In the U.S., the Internet will overtake newspapers as the second-largest advertising medium by 2014. In Canada, the media market itself will grow about 5% annually in the next five years, spurred by mobile.
Latin American, Asian and European markets will grow most rapidly, while North American markets will grow relatively slowly --- at a clip of about 3.9%. Overall the rate of growth is forecast at 4.2%, meaning global advertising of $498 billion U.S. by 2014. Interestingly, only the Internet and television will feature spending of more than $100 million on their media.
"Consumers are embracing new media experiences with staggering speed. The advancing digital transformation is driving audience fragmentation to a level not previously seen. However, the current wave of change is of a different magnitude from previous ones both in its speed and its simultaneous impact across all segments," PwC said in its release.
The report identifies three key trends:
1. The rising power of mobility. "The ability to consume and interact with content anywhere, anytime—and to share and discuss that content experience with other people via social networks—will become an increasingly integral part of people’s lives."
2. The increasing dominance of the Internet over all content consumption. "Using the Internet is now one of the great unifying experiences of the current era for consumers everywhere—and their expectation of Internet-style interactivity and access to content will continue to expand across media consumption in every segment."
3. The increasing readiness to pay for high-quality content. "Consumers are more willing to pay for content when accompanied by convenience and flexibility in usage, personalisation , and/or a differentiated experience that cannot be created elsewhere. Local relevance will also become important once again as an aspect of convenience and relevance."