According to ECI Media Management’s 2024 Media Inflation Report, only minor shifts in ad prices are forecasted for most media types for the majority of the 10 countries the company tracks.
With more than half the world’s population heading to the polls, 2024 will be the biggest year for general elections in history. According to the report, media ad prices will likely increase in 2024 due to the elections and major sporting events scheduled in the year ahead, including the Olympic and Paralympic Games in Paris.
“It’s likely that many global advertisers are holding back spend at the end of 2023 – a relatively quiet year – so that they can invest around the events of 2024 which, while likely more expensive, will allow for greater reach,” a summary from the report read.
In the U.S., radio is expected to maintain its inflationary position, while TV and print will remain deflationary.
Radio will remain on track, while TV – after peaking at nearly +15% in 2022, will drop -5% in 2023. Newspapers and magazines were down between -5% and -10%.
The report says the U.S. TV market will not rebound from the Writers Guild and SAG-AFTRA strikes until the first quarter of 2024.
“TV inflation is forecast to remain deflationary, although with the Hollywood strike coming to an end, advertisers are looking towards 2024 with a close eye, and that will likely impact TV pricing,” the summary continued. “Print will also remain deflationary, but all other media types are set to maintain their inflationary positions, with online video enjoying the highest level of inflation.”