Industry insiders are predicting an increase in media spending in 2014, according to Starcom MediaVest’s latest Media Futures survey.
The predictions are for the end of a three-year decline in anticipated levels of spending, and for a modest return of confidence to the market.
Advertisers expect to see an overall increase of 2.6% in spending, and media executives are predicting a 2.8% rise in 2014.
Chris Nolan (pictured), CEO of Starcom MediaVest Group Australia, said: “Innovation in depth and breadth of media provides for more participation and personalisation from communications, thus having the opportunity for greater relevance and potency.
“The challenge that comes with this is that no channels are expected to be used less, so advertisers will have to get smarter about their investments, and this is absolutely reflected in the fact that almost half of advertisers are looking to increase their ROI activity.”
Media Futures 2014 shows that advertising investment is expected to increase substantially in the online media channels of search, mobile and online video, while investment in newspapers and magazines is predicted to decrease by 2.7% and 8.9% respectively.
Nolan said: “As we’ve seen for the past decade, digital media channels are forecast to have the highest spend increases, but interestingly free-to-air TV is also forecast to increase 4% on the previous year. This could be because of the increased levels of participation with television through platforms like Twitter, which enhance the experience for viewers.”