That is according to the latest Advertising Association/WARC Expenditure Report, which notes that the record investment in Q3 2018 underpins a preliminary estimate of 6.0% ad market growth last year, to £23.5bn.
Spending on digital advertising was a major driver of the overall increase, having grown by an estimated 13.4% in 2018, with expectations that online spend will grow a further 9.8% in 2019.
And within digital adspend, mobile recorded a growth rate of 23.6% year-on-year in Q3 2018 and is expected to increase 20.2% over the course of this year.
Total TV spend was flat during the quarter, despite an 11.5% rise in video-on-demand revenue for UK broadcasters, while radio (+5.0%), and out of home (+7.3%) recorded strong growth year-on-year.
Overall adspend growth is forecast to slow to 4.6% in 2019, although this assumes that the UK is able to secure a withdrawal agreement from the EU that keeps business disruption to a minimum.
“UK advertising continues to perform strongly, now delivering its 21st straight quarter of growth and demonstrating the commitment of British advertisers to investing in the growth and success of their businesses,” said Stephen Woodford, Chief Executive of the Advertising Association.
“As the clock ticks down to our departure from the EU, it is crucial the Government provides the certainty we are all seeking in business. We are predicting continued adpsend growth of 4.6% in 2019 and an agreement with the EU that keeps disruption at a minimum and keeps trade and talent flowing will greatly help this growth.”
Also commenting on the year ahead, James McDonald, Data Editor at WARC said: “Our projection of 4.6% growth in the UK’s ad market this year is firmly based on a business-favourable outcome from the EU withdrawal agreement, and would mark a decade of continuous expansion since the last advertising recession.
“Further, a preliminary estimate of 6% growth in advertising investment last year represents a faster rate of expansion than was recorded in 2017, and is therefore indicative of an industry in rude heath.
“This is particularly true in relation to digital ad formats, all of which are currently forecast to attract higher levels of investment in 2019.”
Sourced from WARC