New estimates suggest the advertising industry grew at a faster pace this year than at any other point in recent history, Axios reports.
The rapid expansion was driven by pandemic-related shifts in the marketplace, like e-commerce, which allowed the industry to flourish despite wider economic constraints.
In June, GroupM—a global advertising agency—predicted that the global advertising rate for 2021 would be 19.2% compared to the dismal year prior. However, on Monday, it released updated predictions that the global advertising rate would actually grow 22.5% this year, a historical year-over-year high.
A similar forecast released Sunday from Magna, another ad agency, also estimated a 22% ad industry growth rate in 2021. Magna said it was “the highest growth rate ever recorded” by the agency, beating a 12.5% growth rate in 2000.
The global ad industry now stands at $766 billion, and is expected to hit $1 trillion by 2025.
Experts say the rise in growth was caused by new opportunities to expand the ad market, which didn’t exist before the pandemic. Read the full story.
