Media agencies positive about 2023 depsite economic uncertainties: IMAA
Independent Media Agencies of Australia (IMAA) members are positive about the 2023 outlook, as more than half (60%) expect to grow between 10% and 20% and more next year, according to the latest Pulse survey.
While economic uncertainties still linger in the background for 2023, most agencies expect growth especially in the second half of next year. This follows a turbulent but positive outcome of 2022, with 67% of agencies up by between 10% and 20% and more in revenue.
Among media channels, digital looks to be the big winner in 2023 for increased investment. A Magna’s forecast recently found that digital advertising spend grew by 9% to reach $12.1 billion (A$16.2 billion), representing 72% of Australia’s total ad spending.
Digital video was the main beneficiary of increased investment from media agencies next year with 87.5% of agencies expecting the channel to grow considerably or slightly.
Sam Buchanan
It was followed by CTV and BVOD with considerable or slightly more investment reported by 86% of agencies. Digital out-of-home was nominated by 77% of agencies, digital social (76%), digital search (66%), digital audio (64%), audio streaming (57%) and out-of-home (56%).
“The independent media agency sector has proven itself to be the most resilient in our industry and despite inflation and cost of living concerns heading into 2023, our members remain upbeat and confident about their growth in the year ahead. This points to a growing groundswell of support for indie agencies and client growth in the sector,” IMAA CEO, Sam Buchanan, said.
“Independent agencies are well placed in challenging economic times because they are unencumbered by international head office pressures and have the ability to flex and be agile to meet client demands and focus on delivering true return on investment.”
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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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