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

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2 years ago

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WARC forecast

Projected 10.5% rise in global spend this year represents a 2.3 percentage point (pp) upgrade to WARC forecast, reflecting the uptake of AI-enabled media tools

North America to grow 8.6% this year to $348bn, APAC market worth $272bn but growth cools to just 2.0%, Europe forecast to rise 5.0% to $165bn, Latin America +6.2% to $32.1bn, Middle East largely unaffected by looming threat of regional conflict +4.2% to $12.6bn

US political spend set to reach $15.8bn this year; $3.6bn spent across social platforms with growth rapidly increasing since change of Democratic candidate

WARC Global Ad Spend Outlook 2024/25 – A Decade of Consolidation

22 August 2024 – A new study from WARC, the experts in marketing effectiveness, has found that global advertising spend is on course to grow 10.5% this year to a total of $1.07trn – the best performance in six years if the post-Covid recovery of 2021 (+27.9% year-on-year) is disregarded.

Ad spend growth is also anticipated next year (+7.2%) and in 2026 (+7.0%), culminating in a global ad market worth $1.23trn. Global ad investment has more than doubled over the last decade, and has grown 2.8x faster than global economic output since 2014. Just three companies – Meta, Amazon and Alphabet – account for more than 70% of this incremental spend. This trifecta is expected to attract 43.6% of all advertising spend this year, rising to a share over 46% by 2026.

WARC’s latest global projections are based on data aggregated from 100 markets. New for this edition, WARC is now leveraging an advanced neural network machine learning model 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.

The new projections show that ‘pureplay’ (i.e. online only) internet companies are set to record a 14.0% rise in advertising revenue this year, reaching a total of $735.7bn. In total, almost nine in every ten (88.5%) incremental dollars spent on advertising this year will go to online-only businesses, with half (52.9%) being paid to Alphabet, Amazon and Meta. Taken together, pureplay platforms are set to account for over 70% of all advertising spend worldwide next year.

Retail media (+21.3%), social media (+14.2%) and search (+12.1%) are set to lead digital growth in 2024, with these three sectors alone accounting for over 85% of online spend and almost three in every five (58.7%) incremental dollars spent on advertising worldwide this year. All are benefiting from the increased adoption of AI-driven ad services and growing appreciation of first party data.

James McDonald, Director of Data, Intelligence and Forecasting, WARC, and author of the research says: “The global ad market has doubled in size over the last decade, with advertising investment growing almost three times faster than economic output since 2014. Three companies – Alphabet, Amazon and Meta – have been the largest beneficiaries from this period of expansion, attracting seven in ten incremental ad dollars over the last ten years.

“With retail media expected to lead ad spend growth over the coming years, and with new, diverse players emerging in ad selling – from Uber to Chase – we are once again seeing the value of first party data in targeting the right person with the right message at the right time. Such data, combined with new AI enhancements, will constitute the fabric of the advertising industry for the next decade and beyond.”

Key findings outlined in WARC’s Global Ad Spend Outlook 2024/25 are:

MEDIA TRENDS: Global ad spend is forecast to rise 10.5% this year to a total of $1.07trn, and then 7.2% in 2025 and 7.0% in 2026; social, retail media and CTV to lead growth

At $241.8bn in 2024, social media is the largest single advertising channel measured in WARC’s study, having overtaken search (excl. retail media) for the first time last year. It accounts for 22.6% of all global ad spend this year and is forecast to rise to a share of 23.6% by the end of 2026.

Within social, Meta is the largest individual player, commanding 62.6% of the market this year. Its share is being eroded however, most notably by Douyin and TikTok owner Bytedance, which now draws a fifth (20.1%) of all social spend, up from a share of just 9.3% five years ago. TikTok is on course to account for over half of its parent-company’s advertising revenue for the first time next year with estimated ad billings over $28bn, though uncertainty remains around the platform’s future in the US – its largest market by far with 170m monthly active users.

The main social platforms have reported a fillip from new, AI-enabled services during the first half of 2024, a trend that is set to underpin the advertising industry at large over the coming years. Over half of all AI-enabled spend – defined as involving some form of recommendation algorithm, natural language processing or search optimisation – ​today occurs in the social media sector.

Search advertising (excluding retail media) accounts for 21.8% of global advertising spend, at a forecast total of $223.8bn this year. Its share has consistently grown since WARC began monitoring the sector in 2013, though it is set to plateau in 2026 as more purchase journeys begin in retail media environments and social commerce begins to realise its potential outside of Asia. Another potential headwind may be the rise of AI-driven search, and uncertainty around what the ad experience will look like for consumers more familiar with text-based search experiences.

Google accounts for more than four-fifths (84.0%) of the global search market, with its paid search revenue set to top $200bn for the first time next year. Google’s share rises to over 90% if China is excluded, a position of dominance which this month led a US judge to rule the company in breach of antitrust laws.

Retail media is expected to account for 14.3% of global ad spend this year – a total of $152.6bn – which is double the share recorded in 2019 before the pandemic contributed to an exceptional growth spurt. Indeed, retail media is expected to be the fastest-growing channel over at least the next three years.

Amazon is the dominant global player, with anticipated ad revenue (excluding Twitch and Prime Video) of $55.9bn equivalent to more than a third (36.6%) of all retail media spend and over two-thirds excluding China this year. While competition is heating up, such billings eclipse the near $4bn Walmart is due to net in 2024 and the $1bn ad business Uber is building, while Amazon is also due to have surpassed Alibaba by ad revenue for the first time this year.

CTV is on course to be worth $35.3bn to advertisers this year, roughly a quarter of the size of the linear TV market. Growth is rapid; CTV spend is expected to rise 19.6% and is set to account for two-thirds of all growth in the video (linear + CTV) market this year, and all growth in 2025. By 2026, CTV is projected to account for almost a quarter (23.9%) of all video ad spend, at $46.3bn.

Netflix is the largest streaming provider globally, with 277.6m subscribers worldwide in Q2 2024. However, its global advertising business is unlikely to grow too far beyond $1bn this year. YouTube’s ad income – which we do not yet classify as CTV – is expected to rise 14.3% to $36.0bn this year. Further, YouTube’s ad revenue is set to top $45bn globally by 2026, almost as much as the entirety of the global CTV industry at that time.

Legacy media, encompassing print publishing, broadcast radio, linear TV, cinema and out of home (OOH), now collectively account for a quarter (25.3%) of total advertising spend, having recorded a dip in share in each of the last 15 years.

Advertising spend on legacy media is expected to total $270.5bn this year, representing a 1.5% rise from 2023. Much of this growth can be attributed to US political spending; with this removed legacy media are, collectively, set to record a 0.5% decline in advertiser investment in 2024.

Linear TV spend is expected to grow by 1.9% this year, its best performance since 2014 if the post-Covid recovery year of 2021 (+12.7%) were excluded. The market is flat (+0.1%), however, excluding US political spend. Out of home (+7.2%) and cinema (+6.1%) will see some growth this year, though radio (-2.3%) is expected to record its third consecutive year of decline. Newsbrands (-3.3%) and magazine brands (-3.4%) are also due to see losses across print and online editions.

PRODUCT SECTOR TRENDS: Technology & Electronics (+13.2%), Alcoholic Drinks (+12.2%) and Clothing & Accessories (+11.1%) the fastest-growing consumer sectors next year. US political spend is expected to reach $15.8bn this year; over a fifth spent on social.

Advertising spend during the 2024 US presidential election is on course to top $15bn for the first time, with an expected total of $15.8bn up by over 40% on the previous cycle in 2020. Spend had been lagging the 2020 total earlier this year, but the surprise decision to change the Democratic candidate has led to an influx in spending in order to reposition the new ticket of Kamala Harris and Tim Walz. This shift is perhaps most pronounced online: political spending on social media is tracking 27.4% higher in Q3 2024 versus Q2 2024, with social spending by both main parties on course to reach $3.6bn this year.

Retail – the largest of the 19 categories monitored by WARC – is anticipated to record a 2.5% dip in global spend this year. Our definition of this sector is broad however, ranging from quick service retail (QSR) to grocery to department stores to online retailers, such as Temu. The latter is expected to continue investing heavily in advertising, particularly in Europe this year, but it is an exception – the longer tail of retailers are facing business pressures from soft consumer demand.

Technology & Electronics – the third-largest product sector monitored by WARC – is expected to post the fastest growth this year, with incremental spend of $17.0bn worldwide. The sector had recorded declines in advertising spend in both 2022 and 2023, as central banks raised interest rates sharply in an attempt to stymie inflation, exposing over-leveraged tech startups in particular.

Technology & Electronics (+13.2%), Alcoholic Drinks (+12.2%) and Clothing & Accessories (+11.1%) are forecast to lead ad spend growth among consumer-facing products in 2025, though Business & Industrial, the second-largest category, is expected to be the fastest-growing category overall next year (+18.2%), as budgets unlock during a period of comparatively favourable economic and trading conditions.

The Nicotine category is also growing rapidly, albeit from a low base; it is the smallest of the 19 product categories monitored by WARC at $13.0bn in 2024. Spend is set to grow 56% over the three years to 2026 – reaching a total of $17.2bn – driven almost entirely by vape products which skew heavily towards online advertising.

REGIONAL TRENDS: North America to grow 8.6% this year to $348bn, APAC growth cools to just 2.0% owing to stronger dollar, Europe is forecast to rise 5.0% to $164.9bn, while Middle East ad markets are largely unaffected by looming threat of regional conflict

North America is on track to be the fastest-growing region this year – inflated by the US presidential elections – with ad spend rising 8.6% to a total of $347.5bn. US ad spend is expected to grow 8.9% this year (+4.0% excluding political spend, more than double the 1.4% growth rate recorded in 2023) to a total of $330.8bn. A further rise, of 3.6%, is forecast next year, by when the US ad market should be worth over $342bn. The Canadian ad market is due to grow 7.5% to CAD23.3bn ($16.8bn) this year.

Latin America (+6.2% to $32.1bn in 2024) then follows, with its largest market, Brazil, forecast to record local currency growth of 9.6% this year to a total of BRL85.7bn ($14.8bn) – an acceleration from the 7.5% rise recorded last year. Our forecasts suggest that online advertising will account for over half (50.4%) of the Brazilian ad market for the first time this year.

APAC’s (+2.0% to $272.0bn this year) largest market – China – is projected to see ad market growth of 6.4% this year to RMB1.32trn ($181.2bn), an easing from the 9.3% rise recorded in 2023 as consumer demand remains soft and economic expansion lags stubbornly behind the target. Pureplay internet will account for over 86% of the Chinese ad market in 2024, though social media (+10.5%) and retail media (+8.2%) will expand at a slower rate this year than last.

When measured in local currency – so as to exclude the distorting effect of exchange rate fluctuations – we see that India will be the fastest growing key market this year, with advertiser spend rising 11.9% to INR1.08trn ($12.8bn).

Japan – the fourth-largest ad market in the world – is forecast to grow by 5.2% this year to JPY5.83trn ($36.9bn), though this equates to a 6.3% decline when measured in US dollars due to the Yen falling to a decade-long low. Australia’s ad market is expanding by 2.0%, a modest but welcome change of fortunes following flat (+0.3%) growth in 2023, while Indonesia is expected to achieve 7.8% growth this year.

Advertising spend across Europe is forecast to rise 5.0% this year to $164.9bn. The UK, the largest European market by spend, is expected to post an 8.0% rise to £38.5bn ($47.5bn) in 2024 per market data from the AA/WARC Expenditure Report. On the European mainland, France (+8.0%), Italy (+5.4%) and Germany (+4.0%) are all expected to see healthy gains this year, with the former in particular benefiting from increased advertising activity around the Paris Olympics and Paralympics in the third quarter.

Brand spend in the Middle East and Africa is currently on course to rise by 4.2% to $12.6bn this year, though fortunes are mixed. African spend is expected to be flat (+0.2%), following a 15.7% decline in 2023 and 1.4% dip in 2022. South Africa, the region’s largest market, is expected to see its ad market grow 6.0% this year but this translates to a 1.1% increase when measured in dollars owing to a weak Rand by historical measures. Ad spend in the Middle East is set to rise 8.1% this year but that is subject to change should conflict spread beyond Gaza to the wider region.

A complimentary article 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.

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Novum Studio Secures New Funding to Launch Ahoy Project, an AI-Native Enterprise Transformation Platform, Building on Its 20-Million-User Gen Z App Frog

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3 days ago

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July 24, 2026

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Novum Studio
  • Novum Studio has raised a new round of funding to launch Ahoy Project, its enterprise AI solution, with internal testing scheduled for July 2026.
  • Ahoy Project is positioned as the infrastructure for AI-native enterprise transformation – an AI-native communication platform serving as the underlying system, delivered as an end-to-end tailored solution.
  • The launch expands the company beyond Frog, its Gen Z consumer social app that has reached 20 million users across the U.S. and Europe.
  • Novum Studio said it is applying lessons from operating high-frequency social platforms at scale to workplace communication and knowledge systems.

NEW YORK, USA – Media OutReach Newswire – 24 July 2026 – Novum Studio, the company behind Frog – a Gen Z social app often described as a “new-generation Snapchat” – said it has raised a new round of funding and will use the proceeds to launch Ahoy Project, an AI-native enterprise communication and collaboration platform, with internal testing scheduled for July 2026.

The Novum Studio team at London Tech Week 2025.

Unlike conventional workplace software, Ahoy Project will not be sold as a standalone software subscription, the company said. Novum Studio provides the infrastructure and a full tailored solution for enterprises undergoing AI-native transformation, with the communication platform serving as the underlying system on which that transformation is built.

Founded as a consumer social company, Novum Studio has reached more than 20 million users across the U.S. and Europe. Frog gained traction among younger users through spontaneous, real-time sharing designed around authenticity and low-pressure interaction. The company said its experience building large-scale social “spaces” – where millions of people communicate, form groups and coordinate in real time — directly informs its approach to enterprise collaboration.

The new funding will support the launch and international expansion of the enterprise business as artificial intelligence reshapes how organizations communicate, collaborate and operate, the company said.

Novum Studio was founded by Anna Danyi, who graduated from the London School of Economics and Political Science (LSE) in 2018 and began her career in consulting and technology. Before founding Novum Studio, she built multiple consumer applications and exited through an acquisition. In 2025, Forbes China recognized her among the Top 100 most influential global Chinese figures in AI digital products area.

“We spent years understanding how millions of users communicate online,” Anna Danyi said. “In the AI era, communication itself is becoming intelligent. We believe the next generation of platforms will not only connect people — they will understand workflows, collaboration and organizational behavior.”

From Consumer Social to Enterprise AI

Modern organizations face growing challenges as critical knowledge, decisions and workflows become fragmented across chats, meetings and disconnected tools, the company said. Ahoy Project addresses this as a conversation-driven, AI-native collaboration layer: it captures context from day-to-day communication to build a searchable enterprise knowledge base and support workflow coordination.

Core capabilities include conversation-based knowledge organization, AI-assisted collaboration and workflow support integrated directly into team communication. Because the platform sits at the layer where work is discussed and decided, it can serve as the foundation for a broader AI-native operating model – with Novum Studio designing and delivering the surrounding transformation solution for each enterprise client.

Ahoy (Popeye AI) turns everyday team conversations into a searchable enterprise knowledge base.

A New Direction for Social Technology

Novum Studio said its expansion reflects a broader shift across the technology industry. Platforms such as TikTok and Instagram defined how content was distributed and consumed in the mobile social era; as AI becomes embedded in digital products, the company believes the next stage will center less on feeds and more on intelligent systems that understand communication and coordination.

“We are no longer just building products where people post content,” Anna Danyi said. “We are building systems that understand how humans communicate and operate together.”
 

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Venezuela Energy Week to Host Houston Industry Showcase, Unlocking United States (U.S.) Commercial Engagement Ahead of October Summit

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3 days ago

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July 24, 2026

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African Energy Chamber

Ahead of Venezuela Energy Week 2026, U.S. exploration companies, independent operators, oilfield service providers and investors are invited to explore commercial opportunities across Venezuela’s upstream sector at the Houston Industry Showcase next month

HOUSTON, United States of America, July 23, 2026/APO Group/ –Venezuela Energy Week will host an Industry Showcase in Houston on August 18, 2026: a targeted industry roadshow designed to engage U.S. energy stakeholders ahead of the October summit. Held at The Post Oak Hotel, the showcase will convene senior representatives from across the U.S. upstream ecosystem – including exploration and production companies, Texas-based independents, oilfield service companies, engineering and technology firms, commercial banks, private equity firms and family offices – to assess commercial pathways for participation in Venezuela’s energy sector.

 

As Venezuela looks to expand production, U.S. companies remain well positioned to contribute technical expertise, capital and operational capabilities across the upstream value chain. Chevron’s longstanding presence in the country highlights the continued importance of U.S. industry participation, while the scale of Venezuela’s resource base continues to attract interest from major international energy companies, including ExxonMobil and ConocoPhillips. Opportunities extend across exploration, field development, production optimization, infrastructure rehabilitation and digital modernization as Venezuela seeks to strengthen its energy sector.

 

Demand is also expected to grow for oilfield service companies, engineering firms, technology providers and financial institutions that can support upstream investment and project execution. Companies including SLB, Halliburton and Baker Hughes have been identified as potential partners in advancing production optimization and infrastructure rehabilitation, while commercial banks, private equity firms and family offices will play an important role in financing future investment opportunities.

 

Against this backdrop, the Houston Industry Showcase will provide a structured engagement platform at a time when select international operators continue to operate under U.S. Treasury-authorized frameworks, and where policy considerations in the U.S. continue to shape engagement parameters in Venezuela’s energy sector.

 

The event will enable U.S. exploration companies, independent operators, oilfield service providers and investors to assess technical and commercial pathways across exploration, field services, project delivery and broader supply chain opportunities, while supporting early-stage dialogue between international investors and Venezuela-focused stakeholders in a structured commercial environment ahead of the October summit.

 

To register for the Houston Industry Showcase on August 18, visit www.venezuelaenergyweek.com/rsvp-houston. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2026 in Caracas this October, contact info@venezuelaenergyweek.com.

 

Supporting Venezuela’s Earthquake Recovery

 

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

 

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/4fM0rLr).

 

Distributed by APO Group on behalf of Energy Capital & Power.

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Business

Africa Trade Gateway Delivers US$5.3-Million Cross-Border Transaction in First Energy Sector Trade in Southern Africa

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3 days ago

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July 24, 2026

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Afreximbank

The transaction represents an important milestone for both the participating institu-tions and the ATG ecosystem as it marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transac-tion in Southern Africa

HARARE, Zimbabwe, July 23, 2026/APO Group/ –A US$5.3-million cross-border fuel (gasoil) trade transaction has been successfully completed with support of the Africa Trade Gateway (ATG), African Export-Import Bank’s (Afreximbank’s) (www.Afreximbank.com) flagship digital trade ecosystem, demonstrating the value and efficacy of the Gateway in powering African trade.

The transaction, which saw Zimbabwean fuel importer Witeva Trading source a gasoil shipment from a leading commodity trader and supplier in Switzerland, with Innbucks Microbank Ltd. participating as the local issuing financial institution and Afreximbank providing confirmation support under agreed trade finance structure, demonstrates how African businesses can leverage one connected ecosystem to identify opportunities, access finance and complete international trade more efficiently.

The ATG made it possible for the commercial opportunity to be connected to the right ecosystem participants, bringing together the buyer, supplier and participating financial institutions to support a successful execution of the transaction.

The transaction represents an important milestone for both the participating institutions and the ATG ecosystem as it marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transaction in Southern Africa.

This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem

It also demonstrates how African Businesses can use a single digital ecosystem to identify commercial opportunities, connect with verified counterparties, access trade-finance support and execute cross-border transactions more efficiently.

Peter Olowononi, Director, Regional Operations, Southern Africa, at Afreximbank, said:

“This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem. By creating a digital ecosystem to expand access to trade finance, Afreximbank is enabling more businesses to participate easily in regional and international trade.”

Emeka Onyia, Director, Digital Business, at Afreximbank, added:

“The Africa Trade Gateway is more than a mere digital platform; it is the ecosystem that helps trade happen. We help businesses discover opportunities, connect with trusted buyers, suppliers and financial institutions, and facilitate the journey from commercial opportunity to completed transactions. Every successful deal strengthens the network, attracts new participants and creates more opportunities for African trade.”

“As more businesses, banks and trade partners join the ecosystem, every successful transaction expands the marketplace, strengthens trust across the network and increases opportunities for future trade,” Mr. Onyia added.

Distributed by APO Group on behalf of Afreximbank.

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