(AFP Photo)
An advertising spending report by strategy consultancy firm McKinsey & Company has shown that internet marketing is the second highest advertising means in terms of growth worldwide.
The business is expected to achieve global annual growth of 9.6% between 2013 and 2018, with digital advertising spending expected to increase from $476.2m in 2014 to reach $666.4m by 2018. The report estimated the business volume to reach $512.2m by the end of this year, while expecting it to grow in the Middle East and North Africa (MENA) region by 10.1% annually until 2018.
In the same context, the report mentions that MENA region companies spent over $38.8m on digital advertising last year. It expects the number to reach $44.7m by the end of 2015, and $65.2m by 2018.
The report showed that individuals in the MENA region spent $30.2m on digital advertisements in 2014, and expects them to increase spending to $36.1m by the end of this year, and $53.2m by 2018.
According to the report, consumers in the MENA region are the biggest spenders on advertisements, in comparison to the North and South Americas, and Europe regions. Consumers’ advertising spending growth rate in the region was estimated at 14.3%.
The report added that digital advertising acquired 29.2% of all advertising means, to come in second after TV advertising that acquired 37.6% of the advertising expenditures. McKinsey & Company predicts, in its report, Internet advertising to expand, acquiring 31.9% of advertising expenditures by the end of the year, and reaching 38% by 2018, to be the primary method of advertising in which advertisers invest.
