UK ad revenue to rise 7.4% this year
According to a new report, the British advertising market is expected to record strong growth. As per Zenith Optimedia estimates, the advertising revenue is expected to grow at the rate of 7.4 per cent or by £1 billion this year to £14.3 billion.
Media buying agency Zenith Optimedia said that the UK advertising market is growing significantly and is expected to overtake that of Germany to be the world's fourth largest market in the world. The rise is backed by a strong growth in the mobile advertising market in the country.
The company is optimistic about 2015 and has upgraded growth forecast to 8.2 per cent and expects the market to rise 5.9 per cent in 2016 to reach £16.4 billion.
Zenith, whose clients include Aviva, O2 and Royal Bank of Scotland, believes that UK ad market is growing faster than most major developed economies and its value will overtake Germany in 2016. Jonathan Barnard, who is the head of forecasting at the company, described Britain's growth as "amazingly strong".
The global ad revenues are expected to rise 5.4 per cent this year to $524 billion mainly due to the European region's record growth, after years of recession in the Eurozone. The company expects the global ad revenues to rise more than 6 per cent in both 2015 and 2016.