Advertising - Colombia | Statista Market Forecast

Ad spending in the Advertising market in Colombia is forecasted to reach US$2.21bn in 2024.
The largest market in Colombia is TV & Video Advertising with a market volume of US$833.40m in 2024.
When compared globally, the United States is expected to lead in ad spending with US$425.90bn in 2024.
Within the Advertising market in Colombia, 59% of total ad spending is projected to come from digital advertising in 2030.
The average ad spending per capita in the TV & Video Advertising market in Colombia is estimated to be US$15.92 in 2024.
Furthermore, in Colombia's Advertising market, Advertising market of the 88% revenue will be generated through programmatic advertising in 2030.
Colombia's advertising market is seeing a surge in digital ad spending, with a focus on social media platforms to reach the tech-savvy population.

Definition:
Advertising spending refers to expenses for promotional strategies with which brands or businesses purchase advertising space to promote products or services. The primary purposes of advertising include creating awareness, generating interest, and persuading consumers to take a particular action such as purchasing a product, visiting a website, or supporting brands. Advertisers use advertising to reach their target audience while media companies and advertising agencies use it as a source of income.

Structure:
The advertising spending consists of two main channels (traditional advertising and digital advertising). Traditional Advertising refers to above-the-line media that delivers commercial messages to broad audiences. This includes mass media such as traditional TV, traditional radio, printed newspapers, printed magazines, and traditional out-of-home (OOH) advertising formats. Digital Advertising uses the internet to deliver marketing messages to internet users in various forms. This includes digital video, search engine, social media, digital out-of-home, digital banner, digital audio, digital classifieds, and influencer advertising.

Additional information:
The market comprises advertising spending, share by advertising channel, users, average revenue per user, advertising share by industry, ad spending by medium, and digital ad spending share (programmatic and non-programmatic). The market only displays B2B spending and users for the above-mentioned channels. Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. Additional definitions for each market can be found on the respective pages. For more information on the data displayed, use the info button right next to the boxes.

Traditional advertising such as non-digital ads for TV and radio, as well as out-of-home advertising and print advertising
Digital advertising such as online ads for video, banner, audio, classifieds, and search engines, as well as digital out-of-home, social media, in-app, and connected TV advertising
Influencer advertising

Sponsorships/events and promotion
Product placement
Commission-based affiliate systems

Colombia, a country located in the northwest region of South America, has seen significant developments in its advertising market in recent years. With a population of over 50 million people, Colombia offers a large consumer base for advertisers to target. Customer preferences in the advertising market in Colombia have been shifting towards digital platforms. The increasing penetration of smartphones and internet access has made online advertising more accessible to the population. Consumers are spending more time on social media platforms and streaming services, creating opportunities for advertisers to reach their target audience through these channels. Additionally, there is a growing demand for personalized and interactive advertisements that engage with consumers on a more personal level. Trends in the market show a steady growth in digital advertising expenditure. Advertisers are allocating a larger portion of their budgets towards online channels such as social media advertising, search engine marketing, and video advertising. This shift can be attributed to the effectiveness and measurability of digital advertising, as well as the ability to target specific audience segments. Traditional forms of advertising, such as print and television, are still relevant but are experiencing slower growth compared to their digital counterparts. One of the local special circumstances that has influenced the advertising market in Colombia is the country's political and economic stability. Colombia has made significant progress in terms of security and governance, which has attracted foreign investors and boosted consumer confidence. This has led to increased advertising spending by both local and international brands, as they seek to capitalize on the growing consumer market in Colombia. Underlying macroeconomic factors, such as GDP growth and disposable income levels, also play a role in the development of the advertising market in Colombia. As the economy grows, consumers have more purchasing power, leading to increased demand for products and services. This creates opportunities for advertisers to promote their offerings and capture a share of the growing market. Additionally, the government's efforts to promote entrepreneurship and innovation have fostered a vibrant business environment, attracting both local and foreign companies to invest in advertising and marketing activities. In conclusion, the advertising market in Colombia is developing in response to changing customer preferences, with a shift towards digital advertising channels. The market is driven by factors such as increased internet penetration, consumer demand for personalized advertisements, and the country's political and economic stability. As the economy continues to grow and consumer purchasing power increases, the advertising market in Colombia is expected to further expand in the coming years.

Data coverage:

Data encompasses enterprises (B2B). Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising by businesses for traditional and digital advertisements.

Modeling approach:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party reports, and survey results from our primary research (e.g., Consumer Insights Global Survey). Next, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, consumer spending, and digital consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year. In some cases, the data is updated on an ad-hoc basis (e.g., when new relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

All advertising markets across the globe win, yet some win more than others. Ad spending worldwide reached almost 733 billion U.S. dollars in 2023, up less than three percent from the previous year. For comparison, in 2022, Switzerland ranked 20th among the leading economies by gross domestic product (GDP) with a result exceeding 800 billion dollars. Whereas global ad revenues concentrate in areas with either large populations or high purchase power – preferably both – their evolution depends on a larger set of indicators. It was forecast that, in 2024, South Asia will be the world's fastest-growing ad market, and the only out of nine with a double-digit increase rate: 12.1 percent. The second-placed region, comprising the United States and Canada, was projected to see its ad expenditure rise 7.6 percent.