1、Outlook for Advertising,Marketing and Data 2025:Transformation AcceleratesBruce Biegel,Senior Managing PartnerJanuary 23,2025AboutWinterberry GroupA specialized management consultancy that offers more than two decades of experience and deep expertise in the intersecting disciplines of advertising,ma

2、rketing,data,technology,media and commerce.Winterberry Group helps brands,publishers,marketing service providers,technology developers and information companiesplus the financial investors who support these organizationsunderstand emerging growth opportunities,create actionable strategies and increa

3、se their value and global impact.2Looking Back at 2024Over the Past 18 Months,The Macro Environment Has Been Mostly Neutral for the Ad Market“Do More With the Same”4Tension remained across an uncertain geo-political landscapeUS economy outperforms expectations;inflation moderates while GDP growth ex

4、ceeds forecastsLimited visibility into marketer budgets remains:“do more with the same”Elections,equity markets,US unemployment rate ends at 4.1%,lower than expectedInterest rate cuts but rates follow the“higher for longer”themeBetter than“do more with less”but still limited visibility on annual bud

5、getsForecastAdvertising&Marketing Spend Growth Reverting to Historical NormsPolitical Cycle Adds$11 BB,Lower Than Initial Forecasts4.8%2.5%2019-3.4%-2.2%202021.7%5.8%20219.2%1.9%20223.8%2.6%202311.0%8.7%2.5%20246.1%2.3%2025P3.8%8.3%US Advertising/Marketing Spend GrowthUS GDP GrowthBenchmark:2x US GD

6、P GrowthIncl.Political SpendingExcl.Political SpendingUS Marketing Spend Growth Benchmarked to GDP Growth(2019 2025P)5Source:Winterberry Group Spend analysis(2025)Review 2024:Digital Channels Continued to Take Share,Offline Rebound,In Line With Jan 2024 Forecasts$251.8$286.0$316.0$360.9$187.2$193.4$