The global advertising industry is poised for remarkable growth, with revenue expected to hit $989.8 billion in 2024 and exceed $1 trillion in 2025, a year ahead of previous forecasts. This projection comes from the 2024 Global Midyear Advertising Forecast, which attributes the surge to the expansion of digital advertising, technological innovations like artificial intelligence (AI), and market recoveries, particularly in China.
The report predicts further growth of 6.8% in 2025, bringing global ad revenue to $1.1 trillion. “The global ad revenue forecast for 2024 has been revised upward from 5.3% growth (predicted in December) to 7.8%, equating to $989.8 billion. By 2025, the industry is expected to grow by another 6.8% to reach $1.1 trillion,” the report noted.
The United States and China remain the dominant players in the global advertising sector, contributing 57.1% of the total ad revenue in 2024. U.S. advertising revenue is expected to rise to $365.9 billion in 2024, a 5.8% increase from 2023. Meanwhile, China’s forecasted revenue has been significantly revised upward to $199.4 billion from $148.2 billion in earlier estimates.
Together, these two countries are projected to add $44.5 billion in incremental revenue for 2024—almost 1.5 times the combined $27.5 billion growth from all other markets. This combined contribution underscores their outsized influence on the global advertising landscape.
Excluding the U.S. and China, the global growth forecast for 2024 stands at 6.9%, up from 6.5% in December 2023, compared to the overall global growth rate of 7.8%.
Across Africa, businesses, including Nigerian companies, are increasing their marketing and advertising budgets to enhance brand visibility, expand market share, and deepen consumer engagement. This trend reflects broader global patterns, where investments in advertising are seen as critical to capturing opportunities in both digital and traditional media spaces.
With the advertising industry set for continued expansion, African MSMEs have opportunities to leverage innovative strategies and technologies to remain competitive in a rapidly evolving market.
