Global Digital Advertising Spending Is Forecast To Reach US$646 Billion By 2024
Merxwire 09 Jun 2022, 21 GMT+10
According to a Statista report, global digital ad spending is estimated to be US$378 billion in 2020, and it is forecast that the amount of spending will continue to increase over the next few years, reaching US$646 billion by 2024.
Washington, D.C. (Merxwire) - The Internet has become an indispensable necessity of life for people! Almost everyone searches the web for news and information and uses social media to create a personal page & channel. Because people are inseparable from the Internet, digital advertising has also flourished. According to Statista's research report, global digital advertising spending will continue to increase in the next few years.
Statista's report shows that global advertising spending has been increasing since 2010 (except in 2020) and is forecast to reach nearly US$650 billion in 2021. However, due to factors such as technology and consumer preferences, not all advertising media will be favored; as of 2020, the Internet has been recognized as the most important medium.
According to the report, global digital ad spending is estimated at US$378 billion in 2020, and the amount of spending is forecast to increase over the next few years, reaching US$646 billion by 2024. Among them, the increasing use of mobile devices has also led to the rise of mobile Internet advertising, and its advertising spending is expected to grow from US$276 billion in 2020 to nearly US$495 billion in 2024.
In a nutshell, the advertisements placed on the Internet media can be called digital advertisements. For example, Native Advertising, Social Media Advertising, Email Marketing, Display Advertising, and Video Advertising are all common forms of digital advertising. From the moment a user goes online, these ads follow.
Why are people so obsessed with digital advertising? Because the physical advertising layout is limited and the production cost is high, the layout and form of digital advertising are more diverse and cost-effective. Through related mechanisms, digital advertising can determine advertising costs based on indicators such as the number of clicks and views; the advertisers can not only adjust their budgets at any time but also advertise for target audiences.
In addition, the reduction in the frequency of people going out during the pandemic has also brought more advantages to digital advertising, especially since social media advertising is more popular, such as Facebook, YouTube, and Instagram are all trendy advertising platforms. People have gradually realized that to achieve a good advertising effect, in addition to engaging content, the form of advertising is also an important part.
On the other hand, the rise of digital advertising also urges marketers to learn more advertising skills. In addition to knowing how to create copywriting, pictures, and images, they also need to learn how to place ads on various platforms and optimize them. When digital advertising becomes the primary trend in the future, Key Opinion Leaders (KOLs) who have created influence through YouTube, Facebook, Instagram, and other social media will also attract more attention.