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On today’s Business Beat, Jeff has good news about media ad spending with updated data from the U.S. Ad Market Tracker.
Turn in to the Business Beat, below, for details on what’s driving the growth:
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Good morning, Paul! To wrap up our week, today we’re featuring news that’s certainly welcome to those of us at WJR. But beyond that, for anyone in a media-oriented business dependent on ad spend as a revenue driver, the news? Ad spending is surging. Now we kicked off the year with ad spend in January increasing 19.2% over January of 2021. And that’s the 11th consecutive month of post-COVID gains for the U.S. ad marketplace, according to just updated data from the U.S. Ad Market Tracker. Now January’s increase is the best since August of 2021. What’s driving the increase? Well, digital continues to be the biggest growth driver in terms of volume. But out of home media had the greatest year-over-year growth, rising as much as 133% in January this year versus January 2021. How about radio ad spend? Up 21% over January of last year. And while all the major media showed gains in January, TV’s growth was the worst relative to other media channels contributing to the overall growth. Now among major media suppliers, Google continues to dominate in terms of market share, but Comcast had the greatest growth up 32% due to big gains from technology, pharmaceutical and consumer packaged goods spending. Interestingly, Disney was the only one of the major media suppliers to experience a decline in January of this year. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat brought to you by Dell Technologies on the Great Voice of the Great Lakes, WJR.