According to our July 2021 forecast, 2023 will be a pivotal year for the US B2B digital ad market: Display will overtake search, mobile will surpass nonmobile, and the split between digital and traditional will near a tipping point just beyond our forecast period.
Digital ad spending in the US healthcare and pharmaceutical industry will grow by 14.2% to reach $9.53 billion in 2020. Growth is being fueled by ads related to COVID-19, including public service announcements, medical supplies and telemedicine.
The bigger picture: For years, ad spending has been on the decline in many forms of media, but podcast ad spend has seen growth even through the pandemic. US podcast ad spending will surpass $1 billion this year and exceed $2.5 billion in 2025. Advertising has been a major source of revenues for audio platforms like Spotify and Amazon Music.
TV ad spending in the US reached its highest point ever in 2018, a year that featured the Winter Olympics and a midterm congressional election—except no one realized it was a peak at the time. Linear TV had been stagnating for several years, though in early March 2020, the combo of the Summer Olympics and a big presidential campaign season looked set to generate a record $72.00 billion in US TV ad spending that year.