Google, Meta dominate as digital propels global advertising growth -forecasts – Reuters

Google, Meta dominate as digital propels global advertising growth -forecasts – Reuters

The logo for Google LLC is seen at their office in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly

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Dec 6 (Reuters) – The global advertising industry will notch higher growth this year than previously expected and is likely to continue its streak in 2022 as brands are relying more heavily on search engine and social-media companies such as Alphabet Inc’s Google (GOOGL.O) and Meta Platforms Inc (FB.O) to reach customers during the pandemic, according to two ad industry forecasts released on Monday.

Despite a year marked by worldwide supply chain disruptions that delayed products from reaching shelves and a user privacy clampdown by Apple Inc (AAPL.O) that many feared would disrupt mobile advertising, brands have continued to advertise online and promote ecommerce as in-store shopping has been slow to return due to the ongoing pandemic, said Jonathan Barnard, director of global intelligence at advertising firm Zenith, which published an ad expenditure forecast on Monday.

New businesses formed during the pandemic needed to advertise to find customers, while others likely maintained ad spending to stay in front of consumers’ minds, said Brian Wieser, global president of business intelligence at ad agency GroupM.

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GroupM forecast global ad spending to grow 22.5% in 2021 from the previous year, while Zenith estimated growth of 15.6%. Both estimates were revised up from previous expectations.

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Source: https://www.reuters.com/technology/google-meta-dominate-digital-propels-global-advertising-growth-forecasts-2021-12-06/

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