Keyword Search also remains the largest ad format, reaching $330 billion.
The digital growth bodes well for Google, Meta and Amazon, a.k.a. the big three, which already captured around 60% of total ad revenues outside of China in 2023.
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Auto and CPGs are outperforming
According to Magna, auto, food and drinks will be among the fastest-growing categories for 2024. Though the company noted that car sales are slowing down in 2024, growing only 2% in the U.S. from Jan. through May, a push towards EVs and major sports events will bring “above-average” marketing and ad activity.
Meanwhile, food and beverages were among the many victims of higher inflation in the last two years. However, that’s returning to normal levels.
