The Week That Was: IT and Media news week 34
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Global advertising spend will grow 10.5% this year to a total of $1.07 trillion. This is the best performance in six years if the post-Covid recovery of 2021 (+27.9% year-on-year) is disregarded. Ad spend growth next year will be +7.2% and 7.0% in 2026, culminating in a global ad market worth $1.23 trillion. Meta, Amazon and Alphabet are expected to attract 43.6% of ad spend in 2024, rising to a share over 46% by 2026, marketing firm WARC says in a new forecast.
Femtech startups – companies focusing on women’s health products and services – are collectively on course to raise a record amount of venture capital this year. “Investor interest in the sector has steadily grown in recent years as recognition expands for women’s healthcare needs”, according to US-based financial data firm PitchBook.
US politicians have tried to stop Chinese-owned TikTok, fearing that Chinese authorities can get access to too much information about US users. Despite this, a new survey shows that TikTok has a growing importance as a source for news also now prior to the US presidential election in early November.
Worldwide spending on AI will more than double by 2028 when it will reach $632 billion. The industry that is expected to spend the most on AI solutions 2024-2028 is financial services, market research firm International Data Corporation (IDC) says in a new forecast.
Despite global average time spent on gaming has been dropping since the first quarter of 2021 and increasing industry consolidation, growth is still returning to the global games market, albeit slowly. In 2024, the global games market will generate $187.7 billion, representing +2.1% year-on year growth, gaming data firm Newzoo says in a new forecast.
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