Australian ad spend market delivers 30 consecutive months of YoY growth in July 2022: SMI
Australia’s media agency market continued to deliver stronger underlying advertising demand in July. Excluding the headline decline of 4.2% due to last year’s Tokyo Olympics, the market grew ad demand by 2.8%.
Total July ad spend is back $27.9 million from last year’s record July total. Excluding the media most affected by last year’s Olympic broadcast (Metropolitan TV and their related Pure Play Video or Streaming Sites), the market instead shows growth of 2.8%.
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“At least within the advertising market we’re not yet seeing any significant signs of nervousness in the current economic environment,’’ she said.
“And this is an especially solid result as for the first time in three years we’ve seen the first signs that Government category ad spend – which has powered a lot of the market’s growth – is starting to normalise from the COVID era with the value of its bookings back 35% this month. But other categories have stepped up to fill the void and as a result we’re seeing good growth on an underlying basis.’’
July has been an especially strong month for Outdoor media with its growth rate of 28.8% the highest for any media, ensuring the media delivered total ad spend that was 2.5% higher than its pre-pandemic result of July 2019.
Total Digital ad spend grew just 0.1%, mostly affected by the lower video sites/streaming ad spend. But it’s also clear that the value of video-based campaigns across the market continues to grow with the video total now just $2 million below that of the online display ad market in July.
Product category trends are also moving quickly, with the Government category delivering the largest decline of any category this month and that affected all major media. However, that fall was almost offset by soaring Travel category bookings with that category’s total more than doubling year-on-year.
For the January to July period, the market remains well in record ad spend territory with the value of the ad market up 8.6% on the same period last year.
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