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Non-tech platforms languish as digital ads gain ground in Singapore
Digital ad spend has a stunning 35% growth rate.
Advertisers here are pouring funds into digital platforms, with digital advertising expected to rise from $363.5m (US$270m) in 2014 to $820m (US$609m) in 2019.
According to PwC, digital advertising has a way to go in Singapore as the country has one of the lowest proportions of digital media spend amongst developed countries in the world.
“Whilst the proportion of advertising budgets allocated to online has grown rapidly in Singapore over the last few years, climbing from just 7% in 2011 to 15% in 2014 with a CAGR of 35%, this data still puts Singapore far behind the United Kingdom, China, Australia, United Arab Emirates, USA and Japan,” said PwC.
Here’s more from the report:
In Singapore, online TV advertising revenue could be boosted by the government’s plan to make Singapore a Smart Nation, with high investment focussed on extensive infrastructure upgrades.
While OTT services are growing and online TV advertising revenue will at a 44.3% CAGR, it will still only represent 4.4% (US$21mn) of the total TV advertising revenue in 2019.
Alongside Internet advertising, digital out-of-home advertising (DOOH) will be another high-growth area, with revenues rising at a 13.2% CAGR.
Given the high costs of upgrading OOH to digital formats, the most lucrative markets for DOOH advertising will be major cities. By 2019, Singapore will see DOOH advertising account for 60.4% of total OOH advertising revenue.
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