As many in the media industry struggle to support their enterprises, the logical explanation is that advertising is in decline, taking once-mighty media empires with it.
But not so fast on that idea. A report published in the online publication Strategy + Business owned by the accounting and consulting firm PwC says advertising is actually in ascension.
Yes, it did drop off during COVID but once the pandemic was tamed, spending on advertising globally rose a whopping 22 per cent as businesses scrambled to get their messages in front of potential customers.
The trend is continuing although at a slower pace. They project compounded annual growth of 6.6 per cent for the past two years and the next two in this report.
So, advertisers are not pulling out but they are finding new platforms to disseminate their messages.
While conventional TV owners defend staff cuts in front of Parliament and newspaper publishers take subsidies from government, advertisers are poised to invest $1 trillion as they follow their customers who are increasing moving on to the digital world.
