Media agencies are cautiously bracing for a potential recession — even as they grapple with inflation and supply chain issues. But despite the looming concern, media spending is holding steady or slightly increasing in 2022, according to respondents to a recent survey Digiday conducted for this inaugural media agency report. And the majority of respondents also expect spending to increase between 10-19% in 2023.
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“That need for flexibility is going to go into 2023,” said UM’s Stacey Stewart. “Where we end up at the end of 2023 may be very different from where we start out 2023. There’s going to be a bit of conservative [spending] going in and that need for flexibility and agility is going to be there.”
Read the full report on Digiday.