After recovering from the effects of the pandemic, Mexico’s advertising industry is expected to maintain an upward tendency in 2023. In Latin America's ad market, Mexico is only second to Brazil. Advertising spending in the North American country was estimated at around 6.2 billion U.S. dollars in 2022. Digital, which already captures most of the ad investments, will keep flourishing. In 2023, advertisers expect to increase their digital budget by over 70 percent.
Digital overtakes traditional media in Mexico
Mexico leads the online advertising market in Latin America. In 2022, spending on digital ads accounted for over 60 percent of the total advertising expenditure – for comparison, the share was at 53 percent in Argentina and 43 percent in Peru. Additionally, estimates for 2023 placed Mexico among the fastest-growing digital ad markets worldwide. The video and social formats were expected to record the highest growth, followed by search and display.
Although digital advertising’s popularity is rising and spending in the traditional broadcast medium is decreasing, TV remains an important ad medium in the country. The year 2021 saw TV ad spending in Mexico amount to 32 billion pesos, slightly higher than in the previous year. However, other traditional forms of advertisement are in decline. For example, Mexico's newspaper advertising expenditures fell from 4.7 billion pesos in 2017 to 1.29 billion pesos in 2021. As spending on newspaper ads dwindled, magazine advertising dropped even more significantly.
TV and online video: top channels to reach Mexicans
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