Tackling Economic Uncertainty with Predictions and Market Intelligence

The report provides an upclose look at actual results from 2021 final estimates for 2022 and forecasts for 2023 It39s informed by insights from a survey of senior national agency decisionmakers including the most influential media buyers in the nationMyers estimates that final 2022 numbers will show a 71 increase in advertising spending reflecting 61 growth of linearlegacy media and 78 growth of digital More importantly he forecasts a 63 decline in legacylinear advertising in 2023 but a 65 increase in digital ad spendingThe predictions show the migration of advertising investments from traditional to digital media And they underscore the importance of the Department of Justice39s lawsuit against Google The legal action attempts to rein in the tech giant39s increasingly monopolistic power over advertisers and ad spendsWe are in the midst of very uncertain times Turns out the inflation we were told was transitory has a longer shelf life than anyone expected Although the Fed39s delayedbutpersistent efforts to tame it by raising interest rates seems to be having the desired effect of reducing inflation and slowing down an overheated postpandemic economyWell publicized layoffs in the tech sector are being offset by a stronger than expected labor market I have been on every recent MFM Network teleconference and there isn39t one in which members fail to discuss the ongoing difficulties they are having recruiting retaining and motivating talented financial professionals The second most popular topic on those calls how to streamline processes and procedures in a way that cuts costs without reducing staff According to the participants the jury is still out on the impact of requirements for workers to come back to the officeCombine those challenges with Myers39 forecast and you can see why the entire media and entertainment industry seems to be walking on eggshells Without clear signals uncertainty feeds on itself But there is one sure thing that39s just around the corner the 2024 electionsRecessions don39t affect the pursuit of political power In 2024 the stakes and the ad spending will be enormous Razorthin majorities for the GOP in the House and the Democrats in the Senate will have to be defended And the presidential race promises to be white hot It39s more than likely that every previous electionspending record will be broken resulting in a banner year for the media industryThe key question for financial executives is What are you doing to prepare for that today One proactive step you can take is register for the MFM CFO Summit the Annual Conference our twicemonthly webinars as well as Member Network teleconferences You39ll gather as much information as possible about what39s around the corner for this industry And that knowledge will lead to better decisions on course corrections revised tactics and innovative strategiesEverything you need to put your membership benefits to work for you and your company is on the MFM website Take a look get engaged and gather the tools to navigate uncertaintyClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNet

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Tackling Economic Uncertainty with Predictions and Market Intelligence

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Joe Annotti

FEMA and the Ad Council Encourage AANHPI Communities to Enhance Disaster Preparedness in New PSAs - Ad Council InSites

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