Earlier, TV dominated the advertising market
accounting for a major share because it was the most influential and favoured
media due to its ability to reach mass audiences. The increasing online
marketing has developed an effectiveness of commercials and reaches a wider
target audience browsing internet. Advertisers also focus on the refinement of
digital advertisements with contrast and content. The high rate of digital
penetration, availability of audience, and high disposable income are a few
factors contributing to the growth of the advertising market in the United
Kingdom. The growing popularity of digital media and social media marketing are
an added advantage in the advertisement market in UK.
Advertising is a key market for the growth in
social media advertising. It offers a platform for advertisers, especially
during special events, which increases return on investment. Factors such as
paid search options, personal customer information database helps majority of
the vendors analyze behaviour patterns and preferences while advertising any
products. Online advertisement will help businesses create brand awareness and
market products based on end-user needs. The competition in the advertising
market is between the existing established players with massive capital
investments and high advertising budgets. The demand for advertisements depends
on the economic condition and corporate profits of an organization. All the
advertisers focus on the preferences to maintain their market value and share.
The various channels in the advertising market are TV, Digital, Print and OOH
(Out-of-home advertising).
According to the study “Advertising
in United Kingdom: ISIC 743”, TV advertising is a major platform that
enables advertisers to create awareness and promote products because it is the
largest medium to reach people in every corner of the world. Advertising on TV
is processed through traditional commercial channels, multichannel advertising,
or online TV advertising, which is the latest trend. The government in United
Kingdom and NGOs are investing on television advertising. There are many ways
of advertising such as terrestrial, multichannel, online, radio and television
advertising. Recovery in global economy, increased time spend on digital media
and increase in small scale advertisers are the major factors driving the
growth of the advertising market in the United Kingdom. Advertising market is
highly fragmented due to numerous and competitive vendors. Advertising
companies compete on the basis of factors such as features, quality,
technology, security, and pricing. They focus on development of advanced
technologies and are also constantly investing in designing, planning,
developing, and expanding existing facilities.
United Kingdom ranks fourth among the world’s
largest advertising markets, and first in Europe. UK digital advertising has
overtaken UK’s television advertising and accounts for a largest share of
advertising spending. This trend will continue over the next few years due to
drastic growth in social media advertising spending. Online advertising medium
uses internet for advertising a product or services which is a popular media of
advertising due to its wide reach, flexibility, and accessibility. Internet
advertising can be customized, making consumer targeting more efficient and
precise. It was observed that there will be an increase in mobile advertising
over the next few years.
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Ken
Research
Ankur
Gupta, Head Marketing & Communications
0124-4230204