The second-largest digital advertiser among industries will post strong ad spending growth in 2024, but deceleration is on the horizon, and its various subcategories have starkly different outlooks.
After an unexpectedly solid 2023, the good times will continue for ad spending in most US industry verticals in 2024. Telecom will lead in growth, and numerous categories will outpace their 2023 increases. A few unusual results are on tap as well.
The number of companies generating more than $1 billion in annual US CTV ad sales more than doubled from two in 2020 to five in 2024. With ad dollars spreading out among services, a few streaming platforms stand out because of their heavy usage.
Amazon鈥攖he largest driver of spending in this channel鈥攈as recently seen modest retail media revenue growth relative to its past performance. As a result, we have revised our retail media forecast down from where it was in H1 2024.