New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Media Buying Agencies And Representative Firms Global Market Report 2023" - https://www.reportlinker.com/p04442214/?utm_source=GNW
Major players in the media buying agencies and representative firms’ market are Publicis Groupe, Omnicom Group Inc., Interpublic Group of companies, Dentsu, Katz Media Group and Edelman.
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%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The media buying agencies and representative firms market is expected to grow to $92.45 billion in 2027 at a CAGR of 3.9%.
The media buying agencies and representative firms market consists of revenue earned by entities by providing services such as purchasing advertising time or space from media outlets and resell it to advertising agencies or individual companies directly and independent representatives that sell media time or space for media owners.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Media buying is the process of procuring media space and time for effective ad placements in accordance with the brand’s marketing or advertising goals. A media representative is any legal or natural person who acts as an intermediary in the name and on behalf of the advertiser to purchase advertising space under the terms of a written representation contract.
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 has released ads in 14 Indian languages to encourage voters of Indian origin.
The 2020 US 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.
The COVID-19 uncertainty is likely to limit the growth of media buying agencies and representative firms.The strict restrictions on the movement of people and lockdowns have impacted many industries, including out-of-home (OOH) and print advertising.
For instance, the lockdown in India started on March 25, 2020, and extended for more than five months. During the lockdown, only essential commodities and medical emergency services were permitted to operate. 90% of the advertising work in India was affected due to the COVID pandemic, according to the Association of Advertising Producers’ (ASAP) report. Advertising spending also declined by 9% in Europe, 7% in Germany, and 12% in France. According to the Interactive Advertising Bureau (IAB), almost 24% of media buyers and planners had kept their spending on hold till the end of the second quarter of 2020, while 46% 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.
Media buyers who use Artificial Intelligence (AI) for media optimization are gaining traction in the market for media buying agencies and representative firms.AI is changing the way advertising operations are run.
According to Salesforce’s State of Marketing study, 84% of marketers are utilizing AI for marketing in 2020.Moreover, according to Drift and Marketing Artificial Intelligence Institute, 2022 State of Marketing AI Report, the majority of respondents (51%) said AI is crucial or very important to their marketing success.
In August 2021, BLKBOX.ai, a Facebook advertising management platform, launched an Intelligent Media Buying Platform, allowing businesses to scale profitably. Their SaaS-based intelligent and automated media buying platform generates profitable campaigns and scales ad spending threefold while cutting the time required to manage end-to-end media buying from six hours to six minutes. The platform enables big organizations, major corporations, and small and medium-sized businesses (SMBs) to expedite their digital campaigns by requiring only three inputs: creative assets, budget, and KPIs.
In August 2021, TAKUMI, a Japan-based marketing, branding, and social media platform, acquired Unieed for an undisclosed amount.With this acquisition, TAKUMI broadened global paid media offerings while also expanding the paid media team in both the London and New York offices.
Unieed is a UK-based content and strategic media-buying agency specialising in content-driven campaigns, working with leading outdoor and cycling brands.
The countries covered in the media buying agencies and representative firms market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The media buying agencies and representative firms market research report is one of a series of new reports that provides media buying agencies and representative firms market statistics, including media buying agencies and representative firms industry global market size, regional shares, competitors with a media buying agencies and representative firms market share, detailed media buying agencies and representative firms market segments, market trends and opportunities, and any further data you may need to thrive in the media buying agencies and representative firms industry. This media buying agencies and representative firms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p04442214/?utm_source=GNW
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