Online and Offline Advertising of the Future
The media world is ever-changing. Yet as you budget your media, you must stay in tune with the trends. Here is a look at expectations for 2023, developed by Marketing Charts from a report by PwC.
Internet spending is expected to grow at 8.4% compounded annually. TV and radio will remain flat, and many others will continue to see decreases. Podcast advertising registered the highest predicted growth at 23.1% compounded growth rate (due mostly to how new it is and size).
You can see the impact of digital component sales with each medium. Most of the traditional media have not found a way to convert their respective medium to a digital revenue stream. This is especially true for newspapers, where digital subscriptions are outpacing advertising revenues.
This is a reminder that digital is disrupting all business. There are still growth opportunities, but it comes from embracing digital, not fighting it.