The entire amount of revenue generated by advertising activities or agencies that provide advertising services, including display advertising services constitutes the advertising industry. The advertising market is segmented into Traditional Advertising and Online Advertising. Consumer spending and financial power are closely linked in the advertising sector. When customers have much money, it influences their spending habits to a large extent, and in most situations, encourages them to spend more money on goods and services. As a result of this possibility, the demand for advertising has increased, as businesses in the advertising sector have taken advantage of the increased spending by advertising more items and services.
The advertising market in the US recorded a market size of $226,761 million in 2021, up from $204,873 million in 2020. The traditional advertising segment has a 42% market share in the advertising market with $97,101 million in market size. The Online advertising segment leads the advertising market in the US with a 57% market share i.e. $129,660 million in 2021.
The advertising business in the US is extremely concentrated, with the 'big four' agencies, Omnicom Group, WPP Plc, Interpublic, and Publicis Groupe SA, besides a limited number of umbrella advertising firms, controlling a significant portion of the market. After the decline in 2020, the advertising business returned to normalcy in 2021, aided by the vaccine deployment and some signs of economic recovery. This has enhanced consumers' financial power, and improved their confidence and purchasing, resulting in an increase in spending on advertising.
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