Advertising spending is set to experience significant growth in the next decade, according to ZenithOptimedia's latest "Advertising Expenditures Forecasts" report. The advertising services company says that global ad spending will rise from its current 3.6 percent to 5.3 percent of the market in 2014. It is expected to continue to increase to 5.8 percent between 2015 and 2016. The driver of this growth, Zenith says, will be mobile technology – one of the most common spaces for media consumption.
"Mobile technology is creating new opportunities for marketers to connect with consumers. Combined with the continued rise of young, dynamic markets, this will spur healthy and sustained growth in global adspend over the next three years," said Steve King, ZenithOptimedia's CEO, in a press release.
For the first time in decades, television is no longer the main driver of marketing spending growth. Mobile advertising solutions accounted for 36 percent of all new ad expenditures followed by desktop internet and television at 34 and 25 percent, respectively.
Despite its rapid rise, mobile advertising – defined by Zenith as ads specifically designed for smartphones and tablets – accounted for less than 3 percent of global ad spending in 2013. Zenith expects that share to increase to 7.7 percent by 2016, surpassing radio, magazine and outdoor ads.
The report also mentioned that as the average age of media consumers continues to decline, advertisers will need to find effective ways to connect with this new demographic.
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