The weakened European economy has led eMarketer to revise its 2012 global media ad spending estimates down from close to $520 billion to just over $509 billion. The revision is based on ad spending figures from more than four dozen companies that track ad spending — including research firms, media buyers and investment banks — that eMarketer analyzes.
Overall, global ad spending grew 5.4% in 2012, up from 3.8% in 2011. eMarketer predicts 2013 will stay on pace with 5.2% growth to hit $535.5 billion. Though 2017, the research company expects growth trends to remain steady, ranging between 4.4% to 5.5%, reaching $647.6 billion at the end of the forecast period.
Though still dwarfed by the top three regions, Latin America will experience the biggest growth in ad spend as “brands will increase ad spending by double-digit percentages” over the next 5 years. eMarketer estimates ad spending in Latin America will increase 60% from $34.2 billion in 2012 to $54.9 billion in 2017.
Notably, while North America and Western Europe will see growth in ad spend, they are expected to lose share to Latin America, Asia-Pacific and Central & Eastern Europe.