Total global ad spend has been less than expected so far in 2019 but a number of events next year should help industry growth pick up the pace.
That's according to data from the World Advertising and Research Center (WARC) suggests there will be an overall rise of 2.5% in marketing spend by the end of this year to a total of $618.7 billion. This marks a downgrade from WARC's February projection of 4.3%. The downgrade is driven by a slowdown in consumer spend and Gross Domestic Product (GDP), WARC said Thursday.
It's a brighter picture for 2020 however, where ad spend is set to grow 6% to $656 billion, driven in part by the U.S. Presidential Election and the Olympic Games, which will be held in Tokyo.
Advertisers are set to spend 29.9% of their dollars on TV, with 23.1% going to Alphabet-owned Google and YouTube, while Facebook is set to take 12.9% of total ad spend. Amazon, which has a growing ad business, is projected to take 2.5% of all ad dollars in 2020.