Digital media will accelerate growth for global advertising and marketing economy in 2021.
A report released by PQ Media projects a 7.1% drop in 2020 to $494.23 billion for the US advertising and marketing spend. Owing to markets being affected by the COVID-19 pandemic, global advertising and marketing spend are expected to decrease 6.8%.
Advertising’s share in the overall market is expected to decrease 7% globally to $583.71 billion. Other areas of marketing though are predicted to drop by 6.6% to $694.23 billion.
Patrick Quinn, CEO of PQ Media states that global advertising and marketing economy will slump to $1.278 trillion, the lowest since 2017. However, global advertising and marketing economy is projected to recover from 5.9% in 2020 to 11.3% in 2021.
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