As the world begins to emerge from the pandemic lockdowns, changes in the ways society consumes media are likely to endure. The outlook continues to focus on digital as many shifted to online media consumption. Media in Canada reports that Canadian ad spend will be one of the fastest-growing in 2021.
In the latest Dentsu report on global ad spend forecasts, they predict slow but steady recovery globally, focusing on digital. Not surprisingly, sectors that restricted advertising spend most are the ones set for the most significant recovery, including travel/hospitality, automotive and media/entertainment.
“The Canadian ad market is forecast to grow by 7.2% in 2021 (recovering from -9.6% in 2020) to reach $12.3 billion CAD. This will be driven by digital spend, which is expected to grow by 9.1% in 2021, and in particular growth in video and improved video placements in social media. Spend will be boosted by the return of high profile sport, such as NHL and NBA. The additional uplift from the 2020 Tokyo Olympic & Paralympic Games is estimated at $570 million CAD.
The focus of the print industry will continue to be on digital transformation, growing digital subscriptions and ad spend, while leveraging the value of existing brands to diversify revenue through digital channels. Traditional newspapers and magazines are expected to continue to decline in terms of ad spend in 2021 by -3.1% and -14.3%, respectively.”
For more detailed findings, the Dentsu report can be downloaded by clicking here.
