TV Advertising market set to bounce back in 2024.

In light of a tumultuous economy and high living costs, advertisers proceeded with caution in their spending during 2023. However, predictions indicate a revival in TV media inflation by 2024, with global estimates settling around 3%.

Major sporting events such as the Paris 2024 Olympics, Paralympics and UEFA Euros in Germany are expected to boost advertisers’ confidence in media investments.

In the UK, the overall media inflation is expected to surge from 0.9% in 2023 to 2.2% in 2024. The mixed effect will be observed across different media types, with out-of-home inflation anticipated to rise the most at 4%, followed by TV, online video (2.8%), radio (2.2%) and online display (1.4%). Conversely, magazine and newspaper inflations are predicted to witness a downswing by 1.7% and 1.8% respectively.

The EMEA region is on track to experience substantial inflation worldwide at 3.8%, second only to Latin America, which foresees an impressive 11.4% increase.

Fredrik Kinge, ECI Media Management’s global chief executive, noted TV as joining the group of media types with single-digit inflation, with print being the only exception. This scenario resonates with an overall image of pricing stability in the UK.

On a global scale, OOH and online video are outlining the highest inflation forecasts. TV, too, is predicted to experience inflation in all regions except North America, which stays deflationary following the Hollywood strikes.