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Global advertising spend to surpass $1trn for first time this year

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WARC
Projected 10.7% rise in global spend this year equivalent to an additional $104bn in advertiser investment, the second-highest absolute rise on record

One in five dollars (22.1%) spent on ads outside of China is paid to Google; DOJ ruling now threatens $32.9bn of potential growth over the next two years

Advertisers are due to spend $299bn this holiday season, with online platforms such as Amazon ($16.9bn in holiday-season ad revenue) set to be the biggest beneficiaries

WARC Global Ad Spend Outlook 2024/25 – November 2024 update
27 November 2024 – A new study from WARC, the experts in marketing effectiveness, has found that global advertising spend is on course to grow 10.7% this year to a total of $1.08trn – the strongest growth rate in six years and the largest absolute rise on record if the post-Covid recovery of 2021 (+27.9% year-on-year) is disregarded. The new forecast, published today, represents a 0.2 percentage point (pp) upgrade on WARC’s last global forecast in August.  
 Ad spend growth is also anticipated next year (+7.6%) and in 2026 (+7.0%), culminating in a global advertising market worth $1.24trn. Global ad investment has more than doubled over the last decade and has grown 2.8x faster than global economic output since 2014.WARC’s latest global projections are based on data aggregated from 100 markets worldwide. New for this edition, WARC is leveraging a proprietary neural network which projects advertising investment patterns based on over two million data points, spanning macroeconomic data, media owner revenue, marketing expenses from the world’s largest advertisers, media consumption trends and media cost inflation. It is believed to be one of the most comprehensive advertising market models available to the industry today.While the headline growth rate is mostly being driven by online media, a good year for TV has also made a notable contribution. Linear TV spend is expected to end the year 1.9% higher, at $153.6bn, following two years of decline. TV has been boosted by political advertising – particularly in the US – during the fourth quarter and both the Paris Olympics and the Euro 2024 football tournament in the third. Linear TV now accounts for just 14.3% of global advertising spend, however, down from a peak of 41.3% in 2013.Building upon a solid performance for legacy media, pure play internet, which encompasses advertising revenue among online-only businesses such as Alphabet, Amazon and Meta, is poised to grow by 14.1% to a total of $741.4bn – over two thirds (68.8%) of all ad spend.Social media is the largest individual sector within pure play internet – and the largest advertising medium of all by extension – with a total of $252.7bn this year equivalent to 23.5% of the global ad market. Prospects for the social market have been revised upwards this year to +19.3%, owing mostly to stronger-than expected results for Facebook, Instagram and TikTok over the first nine months of the year.James McDonald, Director of Data, Intelligence and Forecasting, WARC, and author of the research says: “Our latest forecast anticipates $104bn in incremental advertising spend worldwide this year, the largest rise in history if the post-pandemic recovery year of 2021 were discounted.“Whether this boom will sustain remains unclear, however, as 2025 presents a sliding doors moment due to heightened regulatory pressures on Google and TikTok – together a quarter of the ad market outside of China. This, alongside an increasingly challenging geopolitical climate, may spell uncertain times ahead for the businesses that rely on advertising trade.“By leveraging WARC’s proprietary neural network, which delivers timely and precise insights based on over two million datapoints, practitioners can navigate these dynamic conditions and plan ahead for a rapidly evolving advertising landscape.”Key themes outlined in WARC’s Global Ad Spend Outlook 2024/25 Q4 update are:GOOGLE’S 90% SHARE OF SEARCH MARKET IS A MONOPOLY, DOJ RULESOne in five dollars (22.1%) spent on advertising outside of China is paid to Google for its search services. Further, at an expected $197.7bn in 2024 (+13.0% year-on-year), Google alone accounts for 90.1% of all search advertising (excluding China). These commanding shares are similar in the US, leading the Department of Justice (DOJ) to rule last week that Google has an effective monopoly on the search market.The court believes that Google also uses its search dominance to inflate the cost per click (up by approximately 7.5% this year) and maintain superior targeting, effectively blocking competitors from offering viable alternatives.Outcomes from the ruling range from Google ceasing payments to handset manufactures and others for default preference – at a cost of approximately $30bn per annum – to the selling off of its Chrome business to a third party.One potential suitor – Bing – still struggles with adoption and advertiser investment despite Microsoft’s $100bn investment, accounting for just 5.9% of search spend outside of China. Bing’s ad revenues are expected to be up just 5.1% this year – compared to a rise of 11.9% for total search and 13.0% for Google – to a total of $12.9bn.Apple already makes $5.1bn from search ads, mostly via its app store, per Omdia Advertising Intelligence estimates, and could create its own search engine given its financial and distribution resources. The device manufacturer may hesitate to proceed, however, due to the high costs associated with maintaining a search business aside a general strategic misalignment. A leftfield entrant – perhaps Elon Musk’s X on the lookout for new revenue streams after losing $5.9bn in ad revenue since its 2022 takeover – may materialise, but on the whole natural successors to Google remain unclear.With the ongoing uncertainty around the practicalities of the DOJ ruling, and the probability that Google will appeal it vigorously in the coming months, WARC is maintaining its growth forecast of +9.0% next year and +7.0% in 2026 for the company while the situation develops, leaving a potential $231bn ad business and $32.9bn of growth in the balance over the next two years.HOLIDAYS ARE COMINGAdvertisers the world over are expected to spend $299.2bn during the final quarter of the year, well over half of which will be spent during the holiday season. This represents a 10.2% rise from the previous year, up marginally (+0.2pp) from our August forecast.The fourth quarter is crucial for retailers, typically accounting for over 30% of annual ad spend within the sector which represents the intense battle for consumer salience and share of wallet each year. Retailers will spend $45.6bn on advertising during Q4 2024, up 5.0% compared to last year. TV is set to attract 15.9% of this spend, at $6.8bn, with nearing a quarter (23.3%) of this – $1.6bn – spent on ads delivered via connected TVs (CTV) so as to leverage the additional targeting capabilities these devices can afford advertisers.Advertising on retail media platforms is also set to peak during the fourth quarter as brands vie to reach consumers close to the point of purchase. Globally, retail media spend is forecast to rise 16.4% in Q4 2024 to a total of $46.2bn – a new high. Amazon alone is expected to net $16.9bn from advertisers at this time, up 18.0% from the previous year.The technology and electronics sector is expected to spend most in online retail media environments during the fourth quarter, with an anticipated total of $7.2bn up 18.7% from last year. For context, this is over three times more than the sector spends on TV.It’s also a big time of year for fast-moving consumer goods (FMCG) brands, with the alcoholic drinks (+13.5% to $3.9bn), cosmetics (+13.8% to $5.2bn), food (+19.4% to $5.4bn) and soft drinks (+22.0% to $4.5bn) sectors all increasing retail media spend and allocating an increasing share of their ad budgets to online retail platforms this year.Overall, retail media ad spend is forecast to reach $154.8bn this year, with a further rise of 14.8% expected next year and 13.5% in 2026, by when the market would be worth $201.6bn.CANADA CALLS TIME ON TIKTOKThis month, the Canadian government ordered TikTok Technology Canada, Inc. to wind up its Canadian operations under the Investment Canada Act, citing national security concerns. This move forces TikTok to halt sales operations in Canada but does not block Canadians’ access to the app or its content creation capabilities. TikTok has vowed to challenge the order in court.There are few signs that advertisers are reining in their TikTok budgets; WARC believes TikTok’s ad billings grew by 27.1% to $17.8bn over the first nine months of 2024, even as the prospect of tighter regulation comes into sharper focus.Globally, TikTok’s audience is now almost at parity with Instagram, but users spend twice as long with TikTok. A ban is most likely to be to the benefit of Instagram, Snap and, to a lesser extent, YouTube thanks to its analogous Shorts format, mostly due to the migration of content creators.Brian Wieser of Madison & Wall estimates that some C$500m annually will be up for grabs if TikTok were to exit Canada. This scenario has not yet been factored into WARC’s forecasts pending the appeal process; indeed, WARC now expects TikTok to generate $24.6bn in advertising revenue (excl. China) this year, a rise of 25.9% from 2023 but equivalent to just 9.1% of all social advertising spend.A complimentary executive summary by WARC’s James McDonald, author of the report, is available to read here. WARC subscribers can read the article and access additional data here.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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