Due to the pandemic, 2020 saw a 10% drop in ad spending. However, multiple industry forecasts are expecting an up to 22% growth and recovery in media ad revenue in 2021. In fact, the ad market is already beginning to see a surge; 56% in May following a 53% gain in April— the first year-over-year rebound from the pandemic-influenced advertising recession. With the additional expected growth, digital will account for 57% of all advertising in the U.S. So, what should your brand do to support your own growth with demand for media strong? 1. Start ramping up plans now, especially with connected TV, which is expected to make a full recovery and grow 8.7% according to forecasts. 2. If you are not using or testing podcasts, now is the time. Podcasts grew during the pandemic, even while people were not commuting, showing how strong they will continue to be. Brands in podcasts are seeing an exceptional return. 3. Go beyond podcasts in audio. Audio-based media outlets and platforms are projected to grow 25%. Spotify, Pandora and even terrestrial radio are priming for huge demand and brands who act first will benefit the most. If your brand is planning on new or increased budgets in the second half of 2021, the time is now to act.
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