The global advertising market declined in 2020 as a result of the pandemic. US advertising marketplace growth slowed to 0.7% year over year in October 2020, down from 2.7% year over year in September and 5.9% in August, according to MediaPost. As consumers spent more time online during lockdowns, digital advertising was one area driving growth in 2020, rising 24.7% during the period. The growth in digital advertising reflected a shift by many advertisers into an accelerated digital and ecommerce strategy in response to the pandemic and this trend is expected to remain in 2021.
Although 2021 shows signs of recovery, analysts have warned that global advertising spending growth did not fully recover for eight years following the previous recession, so a return to pre pandemic growth rates may not be possible for a number of years. Common trends facing the US and global markets include a continued higher spend on digital media which is expected to account for over 50% of total spend as well as an expected increase in cinema advertising if movies return to theatres in 2021. In addition, out of home advertising is forecasted to see stronger support among marketers than other forms of traditional media.
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