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In 2022, the double whammy of higher interest rates and a sharp decline in stock markets spurred investors-and the executives who respond to the pressure the markets exert-to ask tough questions about business models. Our data suggests that a sense of urgency for incumbents is warranted. In PwC’s 26th Annual Global CEO Survey, 40% of E&M CEOs said their current business model would not be viable in ten years. The declining influence of consumer spending on E&M products and services and the rising influence of advertising are among the key forces changing the imperatives for industry leaders and forcing a broad reassessment and reinvention. Internet access, the third major category, will surpass consumer spending in 2026. This trajectory puts advertising on a path toward becoming the first of the three major E&M categories to reach US$1 trillion in annual revenue. Between 20, global advertising revenue will rise from US$763.7 billion to US$952.6 billion, representing a 4.5% CAGR.

In 2025, advertising will surpass consumer spending as the largest category internet ad spending, which grew 8.1% in 2022, is a powerful catalyst for growth. But consumer spending on E&M will grow at just a 2.4% CAGR between 20, when it will total US$903.2 billion.Īs e-commerce and time spent on digital platforms grow, companies around the world will be spending significantly more in an effort to reach consumers at the point of purchase and at the point of decision. Consumer spending historically has been the largest of the three broad categories the Outlook tracks. Taxed by inflation, weary from the lingering effects of the pandemic, and facing the uncertainties of war and geopolitical instability, consumers are pulling back.

The creation of podcasts, which was among the industry’s major success stories during the pandemic, fell by an estimated 80% between 20.īut the main challenge-in 2022 and in the future-is consumer spending. For some key sectors, the surge in revenue and attention that they experienced early in the pandemic ran out of steam.

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