Indie agencies see growth but feel cautious about a softening market: IMAA
Despite challenging market conditions, more than half of Australia’s independent agencies have grown in the first half of 2023 – but many are less confident about the ad market in the second half of the year.
A study by Independent Media Agencies Australia (IMAA), dubbed the Indie Census, found that more than 60% of independent media agencies are growing in 2023, with the majority predicting growth of up to 25%.
However, some 30% predicted that the ad market will decline by up to 10% in the second half of 2023, and almost 20% said it would be flat.
The report surveyed IMAA’s more than 160 members. Almost all (93%) indie agencies are planning and buying traditional media via digital, including BVOD, digital out-of-home and digital radio.
This has also resulted in greater concerns about privacy legislation, with more than 85% believing that the proposed privacy and data recommendations from the Government will impact the industry a lot/somewhat.
In terms of flexible working arrangements, almost 80% offer a hybrid office and work-from-home model, and almost 10% operate with a fully work-from-home model.
IMAA CEO, Sam Buchanan, said: “Our Indie Census showed that our members are still positive about growth this year, despite predicting a softer ad market. The most interesting story, however, is in the convergence of media agencies.
“It’s no longer a digital versus traditional industry, almost everyone is full-service and all planning and buying will be going through digital pipes. This means that traditional media companies will never have heard of some of their agencies in years to come – but they should.
“Our members have also demonstrated their ability to be agile, offering hybrid workplaces and industry-leading initiatives to attract and retain staff, plus lean into their values such as advocating for a sustainable ad supply chain.”
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Darcy Song was a reporter at Mumbrella, covering media owners, adtech and social platforms. She left in October 2023.
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Ah. It’s a indie cens…oh…
*checks definition of ‘census’*
…nope, its a survey.
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