Ebiquity predicts 'more positive' advertising outlook for 2024

Ebiquity has predicted a “slightly more positive” outlook for the advertising industry in 2024 after surveying World Federation of Advertisers members.

In the company’s 2023 results, chief executive Nick Waters said that “confidence” was “starting to return”, adding that in 2023, “market conditions were much more challenging”. 

He said: “It has been a difficult period for the advertising industry with many global brand owners planning for the short term rather than the long term and, in some cases, cutting budgets or deferring work as a result of prevailing market conditions and trends.”

But he added: "The outlook for the advertising industry appears slightly more positive for 2024 with our own survey of WFA members, as well as other independent studies, indicating some confidence starting to return."

In the company's H1 report last year, Ebiquity said the market was “risk averse with many global brand owners planning for the short term rather than the long term”.

In the latest results, Rob Woodward, chair of Ebiquity, doubled down on Waters’ claims and added there are “signs that the advertising market is improving”.

Despite a difficult market in 2023, Ebiquity’s revenue increased by 6.8% year on year, from £75.1 million ($93.7 million) to £80.2 million ($100 million).

Ebiquity’s US business was the “star performer” in 2023, but the report also noted that the UK and Ireland “showed a resilient performance in the domestic market”, while clients across the rest of Europe reduced “scope and fees” in Q4 as their own businesses came under pressure.

In the UK and Ireland, revenue jumped by 19%. The region trailed behind North America, where revenue increased by 33%.

Continental Europe and APAC both experienced decreased revenue, with the former dropping by 11% and the latter by 10%.