad spending in Latin America grew by nearly 10 percent to an estimated 21.2 billion U.S. dollars in the following year. Along with the increase in results, the region also recovered its place within the global market. In 2022, Latin America's share in the world's total ad spend went back to around three percent, much closer to those recorded in 2018 and 2019 than the 2.5 percent observed earlier in the 2010s. The forecasts indicate more raises ahead, with Latin America's ad spend growth rates surpassing eight and six percent in 2023 and 2024, respectively.

Digital ads vs. TV commercials

The region has been experiencing what other parts of the world went through years ago. While, according to the latest prognostics, TV and the internet will continue to dominate media ad spending in Latin America by 2024, the online segment is closer than ever to surpassing televised commercials in the race for advertisers' budgets. The likely upcoming historic shift helps to explain the region's performance compared to the rest of the planet. Half of the 10 fastest-growing digital advertising markets in 2023 were Latin American countries – namely Peru, Argentina, Chile, Colombia, and Mexico – with estimated growth rates varying from 14.5 to 20 percent that year. Yet TV ad spend in Latin America may reach unparalleled heights in 2024, amounting to over 14.6 billion dollars – almost one-third higher than a decade before.

Latin America's advertising heavyweights

Altogether, Mexico and Brazil account for about two-thirds of the estimated ad spending in Latin America and the Caribbean in 2023. Brazil's share alone reaches 42 percent, which translates to 13.55 billion dollars projected for that year. Historically, around half of the amount spent on the Brazilian ad market goes to TV, with online in second place and on the rise. Meanwhile, Mexico accounts for almost one-quarter of the region's ad spend, or an estimated 7.6 billion dollars in 2023. Unlike in the Portuguese-speaking country, however, the Mexican advertising industry already allocates most of its budget on digital platforms, making the region's northernmost market an influential trendsetter for its southern neighbors.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by J. G. Navarro, Feb 23, 2023

Key insights

Annual ad spend in Latin America
21bn USD
Media with the highest ad spending
TV & the Internet
Latin America's largest ad markets
Brazil & Mexico
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