TV media inflation predicted to bounce back in 2024

TV inflation in the UK is set to bounce back from -7.1% in 2023 to 3% in 2024, according to ECI Media Management’s 2024 Media Inflation Report.

Globally, TV inflation is set to sit at 3%.

A challenged economy and the cost-of-living crisis led advertisers to spend cautiously in 2023.

As well as increasing confidence in buying media, sporting events such as the Paris 2024 Olympics, Paralympics, and UEFA Euros in Germany greatly appeal to advertisers. 

Overall, media inflation is predicted to reach 2.2% in the UK in 2024, up from 0.9% in 2023.

UK: Five-year inflation trends from 2020-24, by media channel

It is a mixed bag overall in the UK, with out-of-home inflation expected to increase the most by 4%, followed by TV, then online video at 2.8%, radio at 2.2% and online display at 1.4%. Meanwhile magazine inflation is expected to decrease by 1.7% and newspapers by 1.8%.

The EMEA region is expected to see the second-highest level of inflation globally (3.8%), trailing behind Latin America, which is expected to see 11.4%.

Fredrik Kinge, global chief executive at ECI Media Management, said that TV “[joined] the cluster of other media types seeing single-digit inflation”, with the exception of print, which contributed to “an overall impression of pricing stability in the UK”.

Globally, OOH and online video have the highest inflation forecast. TV is also forecast to be inflationary in all regions except North America, where it remains deflationary following the Hollywood strikes.