(I-BusinessNews.Com, September 13, 2019 ) As per the latest report by IMARC Group, titled ÂTelevision Advertising Market Research Report and Forecast: 2019-2024Â, the global television advertising market size reached US$ 255.8 Billion in 2018. Advertising is a marketing strategy, which helps in endorsing and selling a product, service or idea among a vast audience using a non-personal message. It aids in increasing consumersÂ awareness about the launch of a new product, thereby modifying their purchasing decisions. An advertisement is generally published/aired on platforms including print, television, radio, online, blogs and social media websites. Among these, television currently represents one of the most preferred means of advertisement for both large- and small-scale businesses. As compared to other modes of advertising, television advertising generates sound along with visual graphics, which assists in creating a powerful and lasting impact on viewers.
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Global Television Advertising Market Trends:
Television advertising is an ideal means for exhibiting products and demonstrating their benefits by capturing the viewersÂ attention in a short time. It helps in instantly transmitting sight, motion and sound, irrespective of where an event takes place. Moreover, owing to inflating income levels, there is an increasing consumer expenditure on media and entertainment, which includes acquiring a cable or DTH connection. Also, advertising organizations are actively engaging in research and development (R&D) to gain a better insight into consumersÂ buying patterns and choice of advertising content. However, the television advertising industry is currently experiencing intense competition from new media platforms, such as online. This can be attributed to digitalization, rising sales of gadgets, such as smartphones, tablets and laptops, increasing prevalence of the internet, and the growing popularity of online streaming services, including Hulu, Netflix and Amazon Prime Video. Looking forward, the market is projected to reach US$ 318.1 Billion by 2024, expanding at a CAGR of 3.60% during 2019-2024.
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Market Breakup by Service Type:
Based on the service type, the market has been classified into terrestrial, multichannel and online. At present, the terrestrial service accounts for the majority of the total market share.
Market Breakup by Region:
Region-wise, North America represents the biggest market, holding the majority of the global share. Other major markets include Asia Pacific, Western Europe, Latin America, Eastern Europe, and Middle East and Africa.
The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry. Some of the key players operating in this market are CBS Corporation, Comcast Corporation, News Corporation, Viacom Inc. and Cox Communications.
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