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Ads up: WPP, which owns advertising agencies Ogilvy, Wunderman Thompson, and VMLY&R, boosted its guidance this week after reporting a 10.3% increase in revenues.
The company reported a 3.8% increase in like-for-like revenues less pass-through costs, which refers to revenues absent of acquisitions, disposals, and other costs.
In the US, those revenues increased by 4.5%. In China, where lockdowns continue to hamper spend, they fell 9.0%.
Q3 revenues totaled $4.1 billion, and year-to-date revenues hit £10.33 billion.
“We’re not expecting a slowdown in the fourth quarter,” said WPP CEO Mark Read, as reported in The Wall Street Journal. “And actually, a couple of clients are looking to increase their budgets.”
Ads down: WPP’s results are welcome news for an industry saturated with cutbacks and concerns.
Ad spending showed year-over-year declines in June, July, August, and September, according to a Standard Media Index report.
August and September saw month-over-month rebounds from July’s two-year low, but remained below 2021 numbers.
Nearly a third of major advertisers are cutting their 2023 budgets, according to the World Federation of Advertisers. But the same portion of major advertisers expect budget increases next year.
“We’re in stop-and-start traffic right now,” said our analyst Dave Frankland on a “Behind the Numbers” podcast earlier this month.
Strong consumer spending is meeting rising prices. A healthy employment rate is being matched by headcount cuts in advertising and Big Tech. The result of these mixed signals is an uneven ad market.
Ads all around: Total media ad spend increased by double digits this year, but the money is going to different channels.
Worldwide, advertisers will spend $907.12 billion this year, up 10.6% from last year. After 2021’s strong performance, growth is decelerating, but ad spend worldwide will cross $1 trillion in 2024, according to our forecast.
An increasing share of total media ad spend is going to digital. Worldwide, digital ad spend will total $602.25 billion this year, accounting for 66.4% of all ad spend. Growth is decelerating here as well, but it’s outperforming total media ad spend. By 2024, digital will account for 70.8% of all media ad spend.
And within digital, spend is shifting as marketers focus on discounts and direct-to-consumer advertising.
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