Alex DeGroote, research director at Arden Partners, said the sharp ad spending slowdown largely reflects the Russian-Ukrainian war's drag on global economic growth, which was 6% in 2021, down to 3.2% in 2022, and is projected to be 2.7% in 2023.
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"In a period of mega-high inflation, price promotion (discounting) on goods may be a more useful marketing tactic for some companies rather than mainstream advertising," he said.
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But while the tech platforms flailed, the advertising holding companies over-performed.
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"Consumers are being overwhelmed by a number of platforms, subscriptions, and prices," said David Helmreich, chief commercial officer at the TV adtech company Innovid.
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DeGroote also predicts that this deluge of streaming ad offerings won't attract the younger consumers that advertisers want to reach the most."The reality is consumers under 30 years old greatly prefer short-form video over longer Netflix series," he said.This bodes well for TikTok's growth next year, he said.
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