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Ad spending in Greece isn’t joining in on the ups and downs in the country, as advertisers aren’t expected to make any major moves in their overall budgets over the coming years. ZenithOptimedia estimated that following a 7.9% rebound in 2014 after several years of hard hits, total ad spending in Greece would remain steady at €1.10 billion ($1.46 billion) in 2015. No change was expected for 2016 or 2017.
However, a breakdown indicates that 2015 gains and losses will vary greatly among media types. For example, outdoor and TV ads were each expected to see respective growth of 10.7% and 10.0%. Meanwhile, online display (which excludes social media), radio and cinema ads were expected to see little to no changes this year, while magazines should see a dip of 3.9%. Newspapers were forecast to suffer a great deal, with ad expenditure projected to fall 15.2%.
In terms of actual figures, traditional media reigns. TV was expected to continue dominating the ad market in Greece, with spending of €461 million ($611.7 million), or more than 40% of the total this year. Magazines were projected to maintain a strong hold on second place, with newspapers rounding out the top three, despite experiencing the largest drop in spending. Online display was forecast to hit €79 million ($104.8 million), with radio close behind.
Interactive Advertising Bureau Europe (IAB Europe) and IHS reported that total digital ad spending in Greece reached €150 million ($199.0 million) in 2014, representing growth of 16.3%. Paid search accounted for more than half of that total—€80 million ($106.2 million)—and experienced the strongest growth out of formats included, at 23.1%. Ad spending on display hit €65 million ($86.3 million), up 10.2% year over year, while classifieds and directories held steady at €5 million ($6.6 million).
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