Fan: “For 2023, advertising revenues are forecast to reach RM8.3bil, with digital comprising 72% of this total.'
The agency’s chief investment officer Fan Chen Yip said this signals a further push towards digital mediums as consumers, especially millennials and Gen Zs, increasingly seek connection and immersion in digital spaces.
“Forecasting further into the future, digital is anticipated to garner 82% of total media budgets by 2027, indicating room for significant digital innovation across media platforms,” Fan said. It is the global media investment and intelligence agency within the IPG Mediabrands network, which is the media and marketing solutions division of New York-listed Interpublic Group.According to Magna, media owners advertising revenues in Malaysia are expected to increase by 9% to reach RM8.3bil for 2023.In the current environment, linear advertising revenues are expected to increase by 2% to RM2.3bil this year before declining in 2024.
On the Asia-Pacific front, it is forecast that media owners advertising revenues would reach US$842bil this year, a 4.6% growth versus that in 2022.By digital format, this year’s advertising growth is expected to come from social media and video , with search also growing by 9% . “Many of the headwinds that slowed Chinese digital advertising revenue growth in 2022 are lessening in 2023 and this will allow big digital publishers to continue to grow.”
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