The Advertising Association and Warc have released forecasts for 2014 showing very positive growth, 5.3%, taking the overall spend to £18.8bn.

 

Following on from the release of 2013 data in the 3rd quarter that showed ad revenues at their highest rate of year on year growth since 2010, the forecast indicates that advertising (and the economy taken as a whole) is very buoyant.

 

The growth is being driven by TV (up 14.5%) and internet (up 13.7%), with out of home bucking expectations of a post-Olympics double digit drop by showing a drop of only -4.8%.

 

Two really interesting things stand out from this forecast. First (and most obvious), that advertising, and the budgets that dictate it, are in a very good place. We can’t help but look forward to the proactivity this should create in the industry.

 

Second, for a format that is ‘already over’, TV has a very bright immediate future. It has proved, just like film did in the 70’s, very adaptable to new challenges. The truth is somewhat less black and white than partial commentators like Eric Schmidt might suggest. Various formats complement each other far more than they provide competition for each other.

 

By Oliver Brown