Advertising - Nordics | Statista Market Forecast

Ad spending in the Advertising market in the Nordics is expected to reach US$15.20bn in 2024.
The largest market within the Advertising market in the Nordics is Search Advertising, with a market volume of US$5.16bn in 2024.
When compared globally, the United States is forecasted to generate the highest ad spending, reaching US$425.90bn in 2024.
Within the Advertising market in the Nordics, 82% of the total ad spending is anticipated to come from digital sources by 2030.
The average ad spending per capita in the Search Advertising market is projected to be US$184.00 in 2024.
Furthermore, in the Advertising market in the Nordics, Advertising market of the 82% revenue is predicted to be generated through programmatic advertising by 2030.
The Nordic countries are increasingly embracing digital advertising strategies to target their tech-savvy and environmentally conscious populations.

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

The Advertising market in Nordics has been experiencing significant growth in recent years, driven by changing customer preferences and the local special circumstances in the region.

Customer preferences: In the Nordics, customers have shown a strong preference for digital advertising channels. With the highest internet penetration rates in the world, Nordics consumers are highly connected and spend a significant amount of time online. This has led to a shift in advertising budgets towards digital platforms such as social media, search engines, and mobile advertising. Additionally, customers in the Nordics value personalization and relevance in advertising, leading to an increased focus on targeted and data-driven advertising campaigns.

Trends in the market: One of the key trends in the Advertising market in the Nordics is the rise of programmatic advertising. Programmatic advertising allows for automated buying and selling of ad inventory, enabling advertisers to reach their target audience more efficiently and effectively. This trend has been driven by advancements in technology and the availability of data, allowing advertisers to optimize their campaigns in real-time. Another trend in the Nordics is the increasing importance of mobile advertising. With high smartphone penetration rates, consumers in the region are spending more time on their mobile devices, making it a valuable advertising channel. Mobile advertising offers unique opportunities for advertisers to reach consumers on-the-go and target them with location-based advertising.

Local special circumstances: The Nordics have a strong tradition of design and creativity, which has influenced the advertising industry in the region. Advertisements in the Nordics often focus on storytelling, aesthetics, and emotional appeal. This emphasis on creativity and high-quality production has made the region a hub for innovative and award-winning advertising campaigns. Furthermore, the Nordics have a strong commitment to sustainability and social responsibility. This has led to an increased demand for advertising that aligns with the values of consumers in the region. Advertisers are increasingly incorporating sustainability and social responsibility into their campaigns to resonate with the Nordics' environmentally conscious consumers.

Underlying macroeconomic factors: The Advertising market in the Nordics has been supported by favorable macroeconomic conditions. The region has a stable and prosperous economy, with high disposable incomes and a strong purchasing power. This has created a conducive environment for advertisers to invest in marketing and advertising activities. Additionally, the Nordics have a well-developed infrastructure and a highly educated population. This provides advertisers with access to a skilled workforce and advanced technology, enabling them to create and deliver high-quality advertising campaigns. In conclusion, the Advertising market in the Nordics is experiencing growth due to changing customer preferences, such as the shift towards digital advertising and the importance of personalization. The rise of programmatic advertising and the increasing importance of mobile advertising are key trends in the market. The local special circumstances, including a strong focus on design and creativity, as well as sustainability and social responsibility, further contribute to the development of the advertising industry in the region. The favorable macroeconomic conditions in the Nordics, including a stable economy and a well-developed infrastructure, also support the growth of the Advertising market.

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.