Latest Standard Media Index figures show ad spend continues to grow despite the ongoing challenging with Covid
Australia has had its fourth consecutive month of +40 per cent advertising growth across July and sales excluding digital are already up 15 per cent for the month of August.
According to the latest Standard Media Index (SMI) figures, Australia’s advertisers show no signs of shying away from spending their dollars on media despite the ongoing uncertainties and challenges of the current COVID lockdowns. The group reported total ad bookings were up 41. 8 per cent in July compared to July 2020, partly buoyed by the Tokyo Olympics, which aided a 41.9 per cent increase in TV ad spend. The Olympics also contributed to a doubling of ad spend to digital video sales.
SMI geographic analysis found ad spend in NSW and Victoria delivered the highest growth of any state-based media at 52 per cent and 46.3 per cent, respectively.
In addition, SMI data showed total market spend up is 7.4 per cent against that achieved in July 2019 and just $2 million off the record ad spend set in July 2016.
SMI A/NZ managing director, Jane Ractliffe, said there was no sign of the market losing confidence as a result of the recent COVID outbreaks, with SMI already reporting a 15 per cent increase in early August ad spend (excluding digital).
“It’s clear the advertising market has learned to live with COVID as there is definitely no panicked mass cancellation of ad spend as we saw last year evident in the payment data,”’ Ractliffe said.
“We can already see in the early August data that TV, outdoor, radio and cinema are reporting strong growth, while for September SMI’s Forward Pacings show the market is already 82 per cent booked compared to the total spent in September last year - and that’s the highest level of future confirmed payments seen at this point in the past two years.”
Ractcliffe said the Australian market is reporting similar trends to what is being seen elsewhere.
“This proves the current market strength is not isolated, with the US market also back at pre-pandemic levels in July and the NZ media reporting a record level of ad spend for the month,” she continued.
“It’s clear all markets are learning to live with COVID and are delivering strong recovery stories as large advertisers return their media investment to 2019 levels.”
According to SMI figures, total Australian ad spend has continued to make leaps and bounds this year. It was during the month of May when spend exceeded pre-COVID results for the first time since the crisis began, soaring over 70 per cent year-on-year.
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