BY BAMIDELE FAMOOFO
The global media buying agencies and representative firms’ market will grow from $75.98 billion in 2022 to $79.48 billion in 2023 at a compound annual growth rate (CAGR) of 4.6 percent, a report has disclosed.
ReportLinker, an award winning marketing research solution, made the disclosure in its Global Media Buying Market report for 2023.
According to the report, the media buying agencies and representative firms market is expected to grow to $92.45 billion in 2027 at a CAGR of 3.9 percent.
North America was the largest region in the media buying agencies and representative firms market in 2021.Western Europe was the second largest region in the media agencies and representative firms market.
The regions covered in the media buying agencies and representative firms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main services of media buying agencies and representative firms include media buying services, media planning services, media representative firms, and others. Media buying is a technique used in sponsored marketing campaigns.
The goal is to discover and purchase ad space on channels relevant to the target demographic at the best possible price and at the best possible time. BFSI, consumer goods and retail, government and public sector, IT and telecom, healthcare, and media and entertainment use the services in various modes, including offline and online.
An increasing number of political events, sports events, festivals, and high-budget movies is anticipated to contribute to the demand for media buying agencies and representative firms’ market. For instance, for the 2020 US presidential elections, the Democratic Party released ads in 14 Indian languages to encourage voters of Indian origin.
“The 2020 U.S. election campaigns broke all records, with presidential and congressional candidates spending about $14 billion in total, more than doubling the cost in 2016.In 2020, Burning Man, one of the biggest global music festivals, hosted 70,000 people across the globe in Nevada, US, allowing advertisers to reach a large target audience at a time.
“As a result, crowd-gathering events such as political events, sporting events, and festivals are propelling the market for media buying agencies and representative firms.
According to the Interactive Advertising Bureau (IAB), almost 24 percent of media buyers and planners had kept their spending on hold till the end of the second quarter of 2020, while 46 percent said that they had adjusted their spending across the same period. Therefore, the COVID-19 pandemic is a major factor restraining the growth of media-buying agencies and representative firms in the market,” the report said.