Digital advertising revenue growth is helping to fill a hole left by print, according to Pwc Australia’s annual Entertainment and Media Outlook.
PwC is forecasting, using its mid point scenario. level revenue across the segment of $2.22 billion in 2021, followed by an annual fall of 0.47% to $2.17 billion in 2026.
Print circulation revenue is predicted to fall 3.7% to $582 million, and print advertising to be down 6% to $518 million.
Digital advertising revenue is expected to grow by 2.7% to $458 million and digital subscriptions up 8.2% to $613 million based on the midpoint forecast scenario.
PwC: “News Media companies in Australia have broadened their digital advertising product offerings in recent years.
“Now offering advertisers an array of advertising products and services including affiliate-type product comparison content, audio and video content, and off-network audience targeting.”
Digital banner advertising revenue on news media sites saw a strong post pandemic bounce in 2021, returning 13.6% to reach pre-pandemic levels of $401 million. Moderate growth is expected at a compound annual rate of 2.7% based on the mid point forecast.
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