ZenithOptimedia AdEx Forecasts 2017

ADVERTISING
EXPENDITURE
FORECASTS
SEPTEMBER 2015
Advertising Expenditure Forecasts
September 2015
Written by:
Anne Austin, Jonathan Barnard, Nicola Hutcheon
Design by:
David Parry, Open Studio
ISSN 0968-2163 (Print)

ISSN 2053-4930 (Online)
ISBN 978-1-910969-05-2
These forecasts and this compilation are the copyright of ZenithOptimedia.

We have produced this paper to give our views on topical matters.
It does not purport to give any specific advice, and should not
be taken or relied upon as so doing.
ZenithOptimedia
September 2015
About ZenithOptimedia
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Contents
Introduction 1 Indonesia 91
Ireland 93
Methodology 7 Israel 96
Italy 98
WORLDWIDE SUMMARY 9 Japan 101
Kazakhstan 103
REGIONAL SUMMARIES Kuwait 105
North America 16 Latvia 106
Western Europe 17 Lebanon 108
Central & Eastern Europe 18 Lithuania 109
Asia Pacific 19 Malaysia 112
Latin America 20 Mexico 114
Middle East & North Africa 21 Moldova 117
Rest of the world 22 Netherlands 119
List of countries included in Regional summaries 23 New Zealand 121
Nigeria 124
Exchange rates 24 Norway 125
Oman 127
COUNTRY ENTRIES Pakistan 128
Argentina 26 Pan Arab 131
Armenia 28 Panama 132
Australia 29 Peru 133
Austria 32 Philippines 135
Azerbaijan 34 Poland 137
Bahrain 36 Portugal 139
Belarus 37 Puerto Rico 141
Belgium 39 Qatar 143
Bosnia & Herzegovina 42 Romania 144
Brazil 44 Russia 146
Bulgaria 46 Saudi Arabia 149
Canada 48 Serbia 151
Chile 51 Singapore 153
China 53 Slovakia 155
Colombia 55 Slovenia 157
Costa Rica 57 South Africa 159
Croatia 59 South Korea 161
Czech Republic 61 Spain 163
Denmark 64 Sweden 165
Ecuador 66 Switzerland 167
Egypt 68 Taiwan 169
El Salvador 69 Thailand 171
Estonia 70 Turkey 174
Finland 72 Ukraine 176
France 74 United Arab Emirates 178
Georgia 77 United Kingdom 180
Germany 79 United States of America 185
Greece 81 Uruguay 195
Hong Kong 83 Uzbekistan 196
Hungary 86 Venezuela 198
India 88 Vietnam 200
INTRODUCTION
Welcome to the September 2015 edition of the Advertising Our forecast for 2015 is down by 0.2 percentage points
Expenditure Forecasts. from the June edition as marketers have moderated their
expectations of global economic growth.
ZenithOptimedia predicts global ad expenditure will grow
4.0% in 2015, reaching US$554 billion by the end of the year.
Forecast by regional bloc
Growth of advertising expenditure and GDP 2014-2017 (%) Since the December 2012 edition of our forecasts we have
looked at the growth rates of different regional blocs defined
+6.1 by the similarity of the performance of their ad markets
+5.9
as well as their geographical proximity. This captures the
+5.0 +5.1
+4.7
+5.0
behaviour of different regional ad markets more effectively
+4.0
+4.4
than looking at regions defined purely by geography, such
GDP as Western Europe, Central & Eastern Europe and Asia
Adspend Pacific. See the end of the Introduction for a complete list
of countries by bloc. At the end of last year we revised the
definition of these blocs. We used to separate the Peripheral
Eurozone (Portugal, Ireland, Italy, Greece and Spain) from
Northern and Central Europe, because the periphery was
2014 2015 2016 2017 substantially weaker. However, the performance of the two
regions has now converged, and we have combined them
Source: ZenithOptimedia/IMF into a single region called Western & Central Europe.
Advertising Expenditure Forecasts September 2015 1

Growth in adspend by regional bloc 2014-2015 (%) Asia, such as Azerbaijan and Kazakhstan, have behaved very
similarly, so we have gathered them together under the
Eastern Europe & Central Asia bloc. This bloc grew 11.4%
-8.6 Eastern Europe & Central Asia
in 2013.
-4.5 MENA
Japan 2.5 The conflict in Ukraine severely disrupted the domestic ad

market, while Russia has suffered from sanctions imposed
Western & Central Europe 2.6
by the US and the EU, the sanctions it imposed in response,
Advanced Asia 2.8 and a withdrawal of international investment. These shocks
North America 3.5 have been exacerbated by a sharp drop in the price of oil
which accounted for 70% of Russias exports in 2014 and
Fast-track Asia 8.1
devaluation of the Ukrainian and Russian currencies. These
Latin America 8.6 problems have since spread to Belarus, whose main trading
partner is Russia by some distance. We forecast adspend in
Source: ZenithOptimedia Ukraine to shrink 44.5% this year, on top of a 37.9% decline
in 2014. Russian adspend grew just 4.3% in 2014, which was
the first year of growth below double-digit rates since 2009,
Western & Central Europe and we expect the market to shrink by 14.1% in 2015. We
forecast a 15.0% decline in adspend in Belarus this year,
For several years the ad markets at the periphery of the following 7.6% growth in 2014.
eurozone were by far the worst-performing in Europe,
which was why we separated them out in a bloc called the Overall we expect adspend in Eastern Europe & Central
Peripheral Eurozone. Between 2007 and 2013, adspend fell Asia to shrink by 8.6% in 2015. In the past adspend in this
29% in Italy, 38% in Ireland, 43% in Portugal, 47% in Spain region has been volatile, with large declines swiftly followed
and 62% in Greece. Over this period the eurozones core by rapid gains. In this case, however, we think the region will
markets remained stable: adspend shrank by just 2% in be slow to recover, and we forecast just 3.3% growth in 2016
France and by 3% in Germany. and 6.1% in 2017.
However, Greece, Portugal, Spain and Ireland all began

to make strong recoveries in 2014, helping adspend in Japan
Western & Central Europe grow 3.0% that year, substantially
improving on its 0.8% decline in 2013. Greeces recovery Japan behaves differently enough from other markets in
went into reverse in early 2015 as the government geared Asia to be treated separately. Despite recent measures
up to confront its creditors, but over the rest of our forecast of economic stimulus, Japan remains stuck in its rut of
period we expect Portugal, Spain and Ireland to outperform persistent low growth. We forecast adspend growth of 2.5%
the average rate for Western & Central Europe, admittedly a year between 2014 and 2017.
from their much-reduced base levels.
Meanwhile, France is lagging behind as business Advanced Asia

confidence remains weak and private-sector employment
declines. We forecast no overall growth in adspend in Apart from Japan, there are five countries in Asia with
France between 2014 and 2017. developed economies and advanced ad markets that we
have placed in a group called Advanced Asia: Australia,
Outside the eurozone, the stand-out ad market in Western New Zealand, Hong Kong, Singapore and South Korea.
& Central Europe is the UK, which is currently booming We estimate growth here at a disappointing 1.9% in 2014,
thanks to the rapid adoption of internet advertising. after weakness in the property market damaged consumer
Adspend in the UK grew 7.8% in 2014, and we forecast an confidence in Singapore and Australia suffered from low
average growth rate of 6.8% a year to 2017. prices for its key commodity exports. As these problems
recede we expect growth in Advanced Asia to pick up to an
We expect growth in the UK and the peripheral eurozone average of 2.7% a year through to 2017.
markets to counterbalance the weakness in the core
eurozone, allowing Western & Central Europe to grow at an
average of 3.0% a year between 2014 and 2017. Fast-track Asia
We characterise the rest of Asia as Fast-track Asia (China,
Eastern Europe & Central Asia India, Indonesia, Malaysia, Pakistan, Philippines, Taiwan,
Thailand and Vietnam). These economies are growing
Eastern European advertising markets, such as Russia and extremely rapidly as they adopt Western technology and
Turkey, generally recovered quickly after the 2009 downturn practices, while benefiting from the rapid inflow of funds
and continued their healthy pace of growth, largely (though from investors hoping to tap into this growth. Fast-track
not entirely) unaffected by the problems in the eurozone Asia barely noticed the 2009 downturn (ad expenditure
for the next four years. Their near neighbours in Central grew by 7.9% that year) and since then has grown very
2 Advertising Expenditure Forecasts September 2015

strongly, ending 2014 up an estimated 10.7%. However, the markets, it made advertisers more cautious about investing
Chinese economy the main engine of growth in Fast- in the region as a whole; we estimate adspend grew 2.3%
track Asia is finally starting to slow after years of blistering in 2014. The drop in oil prices has had a much more severe
growth, and the ad market is slowing down alongside it effect on the economies in the region, and has prompted
(although with an official target of 7.0% GDP growth in 2015, advertisers to cut back their budgets in anticipation of lower
Chinas growth rate remains one most markets will envy). consumer demand. We forecast a 4.5% drop in adspend
China accounts for 74% of adspend in Fast-track Asia, so in MENA this year, followed by a further decline of 2.7% in
its slowdown naturally has a large effect on the region as a 2016 and growth of just 0.3% in 2017.
whole. We expect ad expenditure in Fast-track Asia to grow
at an average rate of 8.4% a year between 2014 and 2017,
down from 14.7% over the last five years. Average annual growth in adspend by regional bloc
2014-2017 (%)
Note that for this edition we have replaced our third-party
estimates of Chinese adspend with entirely new figures,
-2.3 MENA
unique to ZenithOptimedia, which we believe accurately
reflect the true levels of adspend in the market. The Eastern Europe & Central Asia 0.0
previous figures substantially underestimated the scale of Japan 2.5

advertising activity in China, which we now value at US$68
Advanced Asia 2.7
billion in 2014, up from US$46 billion.
Western & Central Europe 3.0
We have not changed the definition of North America, Latin North America 3.8
America or the Middle East & North Africa (MENA) in this
Latin America 6.8
analysis.
Fast-track Asia 8.4
North America Source: ZenithOptimedia
North America was the first region to suffer the effects of

the financial crisis, but it was also quick to recover, and We can divide our blocs into three categories: no growth,
adspend in North America has been more robust than steady growth and rapid growth. The no-growth regions
in Western & Central Europe since 2012. We estimate are MENA (which will shrink by 2.3% a year to 2017) and
that adspend grew 4.7% in 2014, boosted by the Winter Eastern Europe & Central Asia, which will only just make
Olympics and mid-term elections. In the absence of these up in 2016 and 2017 the adspend lost in 2015. There are
events we forecast 3.5% growth in 2015, followed by 4.2% then four regions with very similar growth rates of between
in 2016 (which will benefit from the 2016 Summer Olympics 2% and 4% a year: Japan, Advanced Asia, Western &
and the US Presidential elections) and 3.7% in 2017. Central Europe and North America, in ascending order of
growth. Latin America and Fast-track Asia are by far the
fastest-growing blocs, averaging 7% and 8% annual growth
Latin America respectively.
Latin Americas economies are more volatile than those

of Fast-track Asia, but lately it has been restrained by Forecast by leading advertising
low prices for oil and other export commodities, and the
weakness of the economy in Brazil. We estimate that Latin markets
American adspend grew by an estimated 4.2% in 2014,
and we forecast 8.6% growth in 2015. The 2016 Summer Despite the rapid growth of the Rising Markets*, the US
Olympics hosted in Brazil should support 8.2% in 2016, is still the biggest contributor of new ad dollars to the
after which we expect growth to fall back to 3.7% in 2017. global market. Between 2014 and 2017 we expect the US
to contribute 29% of the US$74 billion that will be added to
global adspend. China comes second, accounting for 22%
MENA of additional ad dollars over this period, followed by the UK
and Indonesia, accounting for 7% and 5% respectively.
The Arab Spring left many advertisers in the Middle East &
North Africa cautious about attracting negative attention. Six of the ten largest contributors will be Rising Markets,
Adspend shrank 14.9% in 2011, and grew a meagre 1.4% and will contribute 40% of new adspend over the next three
in 2012. Confidence and activity began to recover in 2013, years. Overall, we forecast Rising Markets to contribute 52%
when adspend grew 4.7%. However, while the conflict in of additional ad expenditure between 2014 and 2017, and to
Iraq and Syria had little direct effect on the big advertising increase their share of the global market from 37% to 39%.

Top ten contributors to adspend growth 2014-2017 (US$m) Global advertising expenditure
USA 21,376
by medium
China 16,690
The internet is still the fastest growing medium by some
UK 5,289
distance. We estimate it grew 20.2% in 2014, and we
Indonesia 3,865
forecast an average of 15% annual growth between 2014
Japan 3,138
and 2017.
India 2,624
Brazil 2,475
Display is the fastest-growing internet sub-category, with
Argentina 2,077 18% annual growth forecast to 2017. Here we include
Mexico 1,751 traditional display (such as banners), online video and social
Germany 1,347 media. All three types of display are benefiting from the
growth of programmatic buying, which allows agencies to
Source: ZenithOptimedia target audiences more efficiently and more effectively, and
improved research into consumers activities across different
platforms and devices. We forecast traditional display to
The ranking of the worlds largest ad markets is currently grow at 10% a year between 2014 and 2017, while online
very stable. The only change we expect between 2014 and video grows at 24% a year and social media grows at 28% a
2017 is for the UK to overtake Germany to take fourth place year.
this year.
We expect paid search to grow at an average rate of 13%
a year to 2017, driven by continued innovation from the
Top ten ad markets search engines, including the display of richer product
US$m, current prices information and images within ads, better localisation of
Currency conversion at 2014 average rates search results, and mobile ad enhancements like click-to-call
and geo-targeting. Search platforms are also improving the
2014 Adspend
addressability of their ads, giving advertisers more control
1 USA 176,236 over where, when and to whom their ads are exposed.
2 China 68,372
3 Japan 41,557 Online classified has been subdued since the downturn in
4 Germany 24,771 2009; after the initial shift from print to digital, classified
5 UK 24,332 publishers have had to compete with new paid-for and free
6 Brazil 14,232 alternatives for matching buyers and sellers. We forecast
7 France 13,171 average annual growth of 10% for the rest of our forecast
8 South Korea 11,843 period.
9 Australia 11,536
10 Canada 10,307
Internet adspend by type 2014-2017 (US$ billion)
2017 Adspend
97.2
1 USA 197,612
84.6 86.2
2 China 85,062 78.0
72.4
67.9
3 Japan 44,695
59.2 59.8
4 UK 29,622
5 Germany 26,118
6 Brazil 16,707 18.5 19.9

15.1 17.1
7 France 13,178
8 South Korea 12,732

2014 2015 2016 2017
9 Australia 12,438
Total display Classified Paid search
10 Canada 10,918
Source: ZenithOptimedia Source: ZenithOptimedia/IMF

Looking at internet adspend by device reveals the dramatic share slipped slightly to 39.5% in 2013 and 38.8% in 2014,
ascent of mobile advertising (by which we mean all internet and forecast it to fall further to 35.9% in 2017. Marketers are
ads delivered to smartphones and tablets, whether display, also beginning to move budgets away from television to
classified or search, and including in-app ads). Mobile online video, which we expect to grow from 2.5% of global
advertising grew by 110% in 2014, and we forecast an adspend in 2014 to 4.2% in 2017. The audiovisual share of
average annual growth rate of 44% a year between 2014 the market will therefore fall by 1.2 percentage points, from
and 2017, driven by the rapid spread of devices and 41.3% in 2014 to 40.1% in 2017.
improvements in user experiences. By contrast we forecast
desktop internet advertising to grow at an average of just
3% a year. Share of global adspend by medium (%)
We estimate global expenditure on mobile advertising 2014

at US$29.8 billion in 2014, representing 22.2% of internet Television 38.8%
expenditure and 5.7% of total advertising expenditure
(this total excludes a few markets where we dont have Desktop internet 19.8%
a breakdown by medium). By 2017 we forecast this total

Mobile internet 5.7%
to rise to US$89.5 billion, which will be 44.0% of internet
expenditure and 15.0% of all expenditure. This means Newspapers 14.5%
that mobile will leapfrog radio, magazines, outdoor and
newspapers to become the worlds third-largest medium by Magazines 7.2%
the end of our forecast period.
Radio 6.7%
Since it began in the mid-1990s, internet advertising (both

Outdoor 6.8%
desktop and mobile) has principally risen at the expense
of print. Over the last ten years internet advertising has Cinema 0.6%
risen from 4% of total global spend in 2004 to 25% in 2014.
Meanwhile newspapers share of global spend has fallen 2017
from 30% to 14%, while magazines has fallen from 13% Television 35.9%
to 7%. Internet adspend overtook total adspend on both
newspapers and magazines in 2014. We predict internet Desktop internet 19.1%
advertising will increase its share of the ad market from

Mobile internet 15.0%
25.5% in 2014 to 34.0% in 2017, while newspapers and
magazines will continue to shrink, at average rates of 5% Newspapers 11.0%
and 3% a year respectively.
Magazines 5.7%
Note that our figures for newspapers and magazines
Radio 6.1%
include only advertising in printed editions of these
publications, not on their websites, or in tablet editions
Outdoor 6.6%
or mobile apps, all of which are picked up in our internet
category. Cinema 0.7%
Television is still by some distance the dominant advertising Source: ZenithOptimedia

medium, attracting 39% of spend in 2014. Television offers
unparalleled capacity to build reach, and establish brand Mobile is now the main driver of global adspend growth.
awareness and associations. We forecast television adspend We forecast mobile to contribute a full 83% of all the extra
to grow by an average of 2% a year through to 2017. adspend between 2014 and 2017 (again excluding markets
where we dont have a breakdown by medium). Television
Despite this growth, televisions share of global adspend and desktop internet will be the second and third-largest
is likely to fall back over the next few years as desktop and contributors respectively, accounting for 15% and 13% of new
mobile internet grow much faster. Televisions market share ad expenditure respectively. The gains made by outdoor,
has grown steadily over the last three and a half decades, radio and cinema will be outweighed by the continued
from 29.6% of spend in 1980 to 39.6% in 2012. We think decline of newspapers and magazines, which we expect to
it has now peaked, however; we estimate that televisions shrink by a combined US$14 billion over the forecast period.

Contribution to global growth in adspend by medium Appendix
2014-2017 (US$ million)
List of countries included in the regional blocs
North America: Canada, USA
Mobile internet 59,691
Western & Central Europe: Austria, Belgium, Bosnia
Television 10,861
& Herzegovina, Croatia, Czech Republic, Denmark,
Desktop internet 9,563 Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Romania, Serbia,
Outdoor 3,556
Slovakia, Slovenia, Spain, Sweden, Switzerland, UK
Radio 1,191 Eastern Europe & Central Asia: Armenia, Azerbaijan,
Cinema 972 Belarus, Bulgaria, Estonia, Georgia, Kazakhstan, Latvia,
Lithuania, Moldova, Russia, Turkey, Ukraine, Uzbekistan
Magazines -3,481
Japan
Newspapers -10,710 Advanced Asia: Australia, Hong Kong, New Zealand,
Singapore, South Korea
Source: ZenithOptimedia Fast-track Asia: China, India, Indonesia, Malaysia, Pakistan,
Philippines, Taiwan, Thailand, Vietnam
Latin America: Argentina, Brazil, Chile, Colombia, Costa
Rica, Ecuador, El Salvador, Mexico, Panama, Peru, Puerto
Rico, Uruguay, Venezuela
Middle East & North Africa: Bahrain, Egypt, Israel, Kuwait,
Oman, Qatar, Saudi Arabia, UAE
*We define Mature Markets as North America, Western

Europe and Japan, and Rising Markets as everywhere else

METHODOLOGY
ZenithOptimedia is principally a media agency; we have modelled forecasts; instead, experts in each medium
offices that plan and buy media campaigns in every country provide forecasts based on their knowledge of local
we forecast. They provide us with historical ad expenditure market conditions, the spending plans of their clients, price
figures from the source or sources in their country they negotiations with media owners, and the campaigns run by
judge to be the most reliable. We encourage them to their competitors.
supply us with figures that are as net as possible that is,
they take the discounts negotiated between agency and Note that when we provide figures for top advertisers or
media owner into account, and exclude agency commission categories in a market, these figures will always be gross. If
and production costs but sometimes we have to use gross discounts are high, then the gross expenditure from the top
figures, which do not take discounts into account. ten categories and sometimes even top ten advertisers
can exceed total net ad expenditure in that market.
The net figures are generally compiled by an independent
body that conducts a survey of advertisers, advertising Figures that we quote in current prices are unadjusted,
agencies and media owners. This body will almost certainly nominal figures. Figures that are in constant prices are
respect the confidentiality of each respondent and only adjusted for consumer price inflation; this allows us to
publish aggregate figures for each medium. Net figures are compare growth rates in countries with different rates
not available in some markets, generally the small ones. of inflation. And for those markets where expenditure is
Gross figures are generally estimated by agencies that measured and supplied in US dollars rather than in local
monitor the volume of advertising in sample members of currency, we have applied the US inflation index to calculate
each medium, and match each ad with the public ratecard the relevant constant price data.
price of the space or time it occupies. These figures are less
accurate than the net figures, but are useful because they We convert local-currency figures into US dollars at the
can be broken down by advertiser, category and media average exchange rate for 2014. For our forecasts, we
owner. assume that currencies depreciate against the dollar at
the rate of inflation. We do not normally apply different
Our offices then provide us with their forecasts for the exchange rates to different years since currency fluctuations
next three years of growth. These are not top-down, can obscure the underlying trends in ad expenditure.

Worldwide summary
Worldwide summary
World advertising expenditure summary (US$ million at current prices)

Major Media1 2011 2012 2013 2014 2015 2016 2017
North America 164,468 171,970 178,138 186,543 193,095 201,182 208,529
2
Western Europe 107,758 105,384 104,626 107,726 110,815 114,980 118,070
Asia Pacific 131,897 142,115 153,059 164,100 173,461 184,116 195,151
Central & Eastern Europe 20,899 21,524 22,932 23,583 22,221 22,891 23,919
3
Latin America 29,913 32,216 34,402 35,941 39,077 42,381 44,132
Middle East & North Africa 4,155 4,211 4,409 4,512 4,311 4,192 4,203
4
Rest of world 8,040 8,480 9,138 9,972 10,668 11,662 12,705
World 467,130 485,899 506,704 532,378 553,648 581,404 606,709
Year-on-year growth at current prices (%)

Major Media 11v10 12v11 13v12 14v13 15v14 16v15 17v16
North America 1.8 4.6 3.6 4.7 3.5 4.2 3.7
Western Europe 2.6 -2.2 -0.7 3.0 2.9 3.8 2.7
Asia Pacific 7.8 7.7 7.7 7.2 5.7 6.1 6.0
Central & Eastern Europe 7.6 3.0 6.5 2.8 -5.8 3.0 4.5
Latin America 12.0 7.7 6.8 4.5 8.7 8.5 4.1
Middle East & North Africa -14.9 1.4 4.7 2.3 -4.5 -2.7 0.3
Rest of world 6.3 5.5 7.8 9.1 7.0 9.3 8.9
World 4.4 4.0 4.3 5.1 4.0 5.0 4.4
Year-on-year growth at constant prices (%)

Major Media 11v10 12v11 13v12 14v13 15v14 16v15 17v16
North America -1.3 2.5 2.1 3.0 3.4 2.6 1.3
Western Europe -0.3 -4.4 -2.2 2.2 2.8 2.6 1.2
Asia Pacific 4.5 5.5 5.4 4.6 4.0 4.1 3.5
Central & Eastern Europe 3.2 -0.7 2.8 -1.1 -11.3 -1.2 0.6
Latin America 5.8 3.3 2.0 -0.3 4.2 4.6 0.4
Middle East & North Africa -17.5 -0.7 3.2 0.7 -4.6 -4.2 -2.1
Rest of world 3.0 3.3 6.2 7.4 6.9 7.7 6.4
World 1.1 1.7 2.3 3.0 2.8 3.1 1.9
1
TV, Print, Radio, Cinema, Outdoor, Internet
2
These totals exclude the other category in Denmark
3
Latin America includes the 12 countries detailed separately in this report, plus nine smaller countries which are listed in the Rest of the World summary
4
ROW includes two countries detailed separately in this report plus 22 smaller countries. All 24 are listed in the Rest of the World summary

Worldwide summary
Contribution to total major-media ad expenditure Contribution to total major-media ad expenditure

by region (2014) by region (2017)
MENA ROW MENA ROW

0.8% 1.9% 0.7% 2.1%
Latin America Latin America
6.8% 7.3%
C & E Europe C & E Europe

4.4% 3.9%
North America
35.0% North America
34.4%
Asia Pacific Asia Pacific

30.8% 32.2%
Western Europe
Western Europe 19.5%
20.2%
Top 20 countries by advertisers major media expenditure (US$ million at current prices)
2004 2014 2017
1 USA 161,487 USA 176,236 USA 197,612
2 Japan 41,278 China 68,372 China 85,062
3 Germany 21,511 Japan 41,557 Japan 44,695
4 UK 18,742 Germany 24,771 UK 29,622
5 China 16,062 UK 24,332 Germany 26,118
6 Italy 11,600 Brazil 14,232 Brazil 16,707
7 France 11,516 France 13,171 France 13,178
8 Australia 8,482 South Korea 11,843 South Korea 12,732
9 Spain 8,211 Australia 11,536 Australia 12,438
10 Canada 7,329 Canada 10,307 Canada 10,918
11 South Korea 7,306 Italy 9,138 Indonesia 10,099
12 Brazil 5,775 Russia 8,675 Italy 9,572
13 Netherlands 4,558 Mexico 6,317 India 8,664
14 Poland 3,944 Indonesia 6,234 Mexico 8,068
15 Switzerland 3,537 India 6,039 Russia 7,973
16 Belgium 3,098 Switzerland 6,038 Spain 7,348
17 Thailand 2,789 Spain 6,025 Argentina 6,689
18 Norway 2,755 Netherlands 5,019 Switzerland 6,245
19 Greece 2,725 Belgium 5,003 Netherlands 5,514
20 Russia 2,586 Argentina 4,612 Belgium 5,190

Worldwide summary
Advertisers total major media expenditure current-price growth rates
Ten highest-growth countries (%)

2014 v 2004 2014 v 2013 2017 v 2014
Uzbekistan 910.0 Nigeria 31.7 Uzbekistan 1,474.3
Venezuela 533.1 Costa Rica 23.3 Indonesia 802.5
Indonesia 457.1 Azerbaijan 19.6 Venezuela 742.7
Pakistan 373.0 India 19.1 Argentina 573.0
Argentina 364.0 El Salvador 16.6 Panama 485.7
Panama 348.9 Pakistan 13.5 Pakistan 465.4
China 325.7 Vietnam 11.7 China 429.6
Bosnia & Herzegovina 302.1 Uruguay 11.1 Vietnam 406.4
Vietnam 280.7 Mexico 10.8 India 400.6
Colombia 279.6 Malaysia 10.7 Costa Rica 366.8
Ten lowest-growth countries (%)

2014 v 2004 2014 v 2013 2017 v 2014
Bahrain -73.3 Ukraine -37.9 Bahrain -73.3
Hungary -61.6 Argentina -5.9 Lithuania -58.5
Lithuania -61.1 Israel -3.9 Hungary -57.9
Serbia -54.0 Norway -2.8 Greece -55.8
Poland -47.4 Hungary -2.6 Serbia -47.8
Greece -46.6 Finland -1.8 Poland -43.2
Portugal -35.0 Singapore -1.6 UAE -40.8
Slovakia -32.8 Chile -1.5 Oman -28.5
UAE -32.1 Qatar -0.8 Portugal -26.9
Oman -28.5 France -0.6 Slovakia -24.4

Worldwide summary
Advertising Expenditure in US$ million at current prices

Total Newspapers Magazines TV Radio Cinema Outdoor/transport Internet
'03 364,291 111,365 48,903 136,465 31,718 1,521 21,915 12,403
'04 390,640 116,145 50,804 149,118 33,611 1,672 23,680 15,611
'05 403,367 117,820 53,335 147,679 34,075 1,817 26,202 22,438
'06 430,189 121,922 55,074 156,967 35,417 1,941 28,414 30,454
'07 454,669 122,633 56,504 163,363 36,492 2,178 31,242 42,257
'08 455,647 114,891 53,817 165,761 34,996 2,231 30,776 53,177
'09 411,565 95,120 42,705 154,185 31,224 2,204 27,588 58,540
'10 443,137 93,917 42,952 171,753 31,573 2,394 30,192 70,356
'11 462,560 92,202 42,809 182,230 32,522 2,564 30,982 79,251
'12 480,884 87,035 40,717 190,655 33,222 2,777 32,518 93,960
'13 501,224 81,512 39,163 197,789 34,036 2,862 34,277 111,586
'14 526,215 76,275 37,689 203,926 35,340 3,037 35,833 134,116
'15 546,745 71,236 36,150 206,187 35,816 3,311 36,756 157,289
'16 573,553 68,133 35,132 211,162 36,263 3,637 38,082 181,145
'17 597,858 65,565 34,207 214,787 36,531 4,009 39,389 203,370
Note: The totals here are lower than the totals in the earlier Worldwide advertising expenditure summary by region table, since that table includes total
adspend figures for a few countries for which spend is not itemised by medium
Share of adspend by medium (%) 2014 Year-on-year change at current prices (%)
Newspapers 14.5%
Internet 25.5%
7.2 7.7
6.6
5.7
Magazines 4.4
5.0 4.9
4.0 4.2 3.9 4.2
7.2% 3.3
0.2
Outdoor/transport
6.8%
Cinema 0.6%
-9.7
Radio
6.7%
TV 38.8%

Regional summaries
North America

'03 159,214 48,516 22,264 54,168 20,641 303 5,350 7,972
'04 168,816 50,901 23,342 58,186 21,459 339 5,571 9,018
'05 173,993 52,643 24,515 58,118 21,780 400 6,038 10,500
'06 181,791 53,878 25,433 61,289 22,151 460 6,679 11,902
'07 186,465 52,276 26,351 61,709 22,540 529 7,422 15,638
'08 179,818 46,207 24,273 60,921 20,629 608 7,550 19,629
'09 157,281 34,803 19,116 55,439 17,801 638 7,075 22,407
'10 161,521 31,572 19,332 59,595 17,421 670 7,338 25,593
'11 164,468 28,931 19,171 61,245 17,805 690 7,714 28,912
'12 171,970 26,803 18,515 65,686 18,152 725 8,029 34,059
'13 178,138 24,497 18,455 67,418 18,511 761 8,391 40,104
'14 186,543 22,629 18,181 70,088 18,859 799 8,736 47,251
'15 193,095 20,982 17,808 69,751 19,056 839 9,102 55,558
'16 201,182 19,478 17,450 70,770 19,078 881 9,482 64,042
'17 208,529 18,084 17,136 70,910 19,096 925 9,876 72,501
Newspapers 12.1%
6.0
4.5 4.6 4.7
4.2
3.6 3.5 3.7
Internet 25.3% 3.1 2.6 2.7
1.8
Magazines
9.7%
-3.6
Outdoor/
transport 4.7%
Cinema 0.4%
Radio
10.1% -12.5
TV 37.6%

Western Europe

'03 90,019 30,383 16,609 28,513 5,026 827 6,487 2,174
'04 94,742 30,966 16,848 31,041 5,407 836 6,604 3,040
'05 99,855 31,424 17,102 32,179 5,826 835 7,049 5,440
'06 106,524 32,510 17,421 33,166 5,998 807 7,279 9,343
'07 111,956 32,729 17,294 34,102 6,180 803 7,555 13,293
'08 111,248 30,781 16,457 32,951 6,051 710 7,427 16,871
'09 99,146 26,074 13,213 29,500 5,518 677 6,440 17,725
'10 105,014 26,168 13,251 32,355 5,757 742 6,775 19,966
'11 107,758 25,420 12,945 32,303 5,849 751 6,985 23,505
'12 105,384 23,105 11,818 30,609 5,746 758 6,866 26,481
'13 104,626 21,090 10,865 30,209 5,650 725 6,824 29,263
'14 107,726 19,960 10,312 31,105 5,771 744 7,001 32,835
'15 110,815 18,745 9,787 32,109 5,810 776 7,162 36,425
'16 114,980 17,826 9,420 32,898 5,891 782 7,311 40,852
'17 118,070 17,015 9,073 33,543 5,976 780 7,441 44,241
Newspapers 18.5% 6.7

5.9
5.2 5.4 5.1
Internet 30.5% 3.8
2.6 3.0 2.9 2.7
Magazines -0.6 -0.7

9.6% -2.2
Outdoor/
transport 6.5%
-10.9
Cinema 0.7%
Radio
5.4% TV 28.9%

Central & Eastern Europe

'03 13,893 1,903 2,155 7,549 770 78 1,390 48
'04 16,640 2,347 2,594 8,924 1,015 97 1,560 103
'05 14,216 2,163 2,449 6,760 836 99 1,718 192
'06 17,034 2,417 2,777 8,184 1,023 128 2,172 334
'07 20,824 2,714 3,129 10,202 1,182 151 2,605 841
'08 22,610 2,786 3,530 11,017 1,338 170 2,604 1,165
'09 18,188 2,153 2,582 9,121 1,081 146 1,849 1,258
'10 19,427 2,217 2,369 9,890 1,071 177 1,986 1,717
'11 20,899 2,129 2,182 10,844 1,080 203 1,988 2,473
'12 21,524 1,959 1,839 11,259 1,119 222 2,064 3,062
'13 22,932 1,848 1,629 12,165 1,154 243 2,147 3,746
'14 23,583 1,701 1,504 12,452 1,183 228 2,092 4,423
'15 22,221 1,516 1,210 11,746 1,040 187 1,715 4,807
'16 22,891 1,508 1,167 12,114 1,019 181 1,685 5,216
'17 23,919 1,491 1,129 12,664 1,034 185 1,720 5,696
Newspapers 7.2%
Internet 18.8% Magazines

22.3
6.4% 19.8 19.8
8.6 7.6
6.8 6.5
4.5
3.0 2.8 3.0
Outdoor/
transport 8.9%
Cinema 1.0% -5.8
Radio
5.0% -14.6
-19.6
TV 52.8%

Asia Pacific

'03 84,194 25,990 6,718 37,062 4,277 227 7,827 2,093
'04 90,533 26,697 6,686 40,020 4,616 281 8,954 3,279
'05 95,377 26,473 7,809 40,113 4,366 307 10,237 6,072
'06 101,744 27,400 7,827 41,901 4,786 359 10,943 8,529
'07 108,612 28,280 7,861 42,961 4,932 474 12,180 11,924
'08 111,109 27,531 7,483 44,397 5,031 506 11,464 14,698
'09 106,972 25,480 6,026 43,311 4,856 520 10,653 16,126
'10 122,319 26,587 6,053 50,032 5,050 592 12,312 21,693
'11 131,897 28,082 6,532 56,399 5,303 641 12,371 22,569
'12 142,115 27,450 6,602 59,907 5,522 767 13,647 28,220
'13 153,059 26,522 6,360 62,681 5,855 829 14,853 35,958
'14 164,100 24,577 6,019 63,758 6,539 941 15,818 46,448
'15 173,461 22,619 5,704 64,453 6,728 1,149 16,482 56,326
'16 184,116 21,947 5,484 65,464 6,877 1,405 17,113 65,826
'17 195,151 21,727 5,331 66,450 6,968 1,718 17,685 75,273

Internet 28.3%
Magazines 7.8 7.7

7.5 7.7 7.2
3.7% 6.7 6.8
5.7 6.1 6.0
5.4
2.3
Outdoor/
transport 9.6%
Cinema 0.6% -3.7
Radio
4.0%
TV 38.9%

Latin America

'03 11,861 2,545 718 7,025 797 67 611 98
'04 13,670 2,778 835 8,233 889 94 715 125
'05 14,839 3,063 991 8,708 960 116 846 156
'06 16,928 3,385 1,086 10,128 1,060 138 884 246
'07 19,171 3,921 1,250 11,294 1,232 147 937 390
'08 21,375 4,200 1,389 12,557 1,405 172 1,048 604
'09 21,552 3,870 1,253 13,037 1,432 161 1,028 772
'10 25,584 4,521 1,459 15,548 1,663 150 1,185 1,059
'11 28,699 5,100 1,538 17,305 1,782 204 1,353 1,418
'12 30,893 5,322 1,526 18,775 1,905 229 1,416 1,719
'13 32,947 5,165 1,447 20,545 2,032 227 1,527 2,003
'14 34,326 4,815 1,282 21,657 2,130 240 1,615 2,588
'15 37,268 5,002 1,274 23,211 2,279 264 1,702 3,537
'16 40,337 4,946 1,260 25,030 2,456 280 1,866 4,498
'17 41,843 4,784 1,203 26,216 2,472 284 2,010 4,874
Internet 7.5%
Newspapers 14.0%
Outdoor/transport 4.7% 18.7
Cinema 0.7%
Magazines 15.2
Radio 6.2% 3.7% 14.1
13.2
12.2
11.5
8.6 8.6 8.2

7.6
6.6
4.2 3.7
0.8
TV 63.1%
We have detailed advertising expenditure figures for Summary also includes Bolivia, the Dominican Republic,
Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Honduras, Jamaica, Paraguay, Surinam and
El Salvador, Mexico, Panama, Peru, Puerto Rico, Uruguay Trinidad & Tobago, for which we only have an estimate of
and Venezuela, so the above breakdown of Latin American total ad expenditure. These markets are listed separately in
adspend by medium takes only these major markets the Rest of the World summary.
into account. The larger total included in the Worldwide

Middle East & North Africa

'03 3,274 1,330 250 1,532 3 9 150 -
'04 4,195 1,711 298 2,010 6 9 161 -
'05 2,703 1,211 222 1,075 13 13 169 -
'06 3,431 1,432 253 1,378 81 16 270 -
'07 4,415 1,752 325 1,901 81 15 332 8
'08 5,700 2,322 382 2,436 122 24 400 14
'09 4,533 1,699 243 2,189 125 25 229 23
'10 4,881 1,759 218 2,422 149 22 238 72
'11 4,155 1,412 168 2,084 152 24 210 105
'12 4,211 1,365 156 2,164 141 23 219 143
'13 4,409 1,340 154 2,344 144 22 233 172
'14 4,512 1,370 153 2,357 148 23 256 205
'15 4,311 1,168 138 2,306 152 24 281 242
'16 4,192 1,114 129 2,190 155 25 298 281
'17 4,203 1,055 121 2,201 160 25 318 323
Outdoor/ Internet 4.6%

transport 5.7% 28.1 28.7 29.1
26.9
Cinema 0.5%
Radio 3.3% Newspapers
30.4%
7.7
4.7
1.4 2.3
0.3
-2.7
-4.5
-14.9
-20.5
Magazines
3.4%
TV 52.2% -35.6

Rest of the world
Advertising expenditure (US$ million) 2014
Algeria 194
Bangladesh 402
Bolivia 173
Botswana 61
Cambodia 49
Cameroon 39
Cote D'Ivoire 21
Cyprus 173
Dominican Republic 434
Ghana 266
Guatemala 371
Honduras 134
Iceland 114
Israel 984
Jamaica 119
Jordan 119
Kenya 671
Laos 28
Luxembourg 483
Malawi 23
Malta 37
Mauritius 72
Morocco 719
Mozambique 39
Myanmar 48
Nigeria 888
Paraguay 181
Senegal 24
South Africa 3,552
Sri Lanka 218
Surinam 26
Tanzania 106
Trinidad & Tobago 176
Tunisia 124
Uganda 219
Yemen 141
Zambia 27
Zimbabwe 133
TOTAL 11,587
Source: Agency estimates, or as given in country entries

List of countries included in Regional summaries
North America Asia Pacific

Canada Australia
USA China
Hong Kong
Western Europe India
Austria Indonesia
Belgium Japan
Denmark Malaysia
Finland New Zealand
France Pakistan
Germany Philippines
Ireland Singapore
Italy South Korea
Netherlands Taiwan
Norway Thailand
Portugal Vietnam
Spain
Sweden Latin America
Switzerland Argentina
UK Brazil
Chile
Central & Eastern Europe Colombia
Armenia Costa Rica
Azerbaijan Ecuador
Belarus El Salvador
Bosnia & Herzegovina Mexico
Bulgaria Panama
Croatia Peru
Czech Republic Puerto Rico
Estonia Uruguay
Georgia Venezuela
Greece
Hungary Middle East & North Africa
Kazakhstan Bahrain
Latvia Egypt
Lithuania Kuwait
Moldova Lebanon
Poland Oman
Romania Pan Arab
Russia Qatar
Serbia Saudi Arabia
Slovakia UAE
Slovenia
Turkey
Ukraine
Uzbekistan

Exchange rates
US$1= US$1=
Country Currency 2014 Country Currency 2014
Argentina Peso 8.13 Lithuania Euro () 0.75
Australia Dollar (A$) 1.11 Malaysia Ringgit 3.27
Austria Euro () 0.75 Mexico Peso 13.29
Belgium Euro () 0.75 Moldova Leu 14.04
Bosnia & Herzegovina Konvertibilna Marka 1.47 Netherlands Euro () 0.75
Brazil Real 2.35 New Zealand Dollar (NZ$) 1.20
Bulgaria Lev 1.47 Norway Krone 6.30
Canada Dollar (C$) 1.10 Pakistan Rupee 101.55
Chile Peso 570.37 Panama Balboa 1.00
China Yuan 6.14 Philippines Peso 44.42
Croatia Kuna 5.75 Poland Zloty 3.16
Czech Republic Koruna 20.75 Portugal Euro () 0.75
Denmark Krone 5.62 Puerto Rico US Dollar (US$) 1.00
Ecuador US Dollar (US$) 1.00 Russia Rouble 38.22
El Salvador US Dollar (US$) 1.00 Serbia Serbian Dinar 88.41
Estonia Euro () 0.75 Singapore Dollar (S$) 1.27
Finland Euro () 0.75 Slovakia Euro () 0.75
France Euro () 0.75 Slovenia Euro () 0.75
Georgia Lari 1.77 South Africa Rand 10.84
Germany Euro () 0.75 South Korea Won 1,052.7
Greece Euro () 0.75 Spain Euro () 0.75
Hong Kong Dollar (HK$) 7.75 Sweden Krona 6.85
Hungary Forint 232.60 Switzerland Franc 0.92
India Rupee 61.74 Taiwan Dollar (NT$) 30.37
Indonesia Rupiah 11,863.7 Thailand Baht 32.48
Ireland Euro () 0.75 Turkey Lira 2.19
Israel New Shekel 3.58 UK Pound () 0.61
Italy Euro () 0.75 USA Dollar (US$) 1.00
Japan Yen () 105.7 Venezuela Bolivar 15.28
Latvia Euro () 0.75 Source: IMF

Country entries
Argentina
Advertising Expenditure in local currency at current prices (Pesos million)

'03 2,394 963 128 1,038 83 37 128 17
'04 2,928 1,108 182 1,289 94 44 188 24
'05 3,994 1,527 255 1,778 126 57 218 33
'06 4,903 1,700 284 2,292 151 66 319 91
'07 6,032 2,041 343 2,828 191 101 378 151
'08 7,595 2,516 374 3,560 245 113 550 236
'09 8,902 2,852 423 4,232 310 128 605 353
'10 12,340 4,125 583 5,867 396 166 677 528
'11 16,239 5,684 782 7,201 527 215 846 984
'12 20,421 6,900 937 9,229 759 273 892 1,431
'13 26,824 8,413 1,122 12,584 1,063 336 1,153 2,153
'14 37,469 10,305 1,258 16,368 1,728 459 1,351 6,000
'15 54,126 13,754 1,603 22,251 2,626 622 1,688 11,582
'16 74,217 16,867 1,871 28,646 3,828 791 1,967 20,247
'17 86,847 18,800 1,950 33,050 4,210 915 2,298 25,624
Advertising Expenditure in US$ million at current prices Exchange rate
Total Newspapers Magazines TV Radio Cinema Outdoor/transport Internet 1 US$ = Peso
'03 813 327 44 352 28 13 43 6 2.95
'04 994 376 62 438 32 15 64 8 2.95
'05 1,363 521 87 607 43 19 75 11 2.93
'06 1,594 553 92 745 49 21 104 30 3.08
'07 1,933 654 110 906 61 32 121 48 3.12
'08 2,388 791 118 1,120 77 36 173 74 3.18
'09 2,377 761 113 1,130 83 34 161 94 3.75
'10 3,146 1,051 149 1,496 101 42 172 135 3.92
'11 3,924 1,373 189 1,740 127 52 204 238 4.14
'12 4,486 1,516 206 2,028 167 60 196 314 4.55
'13 4,899 1,536 205 2,298 194 61 211 393 5.48
'14 4,612 1,268 155 2,015 213 56 166 738 8.13
'15 6,053 1,538 179 2,488 294 70 189 1,295 8.94
'16 6,888 1,565 174 2,659 355 73 183 1,879 10.77
'17 6,689 1,448 150 2,545 324 70 177 1,973 12.98

Newspapers Television
Total National Regional Total Free Pay

'03 963 828 135 1,038 915 123
'04 1,108 957 151 1,289 1,138 151
'05 1,527 1,313 214 1,778 1,548 230
'06 1,700 1,462 238 2,292 1,940 352
'07 2,041 1,755 286 2,828 2,377 451
'08 2,516 2,164 352 3,560 2,946 615
'09 2,852 2,453 399 4,232 3,416 816
'10 4,125 3,547 577 5,867 4,834 1,034
'11 5,684 4,888 796 7,201 6,070 1,131
'12 6,900 5,589 1,311 9,229 7,825 1,404
'13 8,413 6,793 1,620 12,584 10,512 2,072
'14 10,305 7,907 2,398 16,368 13,826 2,542
'15 13,754 10,156 3,598 22,251 18,905 3,346
'16 16,867 12,026 4,841 28,646 24,347 4,299
'17 18,800 13,160 5,640 33,050 28,093 4,958

Argentina
Internet 16.0%
44.5
38.6
36.4 37.1
Outdoor/transport 3.6% 31.6 31.4

Cinema 1.2% 25.9 25.8
Radio 4.6% 22.3 22.8 23.0
17.2 17.0
Magazines
3.4%
TV 43.7%
Advertising Data: 2003-2014 Argentine Advertising Agencies Association, Ibope, Monitor, CAAM, 2015-2017 Agency forecasts
Notes:
1) After discounts
2) Excludes production costs
3) Excludes agency commission
4) 2003 radio and outdoor are Buenos Aires only
5) Outdoor monitoring expanded in 2007 to include new types of spectacular display
6) Excludes classified
7) Internet to 2013 includes display only; from 2014 includes display, classified, search, mobile
8) Note that local currency figures are converted to US dollars at each years exchange rate to allow for the rapid depreciation of the local
currency
Advertising expenditure is growing at about 40% a year in exaggerated the growth rate of the local ad market and its
nominal terms, which equates to about 27% a year in real future value. In US dollar terms we expect Argentinas ad
terms at official inflation rates. However, unofficial estimates market to grow by 31% in 2015 and 14% in 2016.
of inflation are much higher than the governments, and
the true rate of real growth may be considerably lower than TV and newspapers are the two leading media (attracting
27% a year. 43.7% and 27.5% of total expenditure in 2014). However,
internet consumption is growing rapidly across the entire
Since the June 2015 edition of this report we have country, and is attracting ad market share from traditional
converted Argentinas local currency figures to US dollars media. From 2014 onwards we include display, classified,
at each years exchange rate, rather than our usual practice search and mobile in our internet advertising figures, which
of converting all figures at a single exchange rate. This accounted for 16.0% of total spend last year. By 2017 we
is because Argentinas high inflation is reflected in a expect its share to reach 29.5%. All other media are losing
rapidly depreciating Peso, so our usual practice greatly market share to internet advertising.

Armenia

'05 16.4 0.04 0.03 12.7 2.5 0.02 1.1 0.01
'06 30.7 0.1 0.1 23.0 4.6 0.02 2.9 0.01
'07 40.0 0.3 0.3 29.0 6.8 0.02 3.6 0.01
'08 52.3 0.5 0.5 38.0 8.9 0.02 4.4 0.01
'09 69.3 0.5 0.5 54.0 9.0 0.02 5.2 0.1
'10 86.4 0.6 0.6 69.0 10.5 0.1 5.5 0.2
'11 91.2 0.6 0.7 72.0 11.2 0.6 5.8 0.4
'12 99.9 0.7 0.7 79.0 12.3 0.7 6.1 0.5
'13 109.9 0.7 0.8 86.9 13.5 0.8 6.7 0.5
'14 121.1 0.8 0.9 95.6 14.9 0.9 7.4 0.6
'15 127.1 0.8 0.9 100.4 15.6 1.0 7.8 0.7
'16 133.5 0.9 0.9 105.4 16.4 1.0 8.2 0.7
'17 138.9 0.9 1.0 109.6 17.1 1.1 8.5 0.8
Internet 0.5%
Outdoor/transport 6.1% Newspapers 0.7%
Cinema 0.8% Magazines 0.7%
87.1
Radio 12.3%
30.3 30.8 32.6

24.6
9.6 10.0 10.2

5.6 5.0 5.0 4.0
TV 78.9%
Advertising Data: 2005-2011 Armenia Media Group Monitoring & Research Center, Agency estimates, 2012-2014 Agency estimates, 2015-
2017 Agency forecasts
Notes:
1) Before discounts
5) Includes display/classified/search/mobile in the internet figures
Armenias economy is expected to decline by 1.0% this year. share is expected to grow over the next few years. Social
networking tools and ads, as well as pay-per-click ad sales,
Television is by far the largest medium, with a 78.9% are helping this growth. Event marketing and other below-
share in 2014, which demonstrates the constant strength the-line activity are also gaining in popularity.
of this medium in the Armenian market. After TV, radio
(12.3%) and OOH (6.1%) rank next by expenditure. Digital Digital switchover of the TV signal has happened; the
media are attracting a minor share of budgets but their analogue signal was switched of in July 2015.

Australia
Advertising Expenditure in local currency at current prices (A$ million)

'03 8,395 3,314 822 2,924 737 66 297 236
'04 9,396 3,605 895 3,266 842 74 327 388
'05 10,099 3,790 978 3,376 898 84 354 620
'06 10,527 3,723 994 3,420 925 86 379 1,001
'07 11,720 4,076 1,034 3,750 984 93 436 1,346
'08 12,130 4,117 1,032 3,729 992 96 454 1,710
'09 11,108 3,471 857 3,484 936 89 400 1,871
'10 12,434 3,665 871 4,056 1,001 99 477 2,265
'11 12,378 3,374 813 3,950 1,008 79 494 2,660
'12 12,376 2,863 676 3,891 1,012 89 502 3,343
'13 12,662 2,383 623 3,998 1,027 102 544 3,986
'14 12,779 2,001 466 3,929 1,054 95 602 4,631
'15 13,106 1,635 386 3,942 1,136 114 668 5,225
'16 13,463 1,345 317 3,997 1,168 119 704 5,812
'17 13,779 1,103 260 4,037 1,172 125 719 6,363
Advertising Expenditure in US$ million at current prices. All years based on US$1 = A$1.11
'03 7,578 2,992 742 2,639 665 59 268 213
'04 8,482 3,254 808 2,948 760 67 295 350
'05 9,116 3,421 883 3,048 810 75 319 560
'06 9,503 3,361 897 3,087 835 77 342 904
'07 10,580 3,680 933 3,385 889 84 394 1,215
'08 10,951 3,717 932 3,366 895 87 410 1,544
'09 10,028 3,134 773 3,145 845 80 361 1,689
'10 11,225 3,309 786 3,661 904 90 431 2,044
'11 11,174 3,046 734 3,566 910 71 446 2,402
'12 11,172 2,585 610 3,513 914 80 453 3,017
'13 11,431 2,151 562 3,609 927 92 491 3,599
'14 11,536 1,806 421 3,546 951 86 544 4,181
'15 11,831 1,476 349 3,558 1,026 103 603 4,717
'16 12,153 1,215 286 3,608 1,054 108 635 5,247
'17 12,438 996 235 3,644 1,058 113 649 5,744

Newspapers Magazines Television
Total National Regional Total Business Consumer Total Free Pay
'04 3,605 2,175 1,430 - - - 3,266 3,142 123
'05 3,790 2,326 1,464 978 251 727 3,376 3,216 160
'06 3,723 2,245 1,478 994 245 749 3,420 3,207 212
'07 4,076 2,342 1,734 1,034 253 780 3,750 3,475 276
'08 4,117 2,312 1,805 1,032 244 788 3,729 3,412 317
'09 3,471 1,911 1,561 857 211 646 3,484 3,152 333
'10 3,665 2,069 1,596 871 217 653 4,056 3,676 380
'11 3,374 1,904 1,470 813 215 598 3,950 3,556 394
'12 2,863 1,604 1,259 677 201 476 3,891 3,452 439
'13 2,383 1,292 1,091 623 226 397 3,998 3,497 501
'14 2,001 1,080 921 466 119 347 3,929 3,449 479
'15 1,635 883 752 386 98 288 3,942 3,456 486
'16 1,345 726 619 317 81 236 3,997 3,504 493
'17 1,103 812 292 260 66 194 4,037 3,539 498

Australia

Internet
Total Display Desktop display Mobile display Classified Desktop classified Mobile classified Search Desktop search Mobile search
'05 620 194 - - 206 - - 220 - -
'06 1,001 303 - - 299 - - 399 - -
'07 1,346 367 - - 357 - - 622 - -
'08 1,710 465 - - 439 - - 807 - -
'09 1,871 498 - - 429 - - 944 - -
'10 2,265 605 - - 531 - - 1,128 - -
'11 2,660 632 - - 615 - - 1,413 - -
'12 3,343 876 - - 673 - - 1,794 - -
'13 3,986 1,125 - - 744 - - 2,118 - -
'14 4,631 1,409 1,012 397 924 757 166 2,299 1,885 414
'15 5,225 1,747 1,188 559 1,090 817 272 2,388 1,791 597
'16 5,812 2,074 1,348 726 1,252 877 376 2,486 1,740 746
'17 6,363 2,375 1,425 950 1,377 895 482 2,610 1,697 914
11.9 11.9
Internet 36.2% 7.5

Magazines
3.6% 4.2
3.5
2.3 2.6 2.7 2.3
0.9
-0.5 0.0
Outdoor/ TV 30.7% -8.4

transport 4.7%
Cinema 0.7%
Radio 8.2%
Advertising Data: 2003-2014 Commercial Economic Advisory Service of Australia, except television 2003-2004 KPMG and online 2003-2006 ABVS, 2015-2017
Agency forecasts
Notes:
1) After discounts
4) Includes classified advertising
5) Internet includes general (display, national), classified, search and directories

Australia
ZenithOptimedia Australia forecasts 2.6% growth in The Australian dollar has declined significantly and is at a
adspend in 2015. This has been revised upwards from our low of US$ 0.73, down from US$ 0.8 just three months ago;
previous forecast of +1.9% due to better than expected it has not been this low since 2009. This continues to put
growth in the first half of the year (+5.3%). Growth will slow pressure on commodity pricing and wage growth, and is a
down in the remaining months of the year due to a number contributing factor to our forecast of a flat second half.
economic factors.
The three biggest advertising categories retail, automotive
Overall consumer sentiment remains negative, with the and finance/Insurance are all in decline year-on-year.
latest results (released in mid-August) showing the index However, smaller-spending categories such as travel, media/
at 99.5. Sentiment has only been positive twice in the entertainment and food/drink are all seeing growth.
last 18 months and there is nothing to indicate that this
will change for the remainder of 2015. Global economic Digital (+16%) and Out of Home (+11%) are the media that
uncertainly resulting from the ongoing crisis in Greece and are fuelling revenue growth. Digital is being influenced by
the instability in the Chinese stock market are contributing the strong takeup of mobile advertising and online video.
to the current pessimism. Unemployment rates remain high, Out of Home is benefiting from the digitalisation of sites,
growing to 6.3% in July, up from 6.1% previously. Interest which is increasing the amount and quality of inventory
rates remain low and are expected to remain at record lows available in the market. TV remains flat and the print media
for the remainder of the year and into 2016. continue to decline.

Austria
Advertising Expenditure in local currency at current prices ( million)

'03 1,064 420 238 219 114 10 63 -
'04 1,119 445 241 235 127 9 64 -
'05 1,178 490 236 240 128 12 72 -
'06 1,239 519 245 257 126 13 78 -
'07 1,335 574 262 281 126 13 78 -
'08 1,403 600 283 294 132 12 83 -
'09 1,377 601 250 296 128 10 92 -
'10 1,688 710 256 317 134 13 94 165
'11 1,810 763 267 344 134 12 97 193
'12 1,789 736 237 352 135 10 94 225
'13 1,793 700 220 370 135 10 95 263
'14 1,786 665 205 378 132 10 90 308
'15 1,798 639 189 383 135 9 96 348
'16 1,827 613 181 399 137 9 99 388
'17 1,860 595 176 411 140 9 102 428
Advertising Expenditure in US$ million at current prices. All years based on US$1 = 0.75
'03 1,414 558 317 290 152 13 84 -
'04 1,488 591 320 312 169 12 85 -
'05 1,566 651 314 319 170 16 96 -
'06 1,646 690 326 342 168 18 104 -
'07 1,775 762 349 374 168 18 104 -
'08 1,865 797 376 391 176 16 110 -
'09 1,831 799 332 394 170 13 123 -
'10 2,244 944 340 422 179 17 124 219
'11 2,406 1,014 355 457 179 16 128 257
'12 2,378 978 315 468 179 13 124 299
'13 2,383 930 292 492 179 13 126 350
'14 2,374 884 272 503 175 13 120 409
'15 2,389 849 251 509 179 12 127 463
'16 2,428 815 241 531 182 12 132 516
'17 2,473 791 234 546 186 12 136 569

Newspapers Magazines
Total National Regional Total Business Consumer
'10 709 545 164 256 59 197
'11 762 575 187 267 61 206
'12 736 547 189 237 55 182
'13 700 510 190 220 50 170
'14 665 480 184 205 46 158
'15 639 456 182 189 42 147
'16 613 431 182 181 40 141
'17 595 412 183 176 39 136

Austria

Internet
Total Display Desktop display Mobile display Search Desktop search Mobile search
'10 165 103 98 5 62 55 6

'11 193 122 116 6 71 57 14
'12 225 142 135 7 83 67 17
'13 263 163 155 8 100 70 30
'14 308 183 155 27 125 75 50
'15 348 204 164 41 144 86 58
'16 388 227 170 57 161 97 64
'17 428 251 176 75 177 89 89
22.6
Internet 17.2%
Newspapers
Outdoor/transport 37.2%
5.1%
Cinema 0.5%
7.8 7.2
Radio 7.4% 5.2 5.2 5.1 5.1
1.6 1.8
0.2 0.6
-0.4
-1.1
-1.9
TV
21.2%
Magazines
11.5%
Advertising Data: 2003-2014 ZenithOptimedia estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
4) Excludes classified advertising
5) Excludes internet before 2010; 2010-2017 internet figures include display, search and mobile
Austrias economic growth in 2014 was disappointing, at Inflation is expected to average 0.9% in 2015 and about 2%
just 0.3% for the year. The National Bank of Austria expects for 2016 and 2016.
growth to pick up gradually, rising to 0.7% in 2015, 1.9% in
2016 and 1.8% in 2017. Austrian unemployment is high by historic standards.
Eurostat forecasts an increase to 5.7% in 2015 followed by a
Inflation was 1.0% in May, ahead of the eurozone average of small decline to 5.5% by 2017.
0.3%, thanks to an increase in commodity prices.

Azerbaijan

Total Print TV Radio Outdoor/transport Internet
'03 29.4 2.3 27.1 - - -
'04 48.0 4.5 43.5 - - -
'05 21.4 1.7 16.0 2.7 1.0 -
'06 28.6 2.8 20.8 3.0 2.0 -
'07 37.9 2.6 27.7 3.4 4.0 0.2
'08 50.1 3.4 35.1 4.0 7.0 0.5
'09 55.5 3.8 38.6 4.4 8.0 0.6
'10 66.0 4.6 46.4 5.2 9.0 0.8
'11 70.1 4.2 48.7 5.0 9.9 2.3
'12 85.7 4.3 60.9 6.0 10.9 3.6
'13 108.1 4.4 79.1 7.5 12.0 5.1
'14 129.3 3.9 95.0 9.0 13.2 8.3
'15 113.8 3.7 79.1 8.6 13.2 9.1
'16 130.0 4.1 91.0 9.5 14.5 10.9
'17 154.0 4.3 109.2 10.6 16.2 13.6
Internet 6.4% Print 3.0%
62.9
Outdoor/transport
10.2%
33.3 32.8 32.2

26.1
22.3 19.6
18.7 18.5
14.3
Radio 7.0% 10.9
6.3
-12.0
-55.3
TV 73.4%
Advertising Data: 2003-2014 Agency estimates based on data from AGB Nielsen (TV), SIAR Social & Marketing Research Center, 2015-2017
Agency forecasts
Notes:
1) After discounts

Azerbaijan
TV is the most popular medium, and growth of the overall Use of the Turkish language was prohibited on TV in 2009,
market is mostly generated by TV expenditure. Local TV is when all of the Turkish serials were stopped and replaced by
quite weak, but cable/satellite TV is gaining a larger and other programmes. This was a big problem as the Turkish
larger audience. The audience is divided into those who serials were the most popular shows, and channels are still
speak Russian and those who speak Azeri (the majority of searching for new content to replace them. Then in 2012
the Russian-speaking audience is concentrated on cable the situation was exacerbated by the banning of all foreign
TV). The main TV channels attract similar shares of viewing, series on terrestrial TV. This depressed overall viewing and
with no clear leader in the market. drove viewers to satellite TV.
The internet is the fastest growing medium, though still Most channels started to sell wGRPs for large clients in 2013.
underestimated by advertisers. International sites (Google,
Facebook, YouTube) are the most popular, with Facebook The analogue-to-digital TV switchover is expected to be
being the top social media website. completed sometime in 2015. Currently, this is leading to
some uncertainty in terms of what research will be available,
OOH is a very popular medium, although it suffers as Nielsen does not yet measure digital channels.
somewhat from a paucity of site availability and there are
also some problems with pricing. Non-standard extenders The conflict in eastern Ukraine has heightened political risk in
have been very popular recently. the region, and Azerbaijans public spending (which is largely
funded by oil exports) is threatened by low oil prices. The
Whilst there is very little censorship on advertising, the local currency lost 35% of its value against the dollar at the
media are heavily censored. beginning of 2015. We forecast a sharp slowdown in adspend
growth from 20% growth in 2014 to 12% decline in 2015.

Bahrain

Total Newspapers Magazines TV Cinema Outdoor/transport
'03 99.7 66.4 6.4 20.2 1.5 5.2
'04 142.6 90.0 7.5 34.4 1.8 8.9
'05 80.1 50.2 6.1 16.3 1.3 6.3
'06 89.1 57.6 7.1 15.3 1.3 7.9
'07 94.1 65.6 8.1 14.9 1.3 4.3
'08 107.0 69.1 13.8 18.5 1.5 4.2
'09 92.2 58.7 12.4 15.7 1.6 3.7
'10 95.7 61.7 11.8 17.3 1.8 3.2
'11 33.4 24.7 3.5 3.5 0.2 1.6
'12 36.4 27.1 3.7 3.6 0.2 1.7
'13 38.1 28.5 3.9 3.7 0.2 1.8
'14 38.1 28.5 3.9 3.8 0.2 1.8
'15 38.1 28.5 3.9 3.8 0.2 1.8
'16 38.1 28.5 3.9 3.8 0.2 1.8
'17 38.1 28.5 3.9 3.8 0.2 1.8
Outdoor/transport
4.7%
Cinema 0.5%
43.0
TV 9.9%
11.3 13.7
8.8
5.6 3.8 4.7
Magazines 0.2 0.0 0.0
10.2%
0.0
-13.8
-43.8
-65.1
Newspapers
74.7%
Advertising Data: 2003-2004 Ipsos Statex, 2005-2014 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, Agency
estimates, 2015-2017 Agency forecasts
Notes:
1) 2003-2004 before discounts; 2005 onwards after discounts
The IMF estimates Bahrains GDP grew by around 4.7% in having fallen to a moderate level compared to last year.
2014 and expects further growth of 2.7% this year.
We think overall adspend rose by just 0.2% in 2014, and
The general political situation has improved, social unrest expect it to stay flat until 2017.

Belarus

'04 38.9 11.0 18.0 2.5 7.0 0.4
'05 50.0 13.0 26.0 2.0 8.3 0.7
'06 62.2 13.0 35.0 3.5 9.5 1.2
'07 87.5 15.0 53.0 4.5 12.0 3.0
'08 114.9 18.0 72.0 6.0 13.8 5.1
'09 88.4 14.0 52.0 5.4 11.0 6.0
'10 98.0 14.0 59.0 5.4 12.0 7.6
'11 69.5 9.5 39.0 3.8 10.5 6.7
'12 81.0 10.0 43.0 5.0 12.8 10.2
'13 108.1 11.5 59.6 6.0 15.5 15.5
'14 116.3 10.5 62.4 6.0 17.5 19.9
'15 98.8 6.3 54.7 5.2 12.7 19.9
'16 102.8 5.3 54.7 5.0 12.7 25.2
'17 116.1 5.0 60.3 4.6 15.2 31.0

Internet
Total Display Search
'05 0.7 0.7 0.001
'06 1.2 1.2 0.02
'07 3.1 2.9 0.2
'08 5.1 4.4 0.7
'09 6.0 5.0 1.0
'10 7.6 6.2 1.4
'11 6.7 4.8 1.9
'12 10.2 7.2 3.0
'13 15.5 10.6 4.9
'14 19.9 12.9 7.0
'15 19.9 12.5 7.4
'16 25.2 15.1 10.0
'17 31.0 18.2 12.8

Belarus
Print 9.0%
40.7
Internet 17.1%
33.5
31.3
28.7
24.4
16.5
12.9
10.9
7.6
4.1
Outdoor/transport
15.0%
-15.0
-23.1
Radio 5.2%
TV 53.7% -29.1
Advertising Data: 2004-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
4) TV data based on MASMI and NOVAK investigation labs and Video International
5) Internet includes display, search and mobile
Government intervention levels are high in the Belarusian So even big advertisers like Unilever, PepsiCo, Wrigleys,
ad market - a large proportion of the popular media is Ferrero, Astellas and Colgate-Palmolive stopped ad
state-controlled, there are state limits on the volume of campaigns in Q1 2015. Advertisers who continued with
advertising permitted, and alcohol and tobacco advertising their advertising campaigns reviewed their media split
are banned. Please note that all figures given for advertising with the aim of budget savings. Most advertisers cancelled
expenditure in Belarus are estimates, as there are no placements in additional media channels: press, radio and
professional monitoring bodies reporting on the market. OOH. In Q1 2015, press and radio ad volumes decreased
by around 25% in comparison to Q1 2014, and about half of
The economic crisis, which started in Belarus at the end of OOH formats were unsold in Q1 2015. The proportion of TV
December 2014, is still going on. The forecast for 2015 is slots sold fluctuated between 55% and 75% during Q1 2015,
disappointing, with a drop in GDP expected. Many factors with a 20% decrease in ad volume year-on-year.
will have an impact: the situation in Russia (low oil prices,
the tensions between Russia and Ukraine and the associated TV prices have escalated, especially for advertisers who are
economic sanctions), the devaluation of the Belarusian ruble paying in Belarusian rubles: for non-residents, who pay in
(whose dynamics are strongly tied to those of the Russian USD/EUR, growth is +15% 2015 versus 2014; for residents
ruble), and a decline in consumer and investment activity. and non-residents who pays in BRB, growth is +42%.
Internet prices are growing rapidly as well. Radio prices
During Q1 2015, Belarusians purchasing power dropped went down, while outdoor prices are flat. Press costs have
significantly. In order to preserve international reserves, increased slightly.
the government introduced a 30% fee for buying foreign
currency, which caused the depreciation of peoples savings. Internet penetration is still growing (+3.5% in 2014), and
Since December 2014, the unemployment rate has grown, therefore internet consumption is growing too. Mobile
and businesses have reduced staff, shifts and workweeks. traffic shows considerable growth (+43% in 2014). TV is
The number of workplaces is also decreasing. a stable media channel, with 96% technical reach. TV
consumption is decreasing among youth and stable among
Ad expenditure went down as well, because of the drop adults. Press and radio are losing audiences, although the
in sales. The unpredictable situation of the Belarus market consumption of press has increased among the aged and
forced advertisers to avoid annual deals (especially on TV). the rural population.

Belgium

'03 2,158 472 271 945 229 25 198 18
'04 2,331 531 282 1,004 253 25 205 32
'05 2,435 592 280 982 290 29 215 48
'06 2,899 876 287 1,071 327 30 227 82
'07 3,114 901 301 1,161 376 26 239 110
'08 3,170 887 300 1,205 377 27 249 125
'09 3,177 883 282 1,247 358 25 248 135
'10 3,467 909 297 1,414 399 26 254 168
'11 3,588 902 274 1,454 445 31 294 189
'12 3,609 888 263 1,446 466 33 313 201
'13 3,700 927 258 1,460 485 38 314 219
'14 3,764 936 257 1,450 522 38 325 237
'15 3,750 861 244 1,523 506 36 331 249
'16 3,817 844 239 1,553 529 37 341 274
'17 3,905 827 234 1,592 558 38 355 302
'03 2,868 627 360 1,256 304 33 263 24
'04 3,098 706 375 1,334 336 33 272 43
'05 3,237 787 373 1,305 385 38 285 64
'06 3,854 1,164 381 1,424 435 39 301 110
'07 4,138 1,198 400 1,544 499 35 317 146
'08 4,213 1,179 399 1,601 501 36 332 166
'09 4,222 1,173 374 1,657 475 33 330 180
'10 4,608 1,208 394 1,880 530 34 338 224
'11 4,770 1,199 364 1,932 591 41 391 251
'12 4,797 1,180 349 1,922 619 44 416 267
'13 4,918 1,232 343 1,940 644 50 417 291
'14 5,003 1,244 341 1,928 694 50 431 315
'15 4,984 1,144 324 2,024 673 48 440 331
'16 5,073 1,121 317 2,065 703 49 453 364
'17 5,190 1,099 311 2,116 742 50 471 401

Newspapers
Total National Regional
'05 592 592 -

'06 876 701 175
'07 901 747 154
'08 887 737 150
'09 883 730 152
'10 909 768 141
'11 902 761 141
'12 888 745 143
'13 927 803 124
'14 936 825 111
'15 861 792 69
'16 844 793 51
'17 827 785 41

Belgium
Internet 6.3%
Outdoor/transport
8.6% Newspapers 24.9% 19.1
Cinema 1.0%
Radio 9.1
8.0 7.4
13.9%
4.5
3.5
Magazines 2.5 2.3
1.8 1.7 1.8
6.8% 0.2 0.6
-0.4
TV 38.5%
Advertising Data (excl. internet): 2003-2014 MDB Nielsen, 2015-2017 Agency forecasts
Internet: 2003-2014 IAB, MDB Mediaxim, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts
3) Includes agency commission (15%)
5) Newspapers include free regional newspapers from 2006
6) Internet data are estimates and include display (main sales houses/main formats) and mobile (included from 2014)
The Belgian market has no access to net expenditure Online showed a decrease of almost 5% for January-April,
figures, which is why we report the gross ratecard figures but the figures only include part of the total investment in
by Nielsen MDB. It is clear that these do not always reflect online: display expenditure taken by the major Belgian sales
the reality, of course; sometimes, underlying trends in houses. Big international players do not participate, and
expenditure can be obscured. other advertising like social and search are not measured.
In the first four months of 2015, media spend was down 2% The decline was most remarkable in the telecoms sector
compared to the same period last year. Part of this decline (-27% from 45 million to 33 million) and services (-17%
is explained by the disappearance of Rondom (a free title) from 115 million to 95 million), including banks (-17%) and
from the Nielsen ad spend data. This title accounted for governmental communication (-26%). The Brussels Motor
16% of all spend in free titles and 0.5% of the total market Show in January, together with some major launches, had a
in 2014. January and February were bad months compared positive effect on media investments in the transportation
to last year (-5% and -6% versus January and February 2014), sector (+12%). Home equipment (+8%) and food (+6%)
but the market seemed to be ticking upwards in March were other sectors showing rises.
(+4% versus March 2014).
In the previous edition of this report, we discussed the
Print and cinema saw expenditure go down - both different acquisitions and new partnerships that have
newspapers and magazines showed a decline of around 6%, recently taken place in the Belgian media landscape. As a
while cinema spend shrank by 34%; in absolute terms, the reminder: in 2013, Sanoma Belgium was put under strategic
decline for cinema represents around 2.2 million. TV and review by its mother company in Finland. In December
radio were stable compared to last year. Outdoor was the 2014, Sanoma finally decided to combine its Belgian and
only medium to record a significant increase compared to Dutch operations, after a long period where they had been
the same period last year. trying to sell its different activities to other players.

Belgium
In March 2015, Sanoma announced that De Persgroep would into its portfolio. Apart from selling these titles, Sanoma
acquire four major magazines (Humo, Story, TeVe Blad and also announced it will cease production of linear audiovisual
Vitaya). Sanoma had decided to focus only on Women and content, hence the announcement that it will shut down its
Home & Deco, which meant these four titles no longer fitted television station Libelle TV and the radio station Story FM.

Bosnia & Herzegovina
Advertising Expenditure in local currency at current prices (KM million)

Total Newspapers Magazines TV Radio Outdoor/transport Internet
'03 166 5 2 113 10 35 -
'04 205 12 9 147 8 29 -
'05 247 14 8 196 10 20 0
'06 317 18 10 266 6 18 1
'07 351 22 10 293 10 16 1
'08 480 24 12 415 12 18 1
'09 604 30 17 520 12 24 2
'10 634 27 15 549 12 29 2
'11 723 24 12 642 12 30 3
'12 814 22 11 737 12 28 4
'13 796 22 10 720 12 26 5
'14 826 22 10 750 12 25 8
'15 830 22 10 754 12 25 8
'16 845 22 10 767 12 26 8
'17 848 22 10 770 12 26 8
Advertising Expenditure in US$ million at current prices. All years based on US$1 = KM1.47
'03 113 4 2 77 7 24 -
'04 139 8 6 100 5 20 -
'05 167 9 5 133 7 13 0
'06 215 12 7 180 4 12 0
'07 238 15 7 199 7 11 0
'08 326 16 8 281 8 12 1
'09 409 20 11 353 8 16 1
'10 430 18 10 373 8 20 1
'11 490 16 8 436 8 20 2
'12 552 15 8 500 8 19 3
'13 540 15 7 488 8 18 3
'14 560 15 6 509 8 17 5
'15 563 15 6 511 8 17 5
'16 573 15 7 521 8 17 5
'17 575 15 7 522 8 17 6

Bosnia & Herzegovina
Internet 0.9%
Radio 1.5% Magazines 1.2%
36.9
28.6
25.7
23.5
20.2
14.1
12.7
10.5
5.0
3.8
1.8
0.5 0.3
-2.3
TV 90.8%
Advertising Data: 2003-2014 Marecco Index Bosnia, Ad monitoring, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts
GDP grew by 0.8% in 2014 (growth was 2.5% in 2013). The In February 2013, there was a significant change in
main reason for the slowing of the economy was the effect TV adspend tracking, with AGB Nielsen Peoplemeter
of the major floods that hit the country in May 2014. Growth becoming available and providing reliable measurement
is expected to come in at 2.3% this year. data. It became the official research body for TV
measurement in January 2014. Mareco Index Bosnia, the
Official unemployment is very high, at 26.5% in April 2015. former official research house for TV and print, stopped
The government is under pressure from the IMF and has monitoring print too, so only data for TV remain available.
been cutting back on public spending.
Some commercial TV stations (not including OBN and BN)
Advertisers are cutting budgets because of low sales, and formed the sales house MediaAgent in 2013.
we now think overall adspend growth will be very slight this
year: just 0.5%. Print and outdoor advertising are both losing share, and
we expect this trend to continue over our forecast period.
The government has decided not to institute further Several magazine titles have had to close.
reductions in permitted minutage on the public channels
(it was reduced from six minutes per hour to four at the
beginning of 2014).

Brazil
Advertising Expenditure in local currency at current prices (R$ million)

'03 11,060 2,006 1,039 6,717 501 - 632 165
'04 13,551 2,315 1,158 8,537 600 47 671 223
'05 15,555 2,602 1,404 9,881 668 53 681 266
'06 16,872 2,696 1,502 10,885 727 61 640 361
'07 18,513 3,106 1,610 11,892 767 75 536 527
'08 20,980 3,411 1,825 13,408 902 88 587 759
'09 21,917 3,135 1,712 14,392 987 82 659 950
'10 25,888 3,242 1,967 17,510 1,095 92 766 1,216
'11 28,134 3,366 2,036 19,203 1,130 86 858 1,455
'12 29,884 3,388 1,925 20,850 1,184 106 913 1,518
'13 32,009 3,261 1,780 23,011 1,308 104 1,112 1,433
'14 33,395 2,882 1,477 25,185 1,332 109 1,346 1,064
'15 34,563 2,687 1,354 26,513 1,358 109 1,393 1,149
'16 36,984 2,573 1,283 28,792 1,421 113 1,582 1,220
'17 39,202 2,520 1,244 30,763 1,490 117 1,753 1,315
Advertising Expenditure in US$ million at current prices. All years based on US$1 = R$2.35
'03 4,714 855 443 2,863 214 - 269 70
'04 5,775 987 494 3,638 256 20 286 95
'05 6,629 1,109 598 4,211 285 23 290 113
'06 7,190 1,149 640 4,639 310 26 273 154
'07 7,890 1,324 686 5,068 327 32 228 225
'08 8,941 1,454 778 5,714 384 38 250 323
'09 9,340 1,336 730 6,134 421 35 281 405
'10 11,033 1,381 838 7,463 466 39 326 518
'11 11,990 1,434 868 8,184 482 37 366 620
'12 12,736 1,444 820 8,886 505 45 389 647
'13 13,641 1,390 759 9,807 557 44 474 611
'14 14,232 1,228 629 10,733 568 46 574 453
'15 14,730 1,145 577 11,299 579 46 594 490
'16 15,762 1,097 547 12,270 606 48 674 520
'17 16,707 1,074 530 13,110 635 50 747 560

Brazil
Internet 3.2%
Cinema 0.3%
Magazines 4.4% 22.5
Radio 4.0%
18.1
14.8
13.3
9.7
8.5 8.7
7.1 7.0
6.2 6.0
4.5 4.3
3.5
TV 75.4%
Advertising Data: 2003-2014 InterMeios Research, 2015-2017 Agency forecasts
Notes:
1) After discounts
2) Excludes production costs from 2005 (included for previous years)
3) Includes agency commission
4) Includes classified
5) TV includes cable television
6) Internet includes display, classified and search. Note that six major portals stopped reporting revenue in July 2014.
Brazils economy shrank 0.2% quarter-on-quarter in Q1 2015. advertising dropped sharply as six major sites stopped
The IMF expects GDP to shrink by 1% over the year as a reporting their revenues in July, leading to an estimated
whole, while other forecasters fear that it could decline by 26% drop in monitored spend for the year. The ad market
as much as 2%. as a whole grew by 4.3%. We expect adspend to grow
just 3.5% in 2015 as Brazil struggles through recession,
The ad market in 2014 was given a big boost by the FIFA but forecast 7.0% growth in 2016 when Brazil hosts the
World Cup in Brazil, but monitored spend in internet Olympics.

Bulgaria
Advertising Expenditure in local currency at current prices (Lev million)

'03 412 77 20 261 8 46 -
'04 479 80 28 325 20 24 3
'05 626 86 49 413 40 32 5
'06 790 90 64 477 57 90 12
'07 981 93 83 617 62 107 19
'08 1,206 91 98 791 70 124 32
'09 1,027 89 87 647 86 84 34
'10 994 82 75 648 77 74 37
'11 1,039 88 63 703 72 70 43
'12 1,125 96 55 801 54 73 46
'13 1,244 90 48 946 45 75 40
'14 1,329 99 48 996 50 91 45
'15 1,355 98 47 1,020 48 94 48
'16 1,384 96 45 1,050 46 96 51
'17 1,404 64 42 1,100 44 100 54
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Lev1.47
'03 280 52 14 177 5 31 -
'04 326 54 19 221 14 16 2
'05 425 58 33 281 27 22 4
'06 537 61 43 324 39 61 8
'07 667 63 56 419 42 73 13
'08 820 62 67 538 47 84 22
'09 698 60 59 440 59 57 23
'10 675 56 51 440 53 50 25
'11 706 60 43 478 49 48 29
'12 764 65 37 545 36 50 31
'13 846 61 33 643 31 51 27
'14 903 67 33 677 34 62 31
'15 921 67 32 693 33 64 33
'16 941 65 31 714 31 65 35
'17 954 43 29 748 30 68 37
Advertising Expenditure in local currency at current prices (Lev million)

Magazines
Total Business Consumer
'05 49 2 47
'06 64 4 60
'07 83 8 75
'08 98 9 89
'09 87 7 80
'10 75 7 68
'11 62 4 58
'12 55 4 51
'13 48 4 44
'14 48 4 44
'15 46 3 43
'16 44 3 41
'17 42 3 39

Bulgaria
Internet 3.4% Newspapers 7.4%

Magazines 3.6% 30.6
Radio 3.8% 26.2

24.2
22.9
16.3
10.7
8.3
6.8
4.5
2.0 2.1 1.4
-3.2
-14.8
TV 74.9%
Advertising Data: 2003-2014 BBSS Gallup, TNS, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts
5) Internet figures include classified and display on local sites
Slow growth in 2014 continued into the first quarter of 2015, expenditure in Google and Facebook, which in fact account
when GDP grew 0.9% quarter-on-quarter. Unemployment for around 60% of all online spending in Bulgaria.
fell slightly to 10.5% in the Jan-Jun period.
In August NBG launched the new sport channel Diema Sport
Presidential and municipal elections will take place in the 2, extending its pay-TV Diema Extra package (which already
autumn, and this may give a small boost to press and included Diema Sport and Trace Sport Stars). The three
outdoor advertising. Political TV advertising is monitored channels are not monitored by GARB or Nielsen Admosphere.
separately from general TV advertising so we dont expect it
to have an impact on the overall TV spend figures. There have been several major changes in the press market
so far in 2015. As of July, Attica and EVA merged and thus
TV remains the most trusted and widely used medium in become the second-biggest player among magazine
Bulgaria. Almost 100% of households have TV and 93.5% groups, having 17% of the ad market between them (the
of people aged 15+ watch TV every day. It also dominates leader, Sanoma, has 18%). The daily newspaper Press and
advertisers budgets and accounted for 74.9% of spend in the weekly magazine Tema declared bankruptcy in August
2014. However, it must be borne in mind that the internet and publication of both titles ceased, as did Geo magazine
figures only include display ads in local sites and exclude (part of VGB).

Canada
Advertising Expenditure in local currency at current prices (C$ million)

'03 7,658 2,529 610 2,827 1,171 284 237
'04 8,097 2,611 647 2,963 1,209 303 364
'05 8,572 2,659 677 3,014 1,316 344 562
'06 9,233 2,635 695 3,241 1,391 370 901
'07 9,736 2,572 732 3,299 1,468 422 1,243
'08 10,220 2,489 707 3,394 1,558 463 1,609
'09 9,467 2,030 606 3,104 1,469 416 1,842
'10 10,391 2,103 622 3,392 1,517 482 2,277
'11 10,851 1,971 608 3,553 1,575 480 2,664
'12 11,219 2,019 587 3,469 1,585 486 3,073
'13 11,271 1,679 572 3,392 1,600 514 3,515
'14 11,388 1,392 483 3,407 1,620 521 3,965
'15 11,456 1,225 435 3,220 1,645 560 4,371
'16 11,754 1,100 390 3,168 1,670 600 4,826
'17 12,062 990 350 3,115 1,690 640 5,277
Advertising Expenditure in US$ million at current prices. All years based on US$1 = C$1.1
'03 6,931 2,289 552 2,559 1,060 257 215
'04 7,329 2,363 586 2,682 1,094 274 329
'05 7,759 2,407 613 2,728 1,191 311 509
'06 8,357 2,385 629 2,933 1,259 335 816
'07 8,812 2,328 662 2,986 1,329 382 1,125
'08 9,250 2,253 640 3,072 1,410 419 1,456
'09 8,569 1,837 549 2,810 1,330 377 1,667
'10 9,405 1,903 563 3,070 1,373 436 2,061
'11 9,821 1,784 550 3,216 1,426 434 2,411
'12 10,154 1,827 531 3,140 1,435 440 2,781
'13 10,202 1,520 518 3,070 1,448 465 3,181
'14 10,307 1,260 437 3,084 1,466 471 3,589
'15 10,369 1,109 394 2,914 1,489 507 3,956
'16 10,639 996 353 2,867 1,512 543 4,368
'17 10,918 896 317 2,819 1,530 579 4,776
Advertising Expenditure in local currency at current prices (C$ million)

Television Internet
Total Free Pay Total Display Video Classified Search Email Mobile
'04 2,963 2,341 622 364 190 - 90 75 9 -

'05 3,014 2,245 769 562 230 - 124 197 11 -
'06 3,241 2,359 882 901 314 - 223 343 20 1
'07 3,299 2,351 948 1,243 432 9 305 478 17 2
'08 3,394 2,367 1,027 1,609 490 12 460 622 18 7
'09 3,104 2,102 1,002 1,842 578 20 467 741 13 23
'10 3,392 2,278 1,114 2,277 688 37 587 907 11 47
'11 3,553 2,319 1,234 2,664 840 73 576 1,081 13 81
'12 3,469 2,204 1,264 3,073 974 92 249 1,586 12 160
'13 3,392 2,090 1,302 3,515 938 146 286 1,685 17 443
'14 3,407 2,117 1,290 3,965 895 225 280 1,780 16 769
'15 3,220 1,948 1,272 4,371 850 300 275 1,850 16 1,080
'16 3,168 1,910 1,258 4,826 800 370 265 1,900 16 1,475
'17 3,115 1,870 1,245 5,277 750 425 250 1,950 16 1,886

Canada
Newspapers 12.2%
9.8
Magazines 7.7
4.2%
5.7 5.9 5.4 5.0
Internet 34.8% 4.4
3.4
2.6 2.6
1.0 0.6
0.5
TV 29.9%
-7.4
Outdoor/
transport 4.6%
Radio 14.2%
Advertising Data: 2003-2014 TVB, Statistics Canada, CRTC, CNA, LNA, NMR, Les Hebdos du Quebec, Magazines Canada, IAB Canada,
Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
4) Newspapers include dailies only; from 2012 includes all free daily papers
5) Magazines exclude trade titles
6) TV and radio figures are based on broadcast year ending August
7) Internet includes all advertising: display (including sponsorship and on-page awareness campaigns), search, classified, mobile and email;
IAB (internet) implemented new methodology in 2007 including adjustment to 2006, disrupting trending with prior years
8) 2008 revised classification of online revenue, estimated to account for half the growth in classified
The price of oil is having divergent effects on the US Conference Board of Canada surveys. While consumers had
and Canadian economies, and even within Canada. an increasingly optimistic outlook through January as lower
Lower oil prices are boosting consumer spending, gas prices left more money in their pockets, there was an
business investment and job creation in the US, but 11-point dip in confidence in February following economic
not so in Canada. Although the volume of oil exports is contraction in January. Though there was a bounce in
strengthening thanks to a strong US economy, the value of March, April was down another point from February at 94.7.
them is down considerably, resulting in cutbacks in business According to Nielsens Q1 global consumer confidence
investment and employment in the energy sector. While survey, the economy and job security are among Canadians
lower oil prices would benefit central Canadas exports and top concerns. The Conference Board also recorded a 10
disposable consumer income, a weak Canadian dollar is point drop in the Q1 business confidence index at 85.6.
inhibiting spending by both consumers and businesses.
Latest projections from the IMF have our economy The 2014 ad market was softer than we expected, and
moderating from 2.5% growth in 2014, to 2.2% and 2.0% in we have further reduced our growth expectation by C$70
2015 and 2016, while the US picks up momentum in 2015 at million tracing to weaker performances now posted for
3.1% versus 2.4% last year. printed daily newspapers and OOH. When all results are in,
we anticipate the year will actualize at +1.0%. 2015 is now
Given the oil-induced economic uncertainty and a stagnant projected to show little growth in ad spending (+0.6%),
job market, it is not surprising that both business and with internet gains further offset by greater erosion in daily
consumer confidence have taken a tumble in the most recent newspapers and a softer TV market.

Canada
Internet & mobile The industry is expecting one last study from each of
Video and mobile growth will fuel a 10% increase in digital PMB and NADbank this spring, before the newly merged
ad revenues this year. Display, search and video spending company introduces its first audience research promising
is migrating with consumers to mobile, contributing to to better capture the full print/online footprint of measured
a 40% increase in investment in that platform. If mobile publications.
expenditures were included in display and search,
both would be showing double-digit growth. Canadian Out-of-home
consumers continue to be among the worlds largest According to Nielsen Media Research tracking, OOH
consumers of online video, and we expect video spending investment was up 5.6% in 2013 and another 5.5% in the
outside the mobile environment will continue to grow, by first half of 2014. However, the national OOH market was
33% in 2015. very soft in second half, reducing year-on-year growth to
only 1.4%. 2015 is off to a much stronger start, and we are
Programmatic has brought a new level of measurement, forecasting 7.6% growth for the year. As mobile investment
control and ROI to digital investment. Agencies are grows, we are seeing more initiatives that pair it with OOH
increasingly developing in-house trading desks to offer in smart, interactive ways. At the same time, inventory of
clients better pricing, and establishing private marketplaces digital OOH formats continues to grow. These trends lead
with selected publishers to be able to provide contextually us to project incremental revenue growth of 7.1% in 2016.
relevant inventory.
Radio
Printed media Nielsen reports that the national radio advertising they
Newspapers Canada reports that 2014 advertising monitor is down 2.3% in calendar year 2014, despite
investment in printed daily newspapers was down 17.1% a strong start to the year. We track against the federal
versus our last projection of -14.5%. Online advertising regulators report for the broadcast year, which captures
revenue has not gained any traction in the past two years, much more of the market. When those numbers are
and circulation revenue is eroding. As the Toronto Star published later this year, we anticipate that they will be
joins La Presse in abandoning the paywall, we hope to better but not strong, at +1.3%. However, softness in the fall
see new readers attracted to newspaper content, but the ad market is reflected in our estimate of 1.2% year-on-year
competition among online news sources is fierce. erosion in the current broadcast year ending August 2015.
Erosion of ad investment in consumer magazines Television

accelerated in 2014, following moderate declines in the The CRTC has posted slightly higher ad revenues for the
previous three years. 2014 spend was down 15.5%, and we 2013/2014 broadcast year for conventional/free broadcast,
expect further reductions of 10% per year through 2017. and we estimate pay/cable growth for 2014 at +1.4%. At the
AAM reports circulation was down 6.9% in the last six same time, reports of slow sales in both conventional and
months of 2014 VYA, following a decline of 4.8% in the first cable persist, and we forecast a 5.5% decline for the current
half. Digital copies accounted for 6.7% of circulation in this broadcast year ending August 2015. This estimate takes
latest report, compared to 3% in the previous six months. into account the increased demand created by the Pan Am
Games in Toronto in July and the political advertising already
hitting the air in advance of the federal election in October.

Chile
Advertising Expenditure in local currency at current prices (Peso million)

'03 344,895 97,588 13,250 175,359 31,780 1,185 22,685 3,048
'04 369,477 107,782 12,693 186,230 30,233 1,220 27,975 3,344
'05 410,393 120,793 13,162 202,159 33,860 1,290 34,625 4,504
'06 443,444 129,369 13,742 220,686 33,114 1,264 39,233 6,036
'07 496,696 142,052 15,465 248,485 34,456 1,327 46,983 7,928
'08 505,030 145,000 14,597 252,950 36,241 1,129 43,693 11,420
'09 497,058 126,150 11,386 266,411 36,408 1,411 37,139 18,153
'10 570,176 153,903 12,263 296,985 38,920 1,892 42,636 23,577
'11 659,479 175,449 12,711 326,309 44,845 2,157 57,015 40,993
'12 674,939 170,185 13,047 333,275 44,621 2,265 59,077 52,469
'13 702,214 170,257 13,000 338,416 49,367 2,046 63,796 65,332
'14 691,701 156,185 13,461 324,523 52,407 2,201 61,437 81,487
'15 690,500 154,700 13,200 326,000 52,000 2,100 59,000 83,500
'16 695,732 153,153 13,200 329,260 53,040 2,079 59,000 86,000
'17 701,796 152,043 13,000 332,553 54,101 2,100 60,000 88,000
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Pesos 570.37
'03 605 171 23 307 56 2 40 5
'04 648 189 22 327 53 2 49 6
'05 720 212 23 354 59 2 61 8
'06 777 227 24 387 58 2 69 11
'07 871 249 27 436 60 2 82 14
'08 885 254 26 443 64 2 77 20
'09 871 221 20 467 64 2 65 32
'10 1,000 270 21 521 68 3 75 41
'11 1,156 308 22 572 79 4 100 72
'12 1,183 298 23 584 78 4 104 92
'13 1,231 299 23 593 87 4 112 115
'14 1,213 274 24 569 92 4 108 143
'15 1,211 271 23 572 91 4 103 146
'16 1,220 269 23 577 93 4 103 151
'17 1,230 267 23 583 95 4 105 154

'05 - - - - - - 202,159 195,108 7,051

'06 - - - - - - 220,686 213,283 7,403
'07 142,052 127,847 14,205 15,465 928 14,537 248,485 239,234 9,251
'08 145,000 130,500 14,500 14,597 876 13,721 252,950 244,529 8,421
'09 126,150 113,535 12,615 11,386 683 10,703 266,411 250,379 16,032
'10 153,903 138,513 15,390 12,263 736 11,527 296,985 274,984 22,001
'11 175,449 157,904 17,545 12,711 763 11,948 326,309 295,828 30,481
'12 170,185 153,167 17,019 13,047 783 12,264 333,275 296,322 36,953
'13 170,257 153,231 17,026 13,000 780 12,220 338,416 300,523 37,893
'14 156,185 140,567 15,619 13,461 808 12,653 324,523 280,837 43,686
'15 154,700 139,230 15,470 13,200 792 12,408 326,000 282,115 43,885
'16 153,153 137,838 15,315 13,200 792 12,408 329,260 284,936 44,324
'17 152,043 136,839 15,204 13,000 780 12,220 332,553 287,786 44,767

Chile
Internet 11.8%
15.7
Outdoor/transport 12.0
8.9% 11.1
8.1
Cinema 0.3% 7.1
Magazines
Radio 7.6% 1.9% 4.0
2.3
1.7
0.8 0.9
-0.2
-1.6 -1.5
TV 46.9%
Advertising Data: 2003-2014 ACHAP, 2015-2017 Agency forecasts
Notes:
1) After discounts
5) Includes cable TV
6) Magazines exclude trade titles
GDP grew by 1.8% in 2014, according to the IMF, a Television is the dominant medium, attracting 46.9% of
disappointment after 2013s 4.3% growth and 2012s 5.5%. adspend in 2014, but the fastest-growing is the internet,
The IMF expects growth of 2.5% this year, down from the which grew 24.7% that year.
2.7% it was forecasting in April. A slowdown in China is one
of several risks it feels faces the Chilean economy.

China
Advertising Expenditure in local currency at current prices (RMB million)

'03 87,944 28,598 4,541 38,346 3,156 460 10,578 2,264
'04 98,657 27,153 3,789 43,834 4,064 532 15,240 4,045
'05 116,102 30,133 4,633 53,419 4,796 574 15,513 7,035
'06 139,620 36,787 4,490 60,747 7,057 639 17,715 12,186
'07 160,484 37,918 4,929 63,893 7,752 740 24,130 21,122
'08 182,346 40,327 5,778 75,403 8,434 888 22,133 29,384
'09 199,269 43,597 5,659 80,618 8,869 995 23,683 35,848
'10 252,970 44,898 6,004 102,215 9,523 1,094 33,715 55,521
'11 297,805 55,247 9,703 135,006 11,224 1,280 34,057 51,288
'12 335,234 51,370 10,524 143,928 12,433 1,808 39,881 75,291
'13 380,015 47,865 9,928 149,973 14,249 2,536 45,465 110,000
'14 419,967 40,733 8,945 145,174 17,754 3,350 50,011 154,000
'15 452,629 28,513 7,782 142,560 18,180 4,422 52,512 198,660
'16 487,595 21,670 6,770 139,424 18,544 5,881 54,927 240,379
'17 522,486 17,769 6,093 136,078 18,877 7,704 57,124 278,839
Advertising Expenditure in US$ million at current prices. All years based on US$1 = RMB6.14
'03 14,317 4,656 739 6,243 514 75 1,722 369
'04 16,062 4,421 617 7,136 662 87 2,481 658
'05 18,902 4,906 754 8,697 781 94 2,525 1,145
'06 22,730 5,989 731 9,890 1,149 104 2,884 1,984
'07 26,127 6,173 802 10,402 1,262 120 3,928 3,439
'08 29,686 6,565 941 12,276 1,373 145 3,603 4,784
'09 32,442 7,098 921 13,125 1,444 162 3,856 5,836
'10 41,184 7,309 977 16,641 1,550 178 5,489 9,039
'11 48,483 8,994 1,580 21,979 1,827 208 5,545 8,350
'12 54,577 8,363 1,713 23,432 2,024 294 6,493 12,258
'13 61,867 7,793 1,616 24,416 2,320 413 7,402 17,908
'14 68,372 6,631 1,456 23,635 2,890 545 8,142 25,072
'15 73,689 4,642 1,267 23,209 2,960 720 8,549 32,342
'16 79,382 3,528 1,102 22,699 3,019 957 8,942 39,134
'17 85,062 2,893 992 22,154 3,073 1,254 9,300 45,396
Advertising Expenditure in local currency at current prices (RMB million)

Internet
Search (search Search

Total Total desktop Total mobile Traditional display Online video Search Classified & other
engines) (ecommerce sites)
'09 35,848 35,703 145 18,784 1,147 11,722 10,181 1,541 4,194
'10 55,521 55,237 284 27,705 2,221 20,765 16,656 4,109 4,830
'11 51,288 50,801 487 21,028 2,718 23,182 16,669 6,514 4,359
'12 75,291 73,632 1,659 26,126 4,819 37,420 21,383 16,037 6,927
'13 110,000 106,459 3,541 31,460 7,810 60,940 29,150 31,790 9,790
'14 154,000 134,959 19,041 38,346 12,320 83,930 43,890 40,040 19,404
'15 198,660 159,271 39,389 42,513 17,085 114,230 58,803 55,426 24,833
'16 240,379 178,205 62,173 45,672 22,115 144,227 74,037 70,191 28,365
'17 278,839 192,606 86,234 50,191 27,047 169,255 86,440 82,815 32,345

China
Newspapers 9.7%
Magazines 26.9
2.1%
20.3
Internet 36.7% 17.7 17.7
14.9
13.6 13.4
12.2 12.6
10.5
9.3
7.8 7.7 7.2
TV 34.6%
Outdoor/
transport 11.9%
Cinema 0.8%
Radio 4.2%
Notes:
1) After discounts
3) Excludes agency income, which comprises regular commission and income from programme syndication, sports sponsorship, event
marketing, industry training and other sources
Regular readers will have spotted at once that we have This is followed closely by e-commerce search, expected
completely revised our figures for advertising expenditure to grow at an average rate of 27% a year to 2017, primarily
in China. We have become thoroughly dissatisfied with all driven by continued innovation from top digital retailers
third-party data on Chinese adspend, considering that none such as Alibaba and JD.com.
of them capture the true scale of advertising expenditure
in the market. We conducted a review of expenditure The value of products bought online is rising rapidly, and more
estimates across all media, based on discussions with and more of them are being bought using mobile devices.
buyers and media owners at the national and local level, During the 2014 Singles Day online sales day, RMB 57 billion
to produce the unique ZenithOptimedia advertising was spent on Alibabas T-MALL alone, compared with RMB36
expenditure figures we now present. billion in 2013. 40% of Singles Day purchases on Alibabas
Taobao took place on mobile devices in 2014, with a similar
We now predict advertising expenditure in mainland China proportion reported on JD.com. Mobile advertising has risen
will grow 7.8% in 2015, reaching RMB 453 billion by the end in concert with mobile online purchases, and is forecast to
of the year. grow at an average of 65% a year to 2017 as more consumers
turn to mobile devices for m-commerce transactions.
The internet remains the main driver of adspend growth.
ZenithOptimedia estimates internet ad expenditure grew In light of advertisers migrating to the digital realm and
40% in 2014, and forecasts average annual growth of 22% to OTV, we forecast traditional television to shrink by 2.1%
between 2014 and 2017. between 2014 and 2017. While new government standards
for OTV programming content next year may hamper
Video display (OTV) is the fastest growing sub-category momentum, traditional television will face similar restrictions.
of internet advertising, forecast to grow at 30% a year to
2017. It provides a valuable additional channel for television Print will continue to decline, with newspapers and
advertising, which is also moving onto screens in elevators, magazines forecast to shrink at average annual rates of 24%
buses, outdoor public transportation shelters, cinemas, etc. and 12% respectively to 2017.

Colombia

'03 613.8 155.7 46.5 305.0 86.5 0.5 18.8 0.8
'04 699.0 184.0 58.0 325.9 109.0 0.7 19.7 1.8
'05 855.4 229.6 78.0 384.5 139.5 0.7 20.0 3.0
'06 991.7 256.4 87.9 479.4 140.4 0.8 20.9 5.9
'07 1,289.5 349.3 118.1 586.0 177.5 0.9 45.2 12.4
'08 1,361.7 368.6 127.0 595.5 204.5 1.1 44.3 20.6
'09 1,351.8 354.2 100.4 619.1 217.0 0.9 37.0 23.2
'10 1,768.4 447.4 120.6 837.8 264.6 1.2 47.0 49.8
'11 2,157.5 537.4 139.9 1,077.1 278.5 1.3 55.0 68.3
'12 2,387.9 566.2 156.1 1,257.4 256.2 1.3 69.6 81.1
'13 2,516.0 594.5 164.0 1,320.3 269.0 1.4 73.0 93.8
'14 2,653.4 609.9 159.1 1,325.9 265.2 1.5 79.6 212.1
'15 2,795.1 614.6 167.6 1,313.0 251.4 1.5 111.7 335.2
'16 2,943.4 529.5 176.5 1,353.2 264.8 1.6 176.5 441.3
'17 3,059.7 463.3 154.4 1,390.0 247.1 1.7 216.2 586.9

Newspapers Television Internet
Total National Regional Total Free Pay Total Display Search
'03 156 78 78 305 291 14 0.8 0.8 0.0
'04 184 92 92 326 311 15 1.8 1.8 0.0
'05 230 100 130 385 355 30 3.0 3.0 0.0
'06 256 115 141 479 447 33 5.9 5.7 0.2
'07 349 193 157 586 539 47 12.4 11.9 0.5
'08 369 185 183 595 540 55 20.6 19.6 1.1
'09 354 177 177 619 561 58 23.2 20.8 2.4
'10 447 213 234 838 761 77 49.8 45.4 4.4
'11 537 249 289 1,077 996 81 68.3 61.2 7.1
'12 566 266 300 1,257 1,158 100 81.1 64.5 16.6
'13 594 280 315 1,320 1,216 105 93.8 67.2 26.6
'14 610 294 316 1,326 1,221 105 212.1 156.6 55.6
'15 615 308 306 1,313 1,209 104 335.2 250.1 85.1
'16 530 324 206 1,353 1,246 107 441.3 341.2 100.1
'17 464 306 158 1,390 1,280 110 586.9 491.8 95.1

Colombia
Internet 8.0%

Newspapers 23.0%
Cinema 0.1%
Radio 10.0% 22.4 22.0
15.9
13.9
10.7
Magazines
6.0%
5.6 5.4 5.5 5.3 5.3 4.9
-0.7
TV 50.0%
Advertising Data: 2003-2013 ANDA, IAB, LAMAC, Ibope, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts (historic discount estimates revised in December 2013)
5) Internet includes display, classified and search
The unemployment rate is at 8.9%, 0.6 percentage points The overall ad market grew by 5.5% in 2014. Top advertisers
lower than in 2014. GDP grew by 4.6% in 2014, above include Unilever, Procter & Gamble, Genomma Lab and
government expectations of 4.2%, and the IMF expects Almacenes Exito.
3.4% growth in 2015. The rise of the price of the dollar and
the decrease in the oil price have had a negative effect on During 2014 Facebook, Twitter and IMS (Spotify, Waze)
the economy; the government is trying to avoid further opened offices in Colombia.
devaluation of the Colombian Peso.
The peace process with FARC continues to advance, and at
Internet advertising is steadily gaining market share at the the end of 2014 a unilateral ceasefire was agreed.
expense of newspapers, magazines, television and radio.

Costa Rica

Total Newspapers Magazines TV Radio Cinema Outdoor/transport
'03 101 37 0 42 22 0 0
'04 93 35 0 38 20 0 0
'05 135 48 14 44 21 0 9
'06 162 57 19 52 24 0 10
'07 190 67 26 61 26 0 10
'08 230 68 38 83 28 0 13
'09 208 58 29 77 27 4 14
'10 255 72 31 94 35 6 19
'11 304 84 33 114 44 6 23
'12 311 84 27 113 50 10 25
'13 272 97 12 117 20 8 18
'14 335 105 14 140 35 12 29
'15 368 116 15 154 39 13 31
'16 399 122 16 169 42 14 34
'17 434 130 17 186 47 16 38
58.8
Cinema 3.6%
Newspapers
Radio 10.4% 31.3% 36.9
27.9
22.9
19.0
14.6
12.3 11.0 10.5
9.8
1.3 1.7
-1.2
Magazines
4.2%
-13.2
TV 41.8%
Advertising Data: 2003-2014 Mediaguru, Agency estimates; 2015-2017 Agency forecasts
Notes:
1) After discounts

Costa Rica
In 2014, inflation was 5.1%, slightly above the target range Television accounted for an estimated 42% of adspend in
(4% 1 percentage point). GDP grew an estimated 3.5% in 2014, while newspapers accounted for just under a third.
2014; while in the first half GDP grew 3.7%, growth in the The most important players in influencing media costs are
second half of the year slowed, mainly owing to the closure TV Broadcast (Repretel Channels 4, 6 and 11, and Teletica
of manufacturing operations of the company Intel, and Channel 7) and Grupo Nacin a large group of newspapers.
lower external demand for business services.
Readers should note that radio and magazine spend figures
GDP is expected to grow 3.8% this year, and a little faster derive from samples and can be volatile, occasionally
in 2016 (4.4%). Domestic production will be driven mainly showing unusual patterns such as the apparent large
by domestic spending, supported by improvement in drops in expenditure in 2013 (which in fact was simply an
disposable income. Unemployment is estimated to remain artefact of the measurement methodology). These are not
at 10%. indicative of the market as a whole, however, which remains
in relatively good shape.

Croatia
Advertising Expenditure in local currency at current prices (Kuna million)

'03 1,046 390 472 - 183 -
'04 1,184 466 525 - 193 -
'05 1,465 517 720 - 224 4
'06 1,746 659 825 - 256 6
'07 1,925 752 926 - 227 20
'08 2,235 785 950 250 220 30
'09 1,830 615 790 225 165 35
'10 1,715 545 770 213 151 36
'11 1,635 457 765 190 140 83
'12 1,474 384 702 163 135 90
'13 1,377 330 685 125 130 107
'14 1,397 307 715 132 126 117
'15 1,474 305 825 120 101 124
'16 1,612 311 949 120 101 131
'17 1,666 311 1,002 120 101 133
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Kuna5.75
Total Newspapers TV Radio Outdoor/transport Internet
'03 182 68 82 - 32 -
'04 206 81 91 - 34 -
'05 255 90 125 - 39 1
'06 303 115 143 - 45 1
'07 334 131 161 - 39 3
'08 388 136 165 43 38 5
'09 318 107 137 39 29 6
'10 298 95 134 37 26 6
'11 284 79 133 33 24 14
'12 256 67 122 28 23 16
'13 239 57 119 22 23 19
'14 243 53 124 23 22 20
'15 256 53 143 21 17 22
'16 280 54 165 21 17 23
'17 290 54 174 21 17 23

Croatia
Internet 8.4%
Print 22.0% 23.8

Outdoor/transport
9.0% 19.1
16.1
13.2
10.2 9.3
5.5
3.4
Radio 9.4% 1.5
-4.7
-6.3 -6.6
-9.8
-18.1
TV 51.2%
Advertising Data: 2003-2007 Agency estimates, 2008-2014 HURA (Croatian Association of Advertising Agencies)/Mediapuls Adex, 2015-2017
Agency forecasts
Notes:
1) After discounts
Croatias GDP is estimated to have shrunk by about 0.4% in TV is the dominant medium and is still gaining share, at the
2014, following declines every year since 2009, and at the expense of all media apart from the internet, which is holding
end of the year the unemployment rate was 20%. Because steady. TV is prized by advertisers for its low price and high
their purchasing power had fallen, consumers switched to reach, accounting for 51% of ad expenditure in 2014. We
cheaper own-label brands when shopping, which meant expect it to account for 60% of ad expenditure in 2017.
lower sales for the majority of advertisers. However, 2014
saw a turnaround; overall spend was up slightly, by 1.5%, YouTube finally launched its advertising platform for Croatia
and we expect further growth of 5.5% this year. in Q1 2014. It is expected that more and more advertising
budgets will be directed towards online video thanks to this
development.

Czech Republic
Advertising Expenditure in local currency at current prices (Kc million)

'03 15,841 3,008 3,047 6,916 1,518 56 1,088 209
'04 17,530 3,434 3,402 7,443 1,510 84 1,260 398
'05 18,645 3,652 3,777 7,596 1,536 92 1,410 581
'06 21,072 3,750 4,182 8,093 1,688 120 1,819 1,420
'07 22,913 3,950 4,238 8,330 1,794 115 2,100 2,385
'08 25,411 4,130 4,332 9,485 1,911 83 2,342 3,128
'09 20,992 3,129 3,571 7,820 1,550 43 1,700 3,179
'10 22,133 3,522 3,693 7,700 1,510 93 1,720 3,896
'11 22,719 2,999 3,433 8,290 1,490 78 1,670 4,759
'12 22,788 2,543 3,193 8,390 1,480 80 1,750 5,352
'13 22,417 2,350 3,070 7,600 1,395 80 1,850 6,072
'14 23,049 2,152 2,940 8,010 1,415 82 1,900 6,550
'15 23,680 2,020 2,895 8,410 1,420 85 1,850 7,000
'16 24,193 1,950 2,860 8,550 1,425 88 1,870 7,450
'17 24,662 1,900 2,830 8,655 1,434 88 1,879 7,875
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Kc20.75
'03 764 145 147 333 73 3 52 10
'04 845 166 164 359 73 4 61 19
'05 899 176 182 366 74 4 68 28
'06 1,016 181 202 390 81 6 88 68
'07 1,104 190 204 402 86 6 101 115
'08 1,225 199 209 457 92 4 113 151
'09 1,012 151 172 377 75 2 82 153
'10 1,067 170 178 371 73 4 83 188
'11 1,095 145 166 400 72 4 81 229
'12 1,098 123 154 404 71 4 84 258
'13 1,081 113 148 366 67 4 89 293
'14 1,111 104 142 386 68 4 92 316
'15 1,141 97 140 405 68 4 89 337
'16 1,166 94 138 412 69 4 90 359
'17 1,189 92 136 417 69 4 91 380

'05 3,652 2,499 1,153 3,777 322 3,455 7,596 7,576 20

'06 3,750 2,402 1,348 4,182 354 3,828 8,093 8,068 25
'07 3,950 2,430 1,520 4,238 323 3,915 8,330 8,206 124
'08 4,130 2,583 1,547 4,332 304 4,028 9,485 9,390 95
'09 3,129 2,034 1,095 3,571 239 3,331 7,820 7,769 51
'10 3,522 2,114 1,408 3,693 185 3,508 7,700 7,618 82
'11 2,999 1,829 1,170 3,433 172 3,262 8,290 8,190 100
'12 2,543 1,551 992 3,193 160 3,033 8,390 8,183 207
'13 2,350 1,434 917 3,070 154 2,917 7,600 7,413 187
'14 2,152 1,313 839 2,940 147 2,793 8,010 7,813 197
'15 2,020 1,220 800 2,895 146 2,749 8,410 8,207 203
'16 1,950 1,184 766 2,860 145 2,715 8,550 8,342 208
'17 1,900 1,143 757 2,830 143 2,687 8,655 8,443 212

Czech Republic

Internet
'05 581 581 581 0 - - -

'06 1,420 854 854 0 566 566 0
'07 2,385 1,405 1,405 0 980 980 0
'08 3,128 2,027 2,027 0 1,101 1,101 0
'09 3,179 1,999 1,999 0 1,180 1,180 0
'10 3,896 2,300 2,293 7 1,596 1,595 1
'11 4,759 2,642 2,623 19 2,117 2,115 2
'12 5,352 2,845 2,800 45 2,507 2,497 10
'13 6,072 3,133 3,058 75 2,938 2,888 50
'14 6,550 3,320 3,230 90 3,230 3,050 180
'15 7,000 3,485 3,350 135 3,515 3,190 325
'16 7,450 3,580 3,400 180 3,870 3,350 520
'17 7,875 3,755 3,525 230 4,120 3,450 670
Newspapers 9.3%
13.0
10.7 10.9
Internet 28.4%
8.7
6.4
Magazines 5.4
12.8% 2.8 2.7
2.6 2.2 1.9
0.3
-1.6
Outdoor/transport
8.2%
Cinema 0.4% -17.4

Radio 6.1%
TV 34.8%
Advertising Data: 2003-2014 Amer Nielsen, TNS MI, AdMonitoring, Screenvision, Cinexpress, SVIT, SPIR, APSV, Agency estimates, 2015-2017
Agency forecasts
Notes:
1) After discounts
5) Internet includes display and search
6) Since 2006, outdoor has included an estimate for in-store media
7) Since 2008, figures for outdoor include long-lease deals and special formats e.g. bridge billboards
8) Up to 2008, TV Ocko was counted as pay-TV in our pay-TV/free split; from 2009 it is counted as free
9) Radio figures only include national campaigns on national stations

Czech Republic
The Czech economys recovery gathered momentum in the balance of payments recorded a surplus in 2014.
fourth quarter of 2014, when GDP grew by 1.2% quarter-
on-quarter, which was the fastest growth rate since the first The forecast for real GDP growth in 2015 remains
quarter of 2008. Economic growth was driven exclusively unchanged at 2.7%, but we expect a moderate slowdown to
by domestic demand, with household and government 2.5% in 2016.
consumption both increasing.
In terms of the ad market, spend was up by 2.8% in 2014
There is close to zero inflation and the unemployment rate and further growth of 2.7% is forecast for this year. Internet
is declining, while the fall in registered unemployment is continues to outperform the market and gain share at the
even more pronounced. For the first time since 1993, the expense of print.

Denmark
Advertising Expenditure in local currency at current prices (DKr million)

Total Newspapers Magazines TV Radio Cinema Outdoor/transport Internet Other
'03 10,352 4,708 617 1,927 216 55 345 486 1,998
'04 11,022 5,013 654 2,125 211 51 359 582 2,027
'05 11,739 5,462 1,616 2,254 280 57 383 742 945
'06 13,834 5,960 1,804 2,471 279 55 405 1,949 911
'07 14,664 5,933 1,840 2,516 285 56 473 2,688 873
'08 14,274 5,289 1,818 2,431 250 56 516 3,085 829
'09 12,135 4,208 1,336 2,059 217 53 491 3,147 624
'10 12,415 3,979 1,298 2,256 232 59 499 3,624 468
'11 13,085 3,967 1,281 2,517 270 59 537 4,144 310
'12 12,706 3,659 1,165 2,350 278 67 452 4,543 192
'13 12,561 3,387 1,077 2,251 288 80 409 4,924 145
'14 12,736 3,112 1,083 2,170 307 85 394 5,458 127
'15 13,106 2,787 1,025 2,083 322 90 394 6,277 127
'16 13,708 2,509 966 1,979 335 96 418 7,281 125
'17 14,591 2,272 910 1,880 345 99 443 8,519 123
Advertising Expenditure in US$ million at current prices. All years based on US$1 = DKr5.62
Total Newspapers Magazines TV Radio Cinema Outdoor/transport Internet Other
'03 1,842 838 110 343 38 10 61 86 355
'04 1,961 892 116 378 38 9 64 104 361
'05 2,089 972 288 401 50 10 68 132 168
'06 2,461 1,060 321 440 50 10 72 347 162
'07 2,609 1,056 327 448 51 10 84 478 155
'08 2,540 941 323 433 44 10 92 549 148
'09 2,159 749 238 366 39 9 87 560 111
'10 2,209 708 231 401 41 10 89 645 83
'11 2,328 706 228 448 48 10 96 737 55
'12 2,261 651 207 418 49 12 80 808 34
'13 2,235 603 192 401 51 14 73 876 26
'14 2,266 554 193 386 55 15 70 971 23
'15 2,332 496 182 371 57 16 70 1,117 23
'16 2,439 446 172 352 60 17 74 1,295 22
'17 2,596 404 162 335 61 18 79 1,516 22
Advertising Expenditure in local currency at current prices (DKr million)

Newspapers Magazines Internet
Total National Regional Total Business Consumer Total Display Classified Search
'05 5,462 3,139 2,323 1,616 905 711 742 523 219 -
'06 5,960 3,493 2,467 1,804 987 817 1,949 451 1,133 365
'07 5,933 3,229 2,704 1,840 1,007 833 2,688 752 1,387 549
'08 5,289 2,735 2,554 1,818 999 819 3,085 919 1,378 788
'09 4,208 2,065 2,143 1,336 742 594 3,147 1,005 1,076 1,066
'10 3,979 1,946 2,033 1,298 707 591 3,624 1,167 1,176 1,281
'11 3,967 1,908 2,059 1,281 685 596 4,144 1,324 1,210 1,610
'12 3,659 1,699 1,960 1,165 623 542 4,543 1,447 1,302 1,794
'13 3,387 1,509 1,878 1,077 562 515 4,924 1,566 1,321 2,037
'14 3,112 1,349 1,763 1,083 581 502 5,458 1,843 1,357 2,258
'15 2,787 1,201 1,587 1,025 564 462 6,277 2,212 1,513 2,551
'16 2,509 1,081 1,428 966 541 425 7,281 2,654 1,744 2,883
'17 2,272 972 1,300 910 519 391 8,519 3,185 2,075 3,258

Denmark
Other 1.0%
17.8
Newspapers 24.4%
6.5 6.5 6.0 6.4

5.4 4.6
2.3 2.9
1.4
Internet
42.9%
-1.1
Magazines -2.7 -2.9
8.5%
-15.0
TV 17.0%
Cinema 0.7%
Radio 2.4%
Advertising Data: 2003-2013 Dansk Oplagskontrol, Reklameforbrugsundersgelsen, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
5) Newspapers includes paid-for and free newspapers
6) Magazines includes trade press from 2005
7) Other includes trade press (until 2005), annuals and directories
8) Internet advertising includes display, classified and paid search
In March, the consumer confidence indicator reached 13.9, is now a daily routine amongst Danes. As people use media
the highest level since the financial crisis, although it had simultaneously, the boundaries between different media are
dropped back to 9.5 by July. Nevertheless, there is still a getting smaller and smaller. That creates new challenges as
strong belief that the economy will continue to improve. As a lot of the new media, such as mobile usage, are difficult to
the Danish economy improves, this is slowly affecting the ad measure, so when we watch TV on different platforms it is not
market. This year we expect total spend to rise by 2.9%. possible to measure all of the viewing. Spend in the internet
category has more than doubled since 2007 and in 2014 it
In 2014, newspaper spend was down by 8.1%, while accounted for as much as 42.9% of all expenditure.
business magazines increased. As expected, TV decreased
by 3.6%. Outdoor spend also fell, by 3.7%, but demand has Programmatic buying is still the main new development.
increased in the first quarter of 2015; this is partly due to We estimate that 30% of the display market is now
new digital possibilities in the area of Copenhagen Airport. programmatic.
Internet spend was up the most in 2014 (by 10.8%), but
radio and cinema also performed unexpectedly well. Microsoft is exiting the display advertising industry in
Denmark and Specific Media has just closed down.
In terms of internet usage, the Danish population are spending
less time on their PCs, and are using mobiles and tablets There was a parliamentary election in June 2015, which
more. More time is still spent watching TV, but second screen caused high levels of activity across all VOD platforms.

Ecuador
Advertising Expenditure in local currency at current prices (US$ million)

'03 436 68 14 307 47 - - -
'04 480 79 18 333 50 - - -
'05 276 86 15 153 16 0 6 -
'06 278 86 15 153 16 0 8 -
'07 312 93 28 159 20 0 11 -
'08 342 98 32 182 19 1 12 -
'09 334 88 28 173 21 1 24 -
'10 368 98 30 197 17 1 26 -
'11 455 95 19 298 20 1 19 3
'12 410 101 18 250 22 1 13 6
'13 422 93 16 269 23 1 13 7
'14 448 91 13 269 30 2 24 20
'15 453 88 12 274 32 2 25 22
'16 460 84 10 281 33 3 25 24
'17 464 78 8 288 34 3 28 26

'05 86 77 9 15 1 14 153 150 3
'06 86 77 9 15 1 14 153 150 3
'07 93 84 9 28 3 26 159 156 3
'08 98 88 10 32 3 29 182 178 4
'09 88 79 9 28 3 26 173 169 3
'10 98 88 10 30 3 28 197 193 4
'11 95 84 11 19 2 17 298 292 6
'12 101 90 10 18 2 17 250 245 5
'13 93 84 9 16 2 15 269 263 5
'14 91 80 11 13 1 12 269 259 11
'15 88 78 10 12 1 11 274 261 13
'16 84 75 9 10 1 10 281 266 14
'17 78 70 9 8 0 8 288 272 16

Internet
'11 3.0 1.1 1.1 0.0 1.1 1.1 0.0 0.8 0.7 0.1
'12 5.6 1.8 1.7 0.1 2.7 2.5 0.1 1.2 1.0 0.2
'13 7.4 4.1 3.7 0.4 3.3 3.0 0.3 -0.0 -0.0 -
'14 20.0 11.0 9.9 1.1 5.0 4.5 0.5 4.0 3.6 0.4
'15 22.0 12.1 10.5 1.6 5.1 4.5 0.6 4.8 4.3 0.6
'16 24.1 12.9 11.0 1.9 5.3 4.5 0.8 5.9 5.0 0.9
'17 25.6 13.5 11.2 2.3 5.6 4.6 1.0 6.5 5.4 1.1

Ecuador
Internet 4.5%
Cinema 0.4% Newspapers 20.2%
Radio 6.7% 12.2

10.1 9.9 10.4
6.0
3.0 1.4
0.6 1.3 1.0
Magazines
2.9% -2.6
-9.8
-42.5
TV 60.1%
Advertising Data: 2003-2013 Ibope, Infomedia, IAB, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts until 2004, after discounts from 2005 onwards
5) Internet figures include display/classified/search/mobile (estimates)
The figures from 2012 onwards have been revised using a well as late-night pay-TV) are the only ones where alcohol
new methodology that accounts for spend more accurately advertisers can place their ads.
hence the apparent drop in expenditure.
A new restriction in the Communication Law, which we
The new Communication Law affected ad spending in consider in our forecasts, is that only 4% or less of an
2014. The restriction on the importation of advertising advertisers income can be reported in their financial
materials had a negative effect on multinational advertisers statements. Stakeholders are still waiting on further
like Unilever and Kraft, and they have reduced their instructions about this.
investment in TV; the law requires a high percentage of
local labour in the production of commercials or graphics, Accordingly, TV channels feel financially threatened by this
and this has caused some companies to stop publishing restriction and have taken preventative measures. They
the commercials they have produced abroad. However, the have eliminated the extra discount (15%) granted to media
FIFA World Cup last year helped to reduce the effects of agencies, which will therefore increase spending on TV
this. advertising.
Restrictions on alcohol advertising in most media helped Another important factor is the fall in the price of oil, which
give outdoor and internet a boost as these two media (as may lead the government to cut its ad budget.

Egypt

Total Newspapers Magazines TV
'03 266 154 18 94
'04 350 206 26 117
'05 134 69 8 57
'06 161 91 9 61
'07 259 179 20 61
'08 440 340 28 71
'09 488 375 31 82
'10 520 393 28 98
'11 314 236 14 64
'12 350 262 15 73
'13 328 245 15 68
'14 359 262 15 82
'15 337 228 15 94
'16 336 218 15 103
'17 330 201 15 114
69.6
61.2
TV 22.8%
31.3
20.3
10.8 11.5 9.5
6.6
Magazines
4.3% -0.3 -1.9
-6.3 -6.1
-39.6
-61.8
Newspapers 73.0%
Advertising Data: 2003-2004 PARC (Spiral), Ipsos Statex, 2005-2014 Vivaki/Business Compass net estimates based on Ipsos Statex gross
data, 2015-2017 Agency forecasts
Notes:
1) Before discounts to 2004, after discounts afterwards
The big blip in the figures in 2011 is of course due to the Adspend fell by 6.3% in 2013, but we think it returned to
ad market practically shutting down during the revolution growth last year (+9.5%); the presidential elections are
of that year, and advertisers being slow to return, treading thought to have boosted spend to some extent. Again in
carefully and being cautious about the messages they were 2015, we are seeing a slowdown and we forecast spend will
sending. Then the ad market recovered in 2012, growing by finish the year down by around 6.1%.
around 11.5%, before further political unrest in 2013 caused
the recovery to stall.

El Salvador

Total Newspapers TV Radio
'05 204 88 104 12
'06 234 100 124 10
'07 268 114 144 10
'08 281 104 167 10
'09 265 92 163 10
'10 256 99 144 13
'11 267 106 150 12
'12 311 121 177 13
'13 247 100 136 11
'14 288 118 156 14
'15 305 100 179 26
'16 305 111 176 18
'17 305 110 175 20
Radio 4.9%
16.3 16.6
14.6 14.8
Newspapers
41.0% 5.9
4.9 4.4
0.1
-0.1
-3.5
-5.7
TV 54.2%
-20.6
Notes:
1) Before discounts
El Salvador is experiencing an economic recovery, driven by A government campaign, which plans to reduce the space
government investment and remittances coming from the for outdoor advertising, will result in increases in costs for
US. It also joined the Petrocaribe trading group in 2014. The this medium.
economy grew by 2.0% in 2014 and is expected to grow by
2.5% in 2015. Most media have digital platforms that allow interaction
with consumers through Facebook and Twitter; Facebook is
Cable TV is attracting subscribers thanks to the attractive the leader in social media in El Salvador.
packages on offer. In terrestrial television, meanwhile,
Megavision is in a constant battle with TCS and Canal 12. In March 2015 there were legislative assembly elections.

Estonia

'03 58 26 7 15 5 4 2
'04 63 28 7 16 6 4 2
'05 73 32 9 20 6 4 3
'06 87 37 10 23 7 5 4
'07 115 46 12 31 9 8 10
'08 111 40 11 30 9 9 12
'09 71 24 5 21 7 6 9
'10 67 19 4 22 6 6 10
'11 72 20 5 23 7 7 11
'12 72 19 5 22 7 7 12
'13 76 19 5 24 8 8 13
'14 80 18 6 25 9 8 15
'15 86 18 6 27 9 9 17
'16 88 17 6 28 9 10 18
'17 90 16 7 29 10 10 20
'03 77 34 9 20 7 5 2
'04 84 37 10 21 7 6 3
'05 97 43 11 26 8 6 3
'06 115 50 13 31 9 7 6
'07 152 61 16 41 11 10 13
'08 148 53 15 40 12 12 16
'09 94 31 6 28 9 8 12
'10 89 25 6 29 9 8 13
'11 96 26 6 30 10 9 15
'12 96 26 6 30 10 9 16
'13 102 25 7 32 10 10 18
'14 107 24 7 33 11 11 20
'15 114 23 9 36 12 12 22
'16 117 22 9 37 12 13 24
'17 120 21 9 38 13 13 26

Estonia
32.3
18.3
15.5
9.1 8.1
5.4 7.1
4.9
2.4 2.4
0.3
Outdoor/
transport 10.4%
Magazines -3.0
-5.8
6.9%
Radio
10.7%
-36.2
TV 31.2%
Advertising Data: 2003-2014 TNS EMOR Advertising Expenditure Survey, 2015-2017 Agency forecasts
Notes:
1) After discounts
5) Internet includes display
According to the flash estimates of Statistics Estonia, already many limitations on alcohol advertising creative and
Estonias GDP increased 1.9% year-on-year in Q2 2015. placement: TV advertising is only allowed between 9pm
Overall, there has been slight deflation, largely due to and 7am, for example. The new regulations would prohibit
dropping oil prices (worldwide) and food prices (due to the consumer games and raffles by alcohol companies, and
sanctions imposed by Russia). The unemployment rate has restrict advertising creative and placement even further. This
continued to drop and was at 6.6% in Q1 2015. would cause a noticeable but not drastic decline in alcohol
adspend.
Following the recent parliamentary elections in March 2015,
the new Estonian government has been reforming many Not much change in the media market from previous
regulations and acts. One of the topics under scrutiny is quarters digital is growing in consumption and
advertising, and the new advertising act is likely to impose investment, while newspapers are declining; other media
greater restrictions on the advertising of alcohol. There are are mostly stable.

Finland

'03 1,079 596 178 207 48 2 31 17
'04 1,150 632 185 227 48 2 33 23
'05 1,190 643 194 231 47 2 37 36
'06 1,237 661 200 243 47 1 37 48
'07 1,385 708 210 262 47 2 42 113
'08 1,408 688 202 268 51 3 44 152
'09 1,204 542 157 237 50 2 36 180
'10 1,279 559 154 266 52 3 39 206
'11 1,364 580 157 283 57 3 44 240
'12 1,359 575 136 280 54 2 42 270
'13 1,254 484 113 275 53 3 42 284
'14 1,232 449 98 266 57 3 44 315
'15 1,183 408 83 258 54 4 46 330
'16 1,141 371 71 250 51 4 48 346
'17 1,114 350 60 242 48 4 48 362
'03 1,434 792 237 275 64 3 41 23
'04 1,529 840 246 302 64 3 44 31
'05 1,581 855 258 307 62 2 49 48
'06 1,645 879 266 323 62 2 49 64
'07 1,840 941 279 348 62 3 56 150
'08 1,871 914 268 356 68 4 58 202
'09 1,601 720 209 315 66 3 48 239
'10 1,699 743 204 354 69 4 52 274
'11 1,813 771 209 376 76 4 58 319
'12 1,806 764 181 372 72 3 56 359
'13 1,667 643 150 366 70 4 56 377
'14 1,638 597 130 354 76 4 58 419
'15 1,572 542 110 343 72 5 61 439
'16 1,517 493 94 332 68 5 64 460
'17 1,481 465 80 322 64 5 64 481

Internet
'08 152 78 - - 74 - -
'09 180 78 - - 102 - -
'10 206 100 - - 106 - -
'11 240 125 - - 115 - -
'12 270 137 - - 133 - -
'13 284 144 119 25 140 120 20
'14 315 166 131 35 149 127 22
'15 330 177 130 47 153 125 28
'16 346 186 128 58 160 126 34
'17 362 192 126 66 170 128 42

Finland
11.9
Internet 25.6%
6.6 6.2 6.7
Newspapers
36.4% 3.4 4.0
1.7
-0.4
-1.8 -2.4
Outdoor/ -3.6
-4.0
transport 3.6%
Cinema 0.2% -7.7
Radio 4.6%
-14.5
Magazines
TV 21.6%
8.0%
Advertising Data: 2003-2014 Gallup Mainostieto, TNS Media Intelligence (internet until 2008 TNS, from 2009 IAB), 2015-2017 Agency
forecasts
Notes:
1) After discounts
5) Newspaper figures include advertising in free subscription titles from 2011
6) Internet includes display and classified but excludes search until 2007; includes all three thereafter
The Finnish economy contracted by 1.3% in 2013, and by According to IAB data published in May, digitals share
a further 0.1% in 2014, but is expected to return to 0.8% of spend grew to 26% in Q1 2015, when it attracted
growth this year. The consumer confidence indicator stood 67.8 million, not far behind the 74.2 million taken by
at 9.4 in July, down from 10.8 in June and 15.5 in May. (The newspapers over the same period.
long-term average for the confidence indicator is 11.8.)
SBS Discovery launched new TV channel Frii on 1st April.
Advertising expenditure in Finland fell by 1.8% in 2014, and It broadcasts entertainment programmes for women aged
we expect a further decline of 4.0% this year as advertiser 25-44.
confidence remains low. While print is losing share, online is
gaining, in particular Facebook, YouTube and mobile. The The parliamentary election was held on 19 April 2015, and
influence of digital media is continuing to grow, and in 2013 the winner of the elections was the Centre party with a
online ad spend surpassed TV adspend for the first time. 21.1% share of the vote.

France

'03 8,217 1,049 1,968 2,834 744 65 1,056 502
'04 8,665 1,079 1,952 3,204 785 67 1,083 495
'05 9,045 1,138 1,922 3,236 836 78 1,221 614
'06 9,742 1,186 1,907 3,473 848 82 1,221 1,025
'07 10,130 1,125 1,837 3,579 805 89 1,237 1,458
'08 10,251 1,144 1,765 3,380 779 75 1,265 1,843
'09 9,419 1,067 1,441 3,057 708 76 1,127 1,943
'10 10,144 1,064 1,485 3,417 744 90 1,188 2,157
'11 10,449 1,061 1,469 3,439 748 105 1,204 2,423
'12 10,232 992 1,388 3,285 739 105 1,171 2,551
'13 9,974 936 1,248 3,170 736 89 1,152 2,643
'14 9,909 863 1,140 3,173 726 81 1,161 2,766
'15 9,879 799 1,042 3,202 711 77 1,155 2,894
'16 9,887 750 949 3,221 704 74 1,155 3,033
'17 9,915 704 865 3,234 701 72 1,155 3,185
'03 10,922 1,394 2,616 3,767 989 86 1,403 667
'04 11,516 1,434 2,594 4,259 1,043 89 1,439 657
'05 12,021 1,513 2,555 4,301 1,111 104 1,623 815
'06 12,948 1,576 2,535 4,616 1,127 108 1,623 1,362
'07 13,464 1,495 2,442 4,757 1,070 118 1,644 1,938
'08 13,625 1,521 2,346 4,492 1,035 100 1,681 2,450
'09 12,519 1,418 1,915 4,063 941 101 1,498 2,583
'10 13,483 1,414 1,974 4,541 989 120 1,579 2,867
'11 13,889 1,410 1,953 4,571 995 140 1,600 3,221
'12 13,599 1,319 1,845 4,366 982 140 1,556 3,391
'13 13,257 1,245 1,658 4,213 978 119 1,531 3,513
'14 13,171 1,147 1,515 4,218 965 107 1,543 3,676
'15 13,131 1,061 1,385 4,256 946 102 1,535 3,847
'16 13,141 996 1,262 4,281 936 99 1,535 4,032
'17 13,178 935 1,149 4,298 932 96 1,535 4,233

Total National Regional Free daily Total Business Consumer Total Terrestrial Digital
'05 1,138 287 775 76 1,922 459 1,463 3,236 3,108 128
'06 1,186 297 795 94 1,907 459 1,448 3,473 3,226 247
'07 1,125 267 754 104 1,837 435 1,402 3,579 3,260 319
'08 1,144 259 774 111 1,765 413 1,352 3,380 2,958 423
'09 1,067 217 728 122 1,441 330 1,111 3,057 2,528 529
'10 1,064 222 704 137 1,485 320 1,165 3,417 2,774 642
'11 1,061 211 705 145 1,469 312 1,157 3,439 2,707 733
'12 992 193 658 141 1,388 295 1,093 3,285 2,529 756
'13 936 175 628 133 1,248 260 988 3,170 2,406 764
'14 863 158 591 114 1,140 239 901 3,173 2,393 781
'15 799 146 561 91 1,042 217 824 3,202 2,398 804
'16 750 134 531 85 949 199 750 3,221 2,367 854
'17 704 124 501 79 865 182 683 3,234 2,351 883

France

Internet
Total Display Desktop display Mobile display Search Desktop search Mobile search Video Affiliates
'05 614 255 - - 273 - - - 86
'06 1,025 373 367 6 557 557 - - 95
'07 1,458 497 487 10 846 846 - - 115
'08 1,843 561 547 14 1,142 1,127 15 - 140
'09 1,943 518 501 17 1,256 1,230 26 12 157
'10 2,157 567 547 20 1,369 1,337 32 41 180
'11 2,423 624 592 32 1,520 1,440 80 72 207
'12 2,551 636 585 51 1,596 1,501 95 102 217
'13 2,643 617 538 79 1,671 1,521 150 136 219
'14 2,766 589 447 142 1,745 1,481 264 224 208
'15 2,894 569 353 216 1,818 1,435 383 311 196
'16 3,033 553 261 291 1,891 1,355 536 408 182
'17 3,185 545 180 364 1,963 1,239 723 510 167
Newspapers 8.7%
7.7 7.7
Magazines 5.4
Internet 27.9% 4.4
11.5% 4.0
3.0
1.2
0.1 0.3
-0.6 -0.3
-2.1
-2.5
Outdoor/transport
11.7%
-8.1
TV 32.0%
Cinema 0.8%
Radio 7.3%
Advertising Data: 2003-2014 IREP, 2015-2017 Agency forecasts
Notes:
1) After discounts
2) Excludes production costs and taxes
3) 15% agency commission included
5) Newspapers include national and regional titles
6) Magazines include free magazines
7) Internet includes display, search, video and afffiliates
8) Historic internet figures have been revised to better reflect spending on Google and Facebook, and include local search

France
The economy accelerated in Q1, growing by 0.6% after zero daily newspaper Mtronews has shut down. Other media
growth in Q4 2014. Growth was driven by manufacturing are unchanged: growth will still be driven by the internet
output (up 1.3% in Q1 2015 after 0.1% growth in the previous (up 4.8%), while radio (down 2%), outdoor (down 0.5%) and
quarter) and the expected rebound in energy, water and cinema (down 5.0%) will be negative.
waste production (up 3.8% after a 2.5% decline). Household
consumption accelerated from 0.1% growth in Q4 2014 to We also slightly increased our forecast for 2016 from -0.1%
0.8% in Q1 2015. Construction, however, shrank by 1.0% to +0.1%, and our forecast for 2017 from +0.1% to +0.3%,
(compared to a 0.9% decline in the previous quarter). expecting stronger TV growth in 2016 and 2017, and stronger
internet growth in 2017.
Overall Frances economic situation has improved slightly
since our last forecast in June (INSEE the National Institute Television will remain the dominant advertising medium
for Statistics and Economic Studies is now forecasting 1.2% throughout our forecast period, with a 32.6% market share
GDP growth in 2015), so we have fractionally upgraded our compared to the internets 32.1%. The internet is likely to
advertising forecasts for the next three years. We still expect overtake it in 2018, however. Mobile will represent 34% of
decline in 2015 of 0.3%, compared to 0.4% last time internet adspend in 2017, and 11% of adspend across all
because GDP growth is not yet strong enough to encourage media.
businesses to spend more in a market where media prices
are falling, allowing them to achieve more with the same Netflix arrived in France in September 2014, but is not
budgets. expected to affect the TV ad market until 2016-2017.
We have upgraded our forecast for TV again (which we now LVMH, owner of the financial newspaper Les Echos, will buy
expect to grow 0.9% this year, compared to our previous the national newspaper Le Parisien/ Aujourdhui en France
estimate of 0.4%) after a strong first half when adspend rose and its sales house Amaury, which also includes the sport
by about 2%. TV has become cheaper since the launch of newspaper LEquipe.
six new DTT channels in 2012, and generates high ROI. We
have downgraded our forecasts for internet growth slightly, Online video is growing very quickly both in the amount of
from 4.8% in June to 4.6% now, but it remains the best- content and levels of viewing and is attracting budgets from
performing medium. We have left our forecasts for other TV.
media unchanged.
Two events are expected to attract extra ad expenditure in
We have downgraded print (from 7.5% decline to 8.1% 2015: the Rugby World Cup in September to November, and
decline), because circulations continue to fall and the free minor elections (regional and departmental).

Georgia

'03 22.7 - - 22.7 - - - -
'04 31.2 - - 31.2 - - - -
'05 24.0 - - 23.1 - - 0.8 -
'06 27.5 - - 25.9 - - 1.6 -
'07 35.7 1.3 1.2 28.5 1.1 - 3.6 0.1
'08 40.1 1.9 1.7 30.8 1.6 - 4.0 0.2
'09 43.5 1.8 1.6 33.3 2.0 - 4.4 0.4
'10 47.6 1.9 1.9 35.0 2.7 - 5.4 0.7
'11 48.6 1.3 1.6 36.3 2.8 - 5.8 0.8
'12 50.6 1.3 1.6 37.9 2.7 0.2 6.0 1.0
'13 52.7 1.2 1.6 39.5 2.6 0.2 6.0 1.6
'14 57.2 1.2 1.5 43.4 2.6 0.3 6.0 2.3
'15 59.7 1.2 1.4 45.6 2.4 0.3 6.0 2.9
'16 62.3 1.1 1.3 47.4 2.4 0.3 6.0 3.8
'17 64.9 1.0 1.2 49.2 2.4 0.3 6.0 4.7
Internet
4.0% Newspapers 2.1%
Outdoor/transport Magazines 2.7%
10.4% 37.5
29.7
Cinema 0.4%
Radio 4.5%
14.9
12.2
8.7 9.2 8.6
4.3 4.0 4.4 4.3 4.1
2.1
-23.1
TV 75.8%
Advertising Data: 2003-2012 Georgia AGB Nielsen, IPM, Agency estimates, 2013-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts

Georgia
Georgias GDP expanded by an estimated 4.7% in 2014, up some links with either the ruling Georgian Dream coalition
from 3.3% in 2013. A major slowdown began in the fourth or the current opposition, the United National Movement.
quarter of 2014 and continued into 2015 as the drop in oil However, much has improved over the past few years, in the
prices and the impact of economic sanctions on the Russian areas of both ownership transparency and political control
Federation triggered recession there and much slower over the media.
growth in other key trading partners. As a consequence,
their imports from and remittances to Georgia plunged. Audiences are diversifying media consumption habits by
adding new media rather than moving away from traditional
Growth is expected to slow to 2.0% in 2015 in tandem media. TV is still the principal source of information in the
with slowdowns in the European Union and neighbouring country, and average TV viewing time remains stable. In
Azerbaijan, and recession in the Russian Federation. Tbilisi, 80% of people turn first to their TVs for news, and in
Some recovery in growth, to 2.5%, is forecast in 2016 as the surrounding areas this rate is above 90%. TV is also still
manufacturing strengthens and services pick up. the cheapest medium in terms of reach.
The Georgian lari has declined along with the currencies Amendments to the Law of Georgia on Broadcasting were
of other former Soviet states as the aftershocks of the implemented on the 1st April 2015. They impose limitations
Russian rubles collapse spread to their economies. Currency to TV advertising (limit ad time per hour, restrictions on
depreciation could raise inflation to 5.0% in 2015 and 2016, as sponsorship and product placement usage and so on) and
falling exports and remittances expand the current account have thus led to high inflation.
deficit to 12.0% of GDP before narrowing somewhat in 2016.
Georgia switched off its analogue TV feed in Tbilisi at the
According to the countrys national statistics office, Geostat, beginning of June and at the time of writing is completing
the unemployment rate in Georgia was 12.4% at the end of its phased shutdown across the rest of the country.
2014, the lowest it has been in 11 years.
Though digital is the cheapest medium by CPT, there is
According to Transparency Internationals latest report (April no appropriate .ge inventory available and this imposes
2014), the owners of several media outlets have, or had, limitations on online advertising expenditure growth.

Germany

'03 15,977 6,512 3,958 3,811 579 161 710 246
'04 16,184 6,668 3,900 3,860 618 147 720 271
'05 16,936 6,718 3,890 3,930 664 132 769 832
'06 18,036 6,826 4,010 4,114 680 117 787 1,500
'07 18,870 6,898 4,053 4,156 743 106 820 2,094
'08 18,818 6,734 3,949 4,036 720 77 805 2,498
'09 17,218 5,951 3,445 3,640 678 72 738 2,696
'10 17,961 5,943 3,465 3,954 692 75 766 3,067
'11 18,482 5,916 3,454 3,981 709 85 897 3,440
'12 18,212 5,515 3,235 4,038 720 88 868 3,749
'13 18,252 5,117 3,143 4,125 746 80 891 4,150
'14 18,637 4,916 3,029 4,289 738 81 926 4,659
'15 18,980 4,752 2,910 4,435 735 82 951 5,115
'16 19,300 4,600 2,850 4,547 733 85 980 5,505
'17 19,650 4,460 2,795 4,650 733 87 1,002 5,923
'03 21,236 8,655 5,261 5,065 770 214 944 327
'04 21,511 8,863 5,184 5,130 821 195 957 360
'05 22,510 8,930 5,171 5,223 882 176 1,022 1,106
'06 23,973 9,073 5,331 5,468 904 156 1,047 1,994
'07 25,081 9,168 5,387 5,524 988 141 1,090 2,783
'08 25,012 8,950 5,248 5,364 957 102 1,070 3,320
'09 22,886 7,909 4,578 4,838 902 95 980 3,583
'10 23,873 7,899 4,605 5,255 920 99 1,018 4,076
'11 24,565 7,863 4,591 5,292 943 113 1,192 4,572
'12 24,207 7,330 4,300 5,367 957 117 1,154 4,983
'13 24,260 6,801 4,178 5,483 992 106 1,185 5,516
'14 24,771 6,533 4,026 5,701 980 107 1,231 6,192
'15 25,227 6,316 3,868 5,895 977 109 1,264 6,799
'16 25,652 6,114 3,788 6,044 974 113 1,303 7,317
'17 26,118 5,928 3,715 6,181 974 116 1,332 7,873

Germany
6.5
Internet 25.0% Newspapers 26.4% 4.6 4.6 4.3

2.9
2.1 1.8 1.8
1.7
1.3
0.2
-0.3
-1.5
Outdoor/
transport 5.0%
Cinema 0.4%
Radio 4.0%
Magazines
16.3% -8.5
TV 23.0%
Advertising Data: 2003-2013 ZAW, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
3) Excludes agency commission of 15%
5) Magazines includes directories and trade titles
6) Newspapers includes dailies, weeklies, Sundays and supplements
7) Internet includes display, paid search and affiliate deals
GDP grew by 0.3% quarter-on-quarter in Q1 2015, down Business confidence is stronger than it was in 2014 the
from 0.7% growth in the previous quarter, with most growth index was at 106.5 in August 2014.
coming from household and government consumption.
The GfK consumer confidence index was at 10.1 points in
Demand for labour continues to increase. In July, the July, and is expected to remain steady in August. This is its
Federal Employment Agency had 589,000 registered highest value since October 2001, when the indicator was at
vacancies, 87,000 more than a year earlier. Seasonally 11.0 points. Private consumer spending will once again play
adjusted, demand increased by 10,000 compared to the a key role in economic development this year.
previous month. Workers are in demand particularly in
the fields of transport and logistics, metal production and Total adspend rose by 2.1% in 2014, but growth is expected
processing, metal construction and sales. to lip back slightly to 1.8% in 2015. Newspapers and
magazines are still on a downward trend, with forecast
The IFO Business Climate Index for German trade and declines of 3.3% and 3.9% respectively for 2015, while
industry rose from 107.5 in June to 108.0 in August, the radio shrink slightly, by 0.4%. All other forms of media are
first rise for three months, thanks mainly to the successful projected to grow, with internet leading the pack at 9.8%
conclusion of a deal between Greece and its creditors. growth.

Greece

'03 1,873 238 617 638 76 14 290 -
'04 2,050 290 723 684 91 14 248 -
'05 2,206 332 807 693 94 15 265 -
'06 2,386 377 886 705 96 16 306 -
'07 2,696 434 945 855 115 17 330 -
'08 2,610 406 1,031 784 189 16 184 -
'09 2,214 378 824 648 147 15 202 -
'10 1,940 378 692 521 107 14 166 62
'11 1,505 316 543 417 76 10 67 76
'12 1,062 225 330 342 56 7 26 76
'13 1,015 222 269 356 57 7 28 76
'14 1,095 204 285 419 75 7 28 77
'15 906 163 213 368 57 7 21 77
'16 906 163 213 368 57 7 21 77
'17 906 163 213 368 57 7 21 77
'03 2,489 316 820 848 101 19 385 -
'04 2,725 385 961 909 121 19 330 -
'05 2,932 441 1,073 921 125 20 352 -
'06 3,171 501 1,178 937 128 21 407 -
'07 3,583 577 1,256 1,136 153 23 439 -
'08 3,469 540 1,370 1,042 251 21 245 -
'09 2,943 502 1,095 861 195 20 268 -
'10 2,579 502 920 692 142 19 221 82
'11 2,000 420 722 554 101 13 89 101
'12 1,412 299 439 455 74 9 35 101
'13 1,349 295 358 473 76 9 37 101
'14 1,455 271 379 557 100 9 37 102
'15 1,204 217 283 489 76 9 28 102
'16 1,204 217 283 489 76 9 28 102
'17 1,204 217 283 489 76 9 28 102

Greece
Internet 7.0%
Newspapers 18.6%
Cinema 0.6% 13.0
Radio 6.8% 9.5

7.6 8.2 7.9
0.5 0.1 0.0
-3.2
-4.4
-12.4
-15.2
-22.4
TV 38.3%
Magazines 26.0% -29.4
Advertising Data: 2003-2014 Media Services, except internet (estimates based on IAB Hellas figures), 2015-2017 Agency forecasts
Notes:
1) Before discounts (except TV)
5) The figures exclude certain advertising categories that receive unusually high discounts
6) Cinema and outdoor are agency estimates
7) Internet includes display only, no social media
The current situation in Greece is very turbulent and the ZenithOptimedia estimates that in the year to date, TV
media environment very foggy. At the beginning of the adspend has declined 12% and the market as a whole
year the new government announced that it would evaluate has declined 18%. This latter figure excludes internet
the licences of all TV stations, and has submitted to the advertising, which is not officially monitored. We have
parliament a new law to this effect. The cost of each provided our own estimates for display.
licence is very high and the government will issue only four
(including one for the state channel ERT), so it is likely that The situation is so uncertain that we have decided
some of the existing channels will cease broadcasting. to forecast no change in adspend in 2016 and 2017.
Realistically this will not happen, but the market could
Some of the private TV channels stopped reporting their ad surprise on either the upside or the downside.
revenues in May, making it even more difficult to estimate.

Hong Kong
Advertising Expenditure in local currency at current prices (HK$ million)

'03 14,268 6,044 1,656 5,215 628 6 719 -
'04 17,849 8,139 2,383 5,266 717 3 1,340 -
'05 10,769 3,217 2,393 4,120 288 2 749 -
'06 11,636 3,471 2,610 4,520 297 2 736 -
'07 12,735 3,839 2,833 4,582 342 4 1,034 100
'08 10,998 3,295 2,076 3,975 519 4 1,031 98
'09 9,696 3,026 1,566 3,111 495 3 1,366 129
'10 13,787 3,954 2,246 4,980 500 4 1,915 188
'11 16,091 4,520 2,498 5,646 512 3 2,594 318
'12 18,456 5,135 2,947 6,222 537 3 3,160 452
'13 19,410 5,540 2,899 5,958 378 3 3,356 1,276
'14 20,211 5,430 2,613 6,288 381 3 3,390 2,106
'15 21,434 5,538 2,665 6,476 388 3 3,627 2,737
'16 22,764 5,648 2,718 6,735 395 3 3,844 3,421
'17 24,187 5,760 2,772 6,937 403 3 4,036 4,276
Advertising Expenditure in US$ million at current prices. All years based on US$1 = HK$7.75
'03 1,840 779 214 673 81 0.8 93 -
'04 2,302 1,050 307 679 92 0.4 173 -
'05 1,389 415 309 531 37 0.3 97 -
'06 1,501 448 337 583 38 0.3 95 -
'07 1,642 495 365 591 44 0.5 133 13
'08 1,418 425 268 513 67 0.5 133 13
'09 1,250 390 202 401 64 0.4 176 17
'10 1,778 510 290 642 64 0.5 247 24
'11 2,075 583 322 728 66 0.4 335 41
'12 2,380 662 380 802 69 0.4 408 58
'13 2,503 714 374 768 49 0.4 433 165
'14 2,607 700 337 811 49 0.4 437 272
'15 2,764 714 344 835 50 0.4 468 353
'16 2,936 728 351 869 51 0.4 496 441
'17 3,119 743 357 895 52 0.4 521 551

'05 3,217 3,020 197 2,393 148 2,245 4,120 3,406 713
'06 3,471 3,163 308 2,610 159 2,451 4,520 3,626 894
'07 3,839 3,431 408 2,833 195 2,638 4,582 3,714 868
'08 3,295 2,960 335 2,076 145 1,931 3,975 3,176 798
'09 3,026 2,776 250 1,566 115 1,452 3,111 2,435 677
'10 3,954 3,638 317 2,246 167 2,079 4,980 3,488 1,493
'11 4,520 4,158 362 2,498 129 2,370 5,646 3,646 2,000
'12 5,135 4,765 370 2,947 136 2,811 6,222 4,022 2,200
'13 5,540 5,145 395 2,899 141 2,758 5,958 3,839 2,119
'14 5,430 5,050 380 2,613 131 2,482 6,288 4,401 1,887
'15 5,538 5,150 388 2,665 134 2,531 6,476 4,533 1,943
'16 5,648 5,252 396 2,718 136 2,582 6,735 4,916 1,819
'17 5,760 5,356 404 2,772 139 2,633 6,937 5,064 1,873

Hong Kong

Internet
Total Display Desktop display Mobile display
'07 100 100 100 -
'08 98 98 98 -
'09 129 129 129 -
'10 188 188 188 -
'11 318 318 318 -
'12 452 452 427 25
'13 1,276 1,276 1,096 180
'14 2,106 2,106 1,643 463
'15 2,737 2,737 2,053 684
'16 3,421 3,421 2,395 1,026
'17 4,276 4,276 2,865 1,411
Internet 10.4%
Newspapers 42.2
26.9%
25.1
Outdoor/ 16.7 14.7
transport 16.8% 9.4
8.1 6.1 6.2 6.3
5.2 4.1
Radio 1.9% -13.6 -11.8
Magazines
12.9% -39.7
TV 31.1%
Advertising Data: 2003-2013 HK Adex SRG, AC Nielsen Hong Kong, Admango, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
3) Excludes agency commission from 2005
5) Internet expenditure source is Admango Hong Kong and includes display only
6) Some cinema vendors declined to supply data to AC Nielsen in 2004
7) The source for outdoor changed in 2004

Hong Kong
Hong Kongs performance is closely related to Chinas - Overall, advertising expenditure is estimated to have grown
Chinas economy and political re-structuring affects growth by 4.1% in 2014, and we forecast annual growth of around
of the manufacturing sector, house prices, and luxury goods 6% over the next three years.
sales.
Internet is gaining share, and is estimated to have
Consumer confidence turned down quickly in mid-to-late accounted for 10.4% of total advertising expenditure
2014 due to the economic slowdown and the Occupy in 2014; the growth rates of the banking and skincare
Central protest. However, Hong Kong is still experiencing industries are in double digits.
a historical low unemployment rate and significant
government budget surplus.

Hungary
Advertising Expenditure in local currency at current prices (HUF million)

'03 370,313 44,253 43,851 242,570 15,929 1,328 22,382 -
'04 442,722 50,083 47,967 286,106 26,514 1,265 28,327 2,460
'05 155,952 32,476 32,721 60,447 6,127 1,191 16,091 6,900
'06 172,310 32,860 35,821 65,088 6,804 1,152 20,086 10,500
'07 183,575 32,917 36,432 70,163 7,845 850 20,069 15,300
'08 198,008 34,920 38,076 71,509 8,895 800 22,008 21,800
'09 167,699 29,092 30,913 59,954 8,217 810 15,412 23,300
'10 172,010 28,351 29,031 60,040 8,504 1,031 17,852 27,200
'11 169,414 26,604 26,616 57,430 9,690 1,145 17,833 30,096
'12 170,130 25,077 24,999 54,605 10,594 1,370 17,834 35,651
'13 174,719 25,724 24,815 55,958 10,978 1,345 18,465 37,434
'14 170,159 25,493 23,764 51,224 10,869 1,327 17,429 40,054
'15 176,077 24,983 23,288 54,728 10,326 1,327 18,300 43,124
'16 181,607 24,483 23,056 58,019 9,810 1,327 18,849 46,064
'17 186,518 24,116 22,894 60,719 9,417 1,327 19,226 48,819
Advertising Expenditure in US$ million at current prices. All years based on US$1 = HUF232.6
'03 1,592 190 189 1,043 68 6 96 -
'04 1,903 215 206 1,230 114 5 122 11
'05 670 140 141 260 26 5 69 30
'06 741 141 154 280 29 5 86 45
'07 789 142 157 302 34 4 86 66
'08 851 150 164 307 38 3 95 94
'09 721 125 133 258 35 3 66 100
'10 740 122 125 258 37 4 77 117
'11 728 114 114 247 42 5 77 129
'12 731 108 107 235 46 6 77 153
'13 751 111 107 241 47 6 79 161
'14 732 110 102 220 47 6 75 172
'15 757 107 100 235 44 6 79 185
'16 781 105 99 249 42 6 81 198
'17 802 104 98 261 40 6 83 210
Advertising Expenditure in local currency at current prices (HUF million)

Newspapers Magazines Television Internet
Total National Regional Total Business Consumer Total Free Pay Total Display Classified Search
'05 32,476 16,516 15,960 32,721 6,376 26,345 60,447 54,488 5,959 6,900 4,796 1,829 276
'06 32,860 18,414 14,446 35,821 7,056 28,764 65,088 56,048 9,040 10,500 7,324 2,546 630
'07 32,917 19,063 13,855 36,432 6,761 29,670 70,163 59,995 10,168 15,300 10,664 3,400 1,236
'08 34,920 21,154 13,765 38,076 6,561 31,515 71,509 60,776 10,733 21,800 13,873 4,184 3,743
'09 29,092 16,943 12,149 30,913 4,834 26,079 59,954 48,105 11,849 23,300 13,747 4,427 5,126
'10 28,351 15,357 12,994 29,031 4,604 24,428 60,040 45,030 15,010 27,200 14,960 4,896 7,344
'11 26,604 13,980 12,624 26,616 4,313 22,303 57,430 40,919 16,511 30,096 14,896 5,472 9,728
'12 25,077 12,397 12,680 24,999 4,086 20,913 54,605 36,113 18,492 35,651 16,789 6,429 12,433
'13 25,724 12,454 13,271 24,815 3,876 20,939 55,958 35,062 20,896 37,434 15,861 6,794 14,779
'14 25,493 13,087 12,406 23,764 4,290 19,474 51,224 32,147 19,077 40,054 15,807 7,138 17,109
'15 24,983 12,826 12,158 23,288 4,204 19,084 54,728 32,790 21,939 43,124 16,439 7,352 19,333
'16 24,483 12,569 11,914 23,056 4,162 18,893 58,019 32,790 25,229 46,064 17,261 7,536 21,267
'17 24,116 12,380 11,736 22,894 4,133 18,761 60,719 32,462 28,257 48,819 17,952 7,686 23,181

Hungary
Newspapers 15.0%
19.6
Internet 23.5% 10.5
6.5 7.9
2.6 2.7 3.5 3.1 2.7
0.4
-1.5 -2.6
Magazines
14.0%
-15.3
Outdoor/
transport 10.2%
Cinema 0.8% -64.8

Radio 6.4%
TV 30.1%
Advertising Data: 2003 Mediagnozis, 2004-2008 TNS Media Intelligence, Agency estimates, 2009-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts (approximately 55%-60%) until 2004, after discounts from 2005 onwards
5) Internet includes display only
In the second quarter of 2015 GDP was down by 1.4% year- AVB: Agency Volume Bonuses are banned.
on-year. However, employment levels were up: there were
123,000 more people in work than 12 months previously. Discounts: all client-related discounts should be
transparent and transmitted to clients, and must
A new advertising law came into force on 4th July 2015. It appear on invoices from media vendors to agencies
introduced the following major changes: and from agencies to media vendors.
Agency fees: mandatory 15% for the entire market for Payment terms: fixed 30 days to media vendors,
all booked media types. applicable for the party placing the booking.

India India
Advertising Expenditure in local currency at current prices (Rupees million)

'03 86,470 41,971 5,511 30,424 1,778 135 6,300 351
'04 106,858 47,149 4,179 44,047 1,474 738 8,850 420
'05 123,770 53,316 4,806 52,466 2,062 550 9,500 1,070
'06 149,396 62,501 6,742 64,126 2,527 900 10,500 2,100
'07 179,878 75,438 7,546 73,956 5,236 1,262 13,640 2,800
'08 213,801 91,021 11,419 85,019 6,464 1,455 14,923 3,500
'09 216,025 95,208 5,500 89,918 6,808 1,449 12,637 4,505
'10 244,700 106,500 6,300 103,500 7,700 1,500 13,350 5,850
'11 268,685 119,780 7,245 109,710 8,700 1,650 14,000 7,600
'12 290,093 133,777 8,539 112,326 9,689 1,716 14,030 10,016
'13 313,146 139,588 8,870 114,646 10,688 1,888 15,433 22,034
'14 372,889 161,674 9,334 142,584 12,040 2,076 16,976 28,204
'15 427,309 183,830 9,675 163,480 12,701 2,284 18,674 36,665
'16 477,710 205,890 9,772 179,828 13,336 2,512 20,541 45,831
'17 534,928 230,596 9,869 197,811 14,003 2,764 22,595 57,289
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Rupees 61.74
'03 1,401 680 89 493 29 2 102 6
'04 1,731 764 68 713 24 12 143 7
'05 2,005 864 78 850 33 9 154 17
'06 2,420 1,012 109 1,039 41 15 170 34
'07 2,913 1,222 122 1,198 85 20 221 45
'08 3,463 1,474 185 1,377 105 24 242 57
'09 3,499 1,542 89 1,456 110 23 205 73
'10 3,963 1,725 102 1,676 125 24 216 95
'11 4,352 1,940 117 1,777 141 27 227 123
'12 4,698 2,167 138 1,819 157 28 227 162
'13 5,072 2,261 144 1,857 173 31 250 357
'14 6,039 2,619 151 2,309 195 34 275 457
'15 6,921 2,977 157 2,648 206 37 302 594
'16 7,737 3,335 158 2,913 216 41 333 742
'17 8,664 3,735 160 3,204 227 45 366 928

Total National Regional Total Business Consumer Total Terrestrial Cable/sat.
'05 53,316 19,242 34,074 4,806 502 4,304 52,466 4,793 47,673
'06 62,501 19,211 43,290 6,742 824 5,918 64,126 3,762 60,364
'07 75,438 34,776 40,662 7,546 842 6,704 73,956 3,660 70,296
'08 91,021 41,960 49,061 11,419 1,274 10,145 85,019 4,208 80,811
'09 95,208 47,604 47,604 5,500 715 4,785 89,918 2,698 87,220
'10 106,500 51,120 55,380 6,300 819 5,481 103,500 3,105 100,395
'11 119,780 57,494 62,286 7,245 942 6,303 109,710 3,291 106,419
'12 133,777 64,213 69,564 8,539 683 7,856 112,326 3,370 108,957
'13 139,588 67,002 72,586 8,870 710 8,161 114,646 3,439 111,206
'14 161,674 77,604 84,070 9,334 747 8,587 142,584 4,278 138,306
'15 183,830 88,238 95,592 9,675 774 8,901 163,480 4,904 158,576
'16 205,890 98,827 107,063 9,772 782 8,990 179,828 5,395 174,433
'17 230,596 110,686 119,910 9,869 790 9,080 197,811 5,934 191,876

India

Internet
Total Display Desktop display Mobile display Classified Desktop display Mobile display Search Desktop display Mobile display
'05 1,070 428 353 289 353 - - 289 - -

'06 2,100 1,176 504 420 504 - - 420 - -
'07 2,800 1,568 672 560 672 - - 560 - -
'08 3,500 1,960 840 700 840 - - 700 - -
'09 4,505 2,523 1,081 901 1,081 - - 901 - -
'10 5,850 3,276 1,404 1,170 1,404 - - 1,170 - -
'11 7,600 4,256 1,824 1,520 1,824 - - 1,520 - -
'12 10,016 5,621 5,059 562 2,453 2,281 172 1,942 1,631 311
'13 22,034 12,366 10,882 1,484 5,396 4,965 432 4,272 3,503 769
'14 28,204 15,828 13,770 2,058 6,907 6,285 622 5,469 4,375 1,094
'15 36,665 20,576 17,696 2,881 8,979 8,081 898 7,109 5,545 1,564
'16 45,831 25,721 22,120 3,601 11,224 10,102 1,122 8,887 6,932 1,955
'17 57,289 32,151 27,328 4,823 14,030 12,487 1,543 11,108 8,442 2,666
Internet 7.6%

Cinema 0.6%
20.7 20.4
Radio 3.2%
18.9 19.1
15.8
Newspapers 14.6
43.4% 13.3
11.8 12.0
9.8
8.0 7.9
TV
38.2%
1.0
Magazines 2.5%
Advertising Data:
2003-2004 ORG-MAP, COFT, Agency estimates, 2005-2014 TAM ADEX DATA (print, TV and radio), IAMAI and
Agency estimates (cinema, outdoor and online), 2015-2017 Agency forecasts
Notes:
1) After discounts
2) Includes production costs to 2004, excludes after
3)Includes agency commission, except TV, print and radio, which are rate card costs downweighted at 70%:50%:50% respectively
4)Includes classified advertising to 2004, excludes after (except for internet)
5) TV includes non-terrestrial
6) Newspapers include magazines until 2000, definition of national newspapers changed in 2006
7) Internet figures are IAMAI estimates from 2004

India
Retail inflation came down further in July as food prices The OECD projects that India will maintain stable growth,
were kept in check by the monsoons turning out not whereas China and Brazil may start to slow a little.
to be as weak as many had feared. Inflation is falling as
international oil prices remain low. Thanks to this, rural It is expected that the lifting of sanctions on Iran will lower
demand and outlook have improved. However, the Reserve oil prices further, which will further benefit the Indian
Bank of India maintained the status quo in its bi-monthly economy. Overall, recovery remains slow and steady.
monetary policy review in August. Their view is that earlier
rate cuts amounting to 75 basis of the rate cuts have not With advertisers front-loading expenditure this year and the
been passed on to the consumers by the commercial banks. market getting flooded with intermittent and unpredictable
The government believes that a lack of monetary easing and VC funding, the second half the year may see the traditional
restrictions on currency depreciation are hampering growth. categories such as automotive, real estate, FMCG
contributing more to overall expenditure.
Passenger vehicle sales grew by a robust 11.4% in July,
suggesting that a definite revival is taking place; new The e-auction process for 135 FM radio stations is ongoing.
launches and improved sentiment reflect this. The service The metros Delhi, Mumbai and Bangalore have generated
industry also returned to modest growth in July and overall strong interest, although smaller cities have not really
factory output rose to a four month high in June. The revival generated the interest expected (28 cities found no takers at
has largely been driven by strong government spending all). Radio may see a marginal increase in revenues once the
in the new fiscal year, making up for the lack of private newly auctioned stations are operational. Print is expected
investment. to remain buoyant on the back of auto, durables and real
estate in the second half of the year. Indias leading telecoms
India surpassed China to become one of the worlds operator has launched 4G services in the major cities and
fastest-growing economies, with 7.5% growth in Q1 2015. advertising will spike as other operators join the fray.

Indonesia
Advertising Expenditure in local currency at current prices (Rupiah million)

Total Newspapers Magazines TV Internet
'03 10,047,825 2,975,732 630,381 6,441,712 -
'04 13,275,147 3,998,602 768,295 8,508,250 -
'05 15,271,517 4,637,199 848,229 9,786,090 -
'06 17,941,312 5,716,910 872,406 11,351,996 -
'07 21,111,551 7,472,836 958,362 12,680,353 -
'08 25,313,790 9,661,195 1,174,549 14,478,046 -
'09 29,542,041 11,840,982 1,251,533 16,449,526 -
'10 36,256,338 14,137,269 1,382,368 20,736,700 -
'11 44,019,459 17,146,691 1,517,724 25,355,044 -
'12 52,686,356 19,562,728 1,619,965 31,503,662 -
'13 67,273,294 22,121,611 1,570,491 40,328,388 3,252,804
'14 73,956,788 22,583,919 1,556,893 43,375,647 6,440,329
'15 83,423,518 23,601,823 1,589,113 46,640,822 11,591,759
'16 100,088,219 27,231,354 1,781,129 51,371,413 19,704,324
'17 119,811,251 29,385,868 1,856,888 56,055,735 32,512,760
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Rupiah11,863.75
'03 847 251 53 543 -
'04 1,119 337 65 717 -
'05 1,287 391 71 825 -
'06 1,512 482 74 957 -
'07 1,780 630 81 1,069 -
'08 2,134 814 99 1,220 -
'09 2,490 998 105 1,387 -
'10 3,056 1,192 117 1,748 -
'11 3,710 1,445 128 2,137 -
'12 4,441 1,649 137 2,655 -
'13 5,670 1,865 132 3,399 274
'14 6,234 1,904 131 3,656 543
'15 7,032 1,989 134 3,931 977
'16 8,436 2,295 150 4,330 1,661
'17 10,099 2,477 157 4,725 2,741
Advertising Expenditure in local currency at current prices (Rupiah million)

'04 3,998,602 1,266,322 2,732,281 768,295 120,270 648,025

'05 4,637,199 1,587,188 3,050,011 848,229 133,755 714,474
'06 5,716,910 1,813,754 3,903,156 872,407 143,888 728,519
'07 7,472,837 2,346,271 5,126,566 958,362 168,041 790,321
'08 9,661,195 2,777,494 6,883,701 1,174,549 211,515 963,034
'09 11,840,982 3,092,143 8,748,839 1,251,534 197,100 1,054,434
'10 14,137,269 3,755,990 10,381,279 1,382,368 212,040 1,170,329
'11 17,146,691 3,982,469 13,164,222 1,517,724 239,945 1,277,779
'12 19,562,729 4,402,233 15,160,496 1,619,965 278,888 1,341,078
'13 22,121,611 4,782,188 17,339,424 1,570,491 291,763 1,278,728
'14 22,583,919 4,678,521 17,905,398 1,556,893 310,102 1,246,791
'15 23,601,823 5,495,291 18,106,532 1,589,113 322,695 1,266,418
'16 27,231,354 6,286,292 20,945,061 1,781,129 347,260 1,433,868
'17 29,385,868 6,598,864 22,787,004 1,856,888 380,820 1,476,068

Indonesia
Internet 8.7%
32.1
Newspapers 27.7
30.5%
22.7
21.4
19.9 19.7 20.0 19.7
17.5 17.7 16.7
15.0
12.8
9.9
TV 58.6%
Magazines
2.1%
Advertising Data: 2003-2014 Nielsen, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts, estimated at the following levels: 30% for newspapers, magazines and radio; and 45% for television
5) Internet includes only display
Indonesias GDP growth slowed to 4.67% year-on-year in Q2 analogue to digital, in a gradual process from 2012 until
2015, down from 4.72% in the previous quarter, as slowing 2018.
growth in China had a knock-on effect on commodity
prices. The consumer confidence index dropped from 111.3 Starting this year, the Lippo Group is investing in building
in June to 109.9 in July. 2,000 new screens for its cinema network. These will be
spread between 300 sites in over 85 cities.
Advertising expenditure increased by 9.9% in 2014 and is
expected to rise by 12.8% this year. As people consume more new media, their consumption
levels of conventional media are decreasing, especially of
Indonesian television broadcasting is migrating from print media and radio.

Ireland

'03 619 222 82 146 83 7 75 4
'04 717 272 77 188 87 8 78 6
'05 835 275 96 215 101 7 86 54
'06 940 316 96 244 119 8 99 58
'07 1,158 391 75 311 140 9 155 78
'08 975 330 63 237 130 8 113 95
'09 826 235 40 228 123 7 83 110
'10 770 210 35 225 110 7 60 123
'11 736 185 31 213 103 7 58 140
'12 725 158 26 204 121 6 54 156
'13 715 136 22 205 114 7 58 172
'14 741 121 20 213 116 7 63 201
'15 796 116 19 224 121 7 66 243
'16 852 113 18 237 127 8 70 280
'17 864 98 12 243 132 8 71 300
'03 822 295 109 194 111 10 99 5
'04 953 362 102 250 116 11 104 8
'05 1,109 365 128 286 135 10 115 72
'06 1,249 420 128 324 158 11 132 77
'07 1,539 519 100 413 186 12 206 103
'08 1,295 438 84 315 173 10 150 126
'09 1,098 312 53 303 163 9 110 146
'10 1,024 280 46 299 146 10 80 163
'11 979 246 41 283 137 10 77 186
'12 963 210 34 271 161 8 72 207
'13 950 181 29 272 152 9 77 229
'14 985 161 27 283 154 10 84 267
'15 1,058 154 25 297 161 10 88 323
'16 1,133 150 24 315 169 10 93 372
'17 1,148 130 16 322 175 11 95 399

'05 275 228 47 215 183 32

'06 316 265 51 244 210 34
'07 391 341 50 311 258 53
'08 330 287 42 237 187 50
'09 235 208 27 228 178 50
'10 210 187 23 225 185 41
'11 185 165 20 213 175 38
'12 158 141 17 204 151 53
'13 136 121 15 205 150 55
'14 121 108 13 213 155 57
'15 116 104 12 224 157 67
'16 113 103 10 237 159 78
'17 98 89 9 243 158 85

Ireland

Internet
'13 172 69 57 12 26 17 9 78 62 16
'14 201 80 60 20 30 20 10 90 72 18
'15 243 97 73 24 36 24 12 109 80 29
'16 280 112 84 28 42 28 14 126 92 34
'17 300 120 75 45 45 30 15 135 87 48
Internet 27.1%
15.8 16.5
Magazines 12.6
2.7%
7.4 7.1
3.7
1.4
-1.6 -1.3
-4.4
-6.8
Outdoor/transport
8.5%
TV 28.7%
-15.8 -15.3
Cinema 1.0%
Radio 15.6%
Advertising Data: 2003-2006 Advertising Statistics of Ireland, IAPI Scope, BASE, Amrach, comScore, adjusted for estimated discounts,
2007-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
3) Excludes agency commission of 15%
4) Includes classified display advertising, but not linage
5) Newspaper data includes UK titles in Ireland
6) TV includes satellite from 2006
7) Radio data includes independent local radio
8) Internet includes display, classified, search, and mobile
9) Internet figures are NetBehaviour estimates

Ireland
2014 marked a return to solid growth for Ireland and this of ad expenditure. This is down to demand and increasing
growth has continued in 2015. The consumer confidence competition, including the launch of a new channel -
index rose from 98.5 in May to 102.8 in June, its highest value UTV Ireland - in January this year. The new channel is a
for over nine years; this is feeding into retail sales, which subsidiary of ITV and, as such, it has attained the rights to
finished 2014 strongly with a 5.1% annual lift in December. top rating ITV programmes including Coronation Street and
Emmerdale. Although it is early days, it is fair to say UTV
The ad market also experienced a return to growth in 2014, Ireland will be a significant player in the TV market.
with revenue increasing by 3.7% year-on-year, the first
increase since 2007. The majority of the increase stemmed The print market is continuing its decline, albeit at a lower
from digital; excluding digital, the market remained flat rate. 2015 revenue is likely to be down by 6% year-on-
year-on-year. This growth is forecast to continue into 2015 year, compared to the 9% fall experienced in 2014. Prices
(+7.4%) and 2016 (+7.1%), but with growth expected across have bottomed out and in response the biggest national
all channels excluding print media. broadsheets have announced significant long-term
changes, including a focus on digital content first, online
In 2015 digital ad expenditure is likely to overtake TV revenues, and the introduction of paywalls.
for the first time in Ireland, with a revenue share of 31%.
This can be attributed to consumers spending more and The outlook for the out of home market for 2015 is optimistic.
more time online, predominantly on mobile devices, and We expect spend to grow by 5% this year, on top of 9%
a growth in off-set TV viewership. 27% of Irish TV homes growth in 2014. This growth will be driven by continued
now claim to watch TV content on other devices, up from investment in existing plant, including increased illumination
21% in 2012 (TAM Ireland 2014). This growth has prompted and HD posters, and the explosion of digital screens.
the government to lay down future plans to replace the
TV licence fee with a Public Service Broadcasting Charge In another market development, IAPI (the Institute of
(PSBC), which would apply to all households and businesses Advertising Practitioners in Ireland) and Nielsen started
regardless of whether they have a television set or not. reporting digital media ad expenditure in November 2014.
These were previously not available from Nielsen and were
The TV market will remain strong in 2015 with a 28% share only published bi-annually by IAB Ireland.

Israel
Advertising Expenditure in local currency at current prices (NIS million)

'03 3,246 1,508 225 1,080 239 14 126 54
'04 3,438 1,526 229 1,158 233 13 144 135
'05 3,612 1,598 239 1,094 252 23 167 239
'06 3,625 1,535 230 1,080 234 23 212 311
'07 3,906 1,484 224 1,204 224 26 237 507
'08 4,017 1,406 211 1,367 198 26 237 572
'09 3,837 1,247 159 1,346 181 22 215 667
'10 4,064 1,251 142 1,505 189 26 224 727
'11 3,918 1,206 133 1,442 203 26 195 713
'12 3,506 1,001 105 1,327 163 27 175 708
'13 3,663 890 90 1,431 165 27 180 880
'14 3,520 785 79 1,380 162 29 180 905
'15 3,570 735 65 1,430 165 30 182 963
'16 3,651 720 60 1,450 168 31 185 1,037
'17 3,735 708 58 1,480 170 32 188 1,099
Advertising Expenditure in US$ million at current prices. All years based on US$1 = NIS3.58
'03 907 421 63 302 67 4 35 15
'04 961 427 64 324 65 4 40 38
'05 1,010 447 67 306 70 6 47 67
'06 1,013 429 64 302 65 6 59 87
'07 1,092 415 63 337 63 7 66 142
'08 1,123 393 59 382 55 7 66 160
'09 1,072 349 44 376 51 6 60 186
'10 1,136 350 40 421 53 7 63 203
'11 1,095 337 37 403 57 7 55 199
'12 980 280 29 371 46 8 49 198
'13 1,024 249 25 400 46 8 50 246
'14 984 219 22 386 45 8 50 253
'15 998 205 18 400 46 8 51 269
'16 1,021 201 17 405 47 9 52 290
'17 1,044 198 16 414 48 9 53 307
Advertising Expenditure in local currency at current prices (NIS million)

Internet
'10 727 460 - - 267 267 -
'11 713 443 - - 270 270 -
'12 708 413 - - 295 295 -
'13 880 555 505 50 325 325 -
'14 905 575 514 61 330 330 -
'15 963 618 544 74 345 345 -
'16 1,037 672 587 85 365 365 -
'17 1,099 716 622 94 383 383 -

Israel
7.8
Newspapers
22.3% 5.9 5.9
Internet 25.7% 5.1
4.5
2.8
2.3 2.3
1.4
0.4
Magazines
2.2%
Outdoor/ -3.6 -3.9

-4.5
transport 5.1%
Cinema 0.8%
Radio 4.6%
-10.5
TV 39.2%
Advertising Data: 2003 Advertising Association of Israel, 2004-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
Recent data released by the Central Bureau of Statistics offer The major engine of the media market remains digital,
a gloomy forecast for the rest of 2015, and may affect the and more specifically, online video (OLV) and mobile. In
media market as well. During Q2, the Israeli economy grew fact, it is estimated that OLV accounts for almost 5% of the
by a mere 0.3% compared to 2.0% during Q1, and private total advertising budget and it is evident that OLV (mainly
consumption growth slowed to 0.9% from 5.5%. YouTube and Facebook, due to their ability to offer precise
targeting) poses direct competition to TV. By the same
The local communications market is expected to undergo token, we have been experiencing changes in the display
major regulatory and structural changes over the next six category, as less money is shifted to regular paid display
months which will boost competition, especially in TV. At the banners and more is spent on OLV, programmatic, and
moment, there are two commercial channels: channel 2 and performance. ZO estimates that digital spend will grow by
channel 10. Ch.2 has been operated by two vendors, splitting 6.4% during 2015 to take an overall share of 27.0%.
their broadcasting days across the week. The effect of the
reform will be to split this channel into two full-time channels, Print remains in decline and The Yedioth Aharonoth Media
each operated by a single broadcaster. There has also been Group has decided to consolidate its Print and Digital
a proposal to allow the non-commercial cable and satellite operations in order to increase efficiency, leverage its media
channels (there are about 160 such channels) to broadcast power and reduce costs. (The groups paid newspaper
commercials, although this is still at the discussion stage. has been facing stiff competition from the free title Israel
Hayom.) Demand for advertising space continues to decline
Theres a big question here, of course, about the ability of along with ad prices. In fact, the only daily newspaper that
the Israeli media market to accommodate all these new has been able to maintain its prices has been Israel Hayom.
commercial TV channels, especially in the light of the fact Overall, we predict that newspaper spend will fall by 6.4%
that the local media market has been stagnant in real terms compared to 2014.
over the past 15 years.
ZenithOptimedia forecasts that the total media market will
The TV market has been recovering from the 2014 drop reach almost NIS 3.6 billion in 2015, representing modest
(related to the war in Gaza during the summer of 2014), and growth of 1.4% for the year.
we predict that TV spend will increase by 3.6% in 2015 to
attract a share of 40.1% of total expenditure.

Italy

'03 8,185 1,633 1,253 4,162 357 71 600 109
'04 8,727 1,659 1,259 4,580 429 77 612 111
'05 8,933 1,676 1,289 4,704 433 70 618 144
'06 9,031 1,681 1,367 4,634 467 64 612 207
'07 9,644 1,735 1,401 4,689 504 59 624 632
'08 9,473 1,600 1,298 4,633 514 49 607 771
'09 8,226 1,332 926 4,160 475 47 453 833
'10 8,158 1,284 876 4,410 511 53 459 564
'11 8,361 1,182 844 4,273 471 45 411 1,135
'12 7,528 959 688 3,620 423 36 363 1,438
'13 6,893 771 523 3,258 384 28 342 1,587
'14 6,875 696 489 3,242 377 23 338 1,709
'15 6,973 641 477 3,233 396 23 355 1,849
'16 7,090 602 463 3,276 408 23 352 1,967
'17 7,202 566 449 3,304 416 23 352 2,093
'03 10,879 2,171 1,665 5,532 474 94 798 145
'04 11,600 2,206 1,674 6,088 570 102 814 147
'05 11,874 2,228 1,714 6,253 575 93 821 191
'06 12,003 2,234 1,816 6,159 620 85 814 275
'07 12,818 2,306 1,862 6,232 670 78 829 840
'08 12,591 2,127 1,726 6,158 684 65 806 1,025
'09 10,933 1,771 1,231 5,529 631 62 601 1,107
'10 10,843 1,707 1,165 5,861 680 70 610 750
'11 11,112 1,571 1,121 5,680 627 59 546 1,508
'12 10,005 1,274 914 4,811 563 48 483 1,912
'13 9,162 1,025 695 4,331 510 38 454 2,109
'14 9,138 925 650 4,309 501 31 450 2,272
'15 9,269 851 634 4,297 526 31 472 2,458
'16 9,423 800 615 4,354 542 31 467 2,614
'17 9,572 752 596 4,391 553 31 467 2,782

Total National Regional Total Business Consumer Total General interest DTT + satellite
'05 1,676 888 788 1,289 73 1,216 - - -

'06 1,681 891 790 1,367 77 1,290 - - -
'07 1,735 919 816 1,401 79 1,322 - - -
'08 1,600 846 755 1,298 73 1,225 - - -
'09 1,332 695 637 926 52 875 - - -
'10 1,284 679 605 876 48 828 4,410 3,956 454
'11 1,182 622 560 844 46 798 4,273 3,722 551
'12 959 502 457 688 42 645 3,620 3,015 604
'13 771 382 390 523 32 491 3,258 2,635 624
'14 696 335 361 489 32 457 3,242 2,560 682
'15 641 305 336 477 31 446 3,233 2,516 716
'16 602 290 312 463 31 432 3,276 2,516 759
'17 566 275 290 449 30 419 3,304 2,491 812

Italy

Internet
Total Display Banner Video Social Classified Search
10 981 417 - - - 185 380

11 1,135 484 387 68 29 203 448
'12 1,438 708 517 145 47 187 543
'13 1,587 845 522 230 94 170 572
'14 1,709 914 534 252 128 138 658
'15 1,849 1,039 550 297 193 117 693
'16 1,967 1,122 550 341 231 117 728
'17 2,093 1,220 550 393 277 117 757
Newspapers 10.1%
6.6 6.8
Magazines
Internet 24.9% 7.1% 2.5
2.4
1.4 1.7 1.6
1.1
-0.3
-0.8
-1.8
Outdoor/
transport 4.9%
Cinema 0.3% -8.4

Radio -10.0
5.5%
-13.2
TV 47.2%
Notes:
1) In April 2014 edition we introduced new estimates for spend across all media, intended to provide complete coverage of all media in Italy. Previous estimates
understated the true size of the market with incomplete coverage.
2) After discounts
5) Magazines includes newspaper supplements
7) Internet includes display only to 2006, then display, classified and search (including mobile across all segments) from 2007 onwards.

Italy
Signs of economic recovery are finally emerging in Italy. In The Italian advertising market closed 2014 roughly on par
Q1 2015 GDP rose by 0.3%, and it is expected to increase with 2013 (-0.3%), but we expect 1.4% growth in 2015.
by 0.5% over the year as whole, reaching 1.1% growth in Television still dominates the ad market, but within TV
each of 2016 and 2017. The recovery will be driven mainly digital theme channels (SAT and DTTV) are increasing their
by domestic demand. shares of both audiences and advertising expenditure at
the expense of generalist broadcasters. The internet is the
Employment will improve gradually. In 2015, the second largest medium in terms of expenditure, and it will
unemployment rate will decline slightly to 12.5%, and is grow by an estimated 8.2% this year, boosted in particular
expected to reduce further both in 2016 (12.0%) and 2017 by online video and social media.
(11.4%). Inflation was stable at 0.6% in 2014, due both to
marked declines in energy prices, and the decrease in On average, 46% percent of Italians connect to the internet
transport, housing and communications prices. via mobile devices at least once a month. Overall, the
multiscreen viewing culture is driving changes in the way
Business confidence has been growing since the middle Italian people consume media. This means that the share
of 2014. Recent measures implemented by the Italian of expenditure dedicated to every single medium has to
government (Job Act), and the growth in industrial output change, in favour of a more integrated usage of platforms.
(+1.5%), reinforce Italian hopes for the future.
Both newspapers and magazines will decline further in 2015
(respectively by -8.0% and -2.5%).

Japan
Advertising Expenditure in local currency at current prices (Yen million)

'03 4,199,200 1,050,000 403,500 1,948,000 180,700 498,700 118,300
'04 4,362,500 1,055,900 397,000 2,043,600 179,500 505,100 181,400
'05 4,745,400 1,037,700 484,200 2,041,100 177,800 626,900 377,700
'06 4,797,900 998,600 477,700 2,016,100 174,400 648,500 482,600
'07 4,833,400 946,200 458,500 1,998,100 167,100 663,200 600,300
'08 4,618,200 827,600 407,800 1,909,200 154,900 620,400 698,300
'09 4,061,400 673,900 303,400 1,713,900 137,000 526,300 706,900
'10 4,051,300 639,600 273,300 1,732,100 129,900 501,700 774,700
'11 3,986,300 599,000 254,200 1,723,700 124,700 478,500 806,200
'12 4,144,600 624,200 255,100 1,775,700 124,600 497,000 868,000
'13 4,228,100 617,000 249,900 1,791,300 124,300 507,500 938,100
'14 4,392,000 605,700 250,000 1,834,700 127,200 522,500 1,051,900
'15 4,501,022 605,994 248,574 1,859,745 128,206 532,952 1,125,552
'16 4,608,989 604,232 247,658 1,886,593 128,306 543,613 1,198,586
'17 4,723,622 605,406 247,454 1,923,560 128,507 554,274 1,264,420
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Yen105.69
'03 39,733 9,935 3,818 18,432 1,710 4,719 1,119
'04 41,278 9,991 3,756 19,337 1,698 4,779 1,716
'05 44,901 9,819 4,581 19,313 1,682 5,932 3,574
'06 45,398 9,449 4,520 19,076 1,650 6,136 4,566
'07 45,734 8,953 4,338 18,906 1,581 6,275 5,680
'08 43,697 7,831 3,859 18,065 1,466 5,870 6,607
'09 38,429 6,376 2,871 16,217 1,296 4,980 6,689
'10 38,333 6,052 2,586 16,389 1,229 4,747 7,330
'11 37,718 5,668 2,405 16,310 1,180 4,528 7,628
'12 39,216 5,906 2,414 16,802 1,179 4,703 8,213
'13 40,006 5,838 2,365 16,949 1,176 4,802 8,876
'14 41,557 5,731 2,365 17,360 1,204 4,944 9,953
'15 42,589 5,734 2,352 17,597 1,213 5,043 10,650
'16 43,610 5,717 2,343 17,851 1,214 5,144 11,341
'17 44,695 5,728 2,341 18,201 1,216 5,245 11,964

Japan
Newspapers 13.8%
8.8
Internet 24.0%
Magazines 3.9 4.0 3.9

5.7% 2.0 2.5 2.4 2.5
1.1 0.7
-0.2
-1.6
-4.5
Outdoor/
transport 11.9%
-12.1
Radio 2.9%
TV 41.8%
Advertising Data: 2003-2014 Dentsu, 2015-2017 Agency forecasts
Notes:
1) After discounts
2) Includes production costs
3) Includes agency commission at an average of 17.5%
5) Magazines include more specialist and local titles from 2005
6) Outdoor includes billboards, neon signs, train and bus ads, plus poster boards, outdoor video screens, airport and taxi ads from 2005
7) Internet includes mobile ads, banners, text, mailing service e-mail, direct e-mailing, sponsorship & tie-ups, interstitials, rich media, key-word searching and
SEM. Includes production costs from 2005
On July 23, Nikkei Inc. announced that it would purchase Advertising expenditure is expected to grow at a steady
the Financial Times Group from the British publisher 2%-3% a year for the next few years. Growth is being driven
Pearson for 844 million. This is the largest foreign by internet advertising, where expenditure rose by 12% last
acquisition ever by a Japanese media company. year.

Kazakhstan

Total Newspapers Magazines TV Radio Outdoor/transport
'05 475 53 18 357 18 29
'06 651 69 26 494 24 38
'07 828 75 31 644 32 46
'08 889 73 49 675 37 55
'09 739 55 32 585 25 42
'10 851 64 33 667 31 56
'11 987 74 33 776 39 65
'12 1,059 71 36 840 45 67
'13 1,215 62 37 995 48 73
'14 1,258 45 29 1,062 46 76
'15 1,303 34 29 1,118 45 77
'16 1,400 21 26 1,226 46 82
'17 1,461 17 22 1,287 49 86

Television
Total Free Pay
'06 494 426 68
'07 644 570 74
'08 675 615 60
'09 585 539 46
'10 667 616 50
'11 776 711 65
'12 840 752 89
'13 995 938 57
'14 1,062 1,004 58
'15 1,118 1,064 54
'16 1,226 1,171 55
'17 1,287 1,229 58

Kazakhstan

Magazines 2.3%
Radio 3.7% 37.1
27.2
15.2 16.0
14.7
7.4 7.3 7.7

3.5 3.3 4.3
-16.9
TV 84.4%
Advertising Data: 2005-2006 Gallup Media Asia, 2007-2014 TNS Central Asia, 2015-2017 Agency forecasts
Notes:
1) Before discounts
4) Includes classified from 2007
Kazakhstans economy grew by 4.3% in 2014 and is expected Advertising in print media continues to decline newspaper
to grow by 2.0% this year. The price of oil fell by as much as adspend fell by 20% year-on-year during 1H 2015 as online
59.3% from the end of June 2014 to the middle of January publications take over. Radio and outdoor are also suffering
2015, when it began to rise again. It has since started falling in the light of the weak economy and more budgets being
once again from July 2015. The unemployment rate has been switched to TV and digital media.
relatively low and stable over the past couple of years at 5%.
At time of writing (late August 2015), the central bank has just Advertising of non-alcoholic beer was banned on television
floated the tenge freely, which has led to an immediate drop and outdoor in July last year. Monitored adspend grew by 3.5%
in its value. in 2014, and is expected to grow by a further 3.3% this year.

Kuwait

'03 276 212 26 7 2 29
'04 335 250 37 14 5 29
'05 247 171 25 13 5 34
'06 299 206 28 17 6 42
'07 311 227 34 12 8 29
'08 442 287 37 87 8 23
'09 370 244 30 71 7 18
'10 386 257 25 78 7 19
'11 354 244 24 66 7 12
'12 333 231 23 60 7 11
'13 325 231 23 56 7 7
'14 326 233 23 56 7 7
'15 302 207 23 57 8 7
'16 293 198 23 57 8 7
'17 288 193 23 57 8 7
Radio 2.3%
42.3
TV 17.3%
21.1 21.1
3.9 4.4
0.4
Magazines
7.0%
-2.4 -2.8 -2.0
-6.0 -7.4
-8.4
-16.3
Newspapers -26.2
71.4%
Advertising Data: 2003-2004 PARC/Ipsos Statex, 2005-2012 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2013-2014 Agency
estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts to 2004, after discounts thereafter
Kuwait is a small country whose economy mainly depends and magazines accounted for 78.4% of expenditure in 2014.
on oil. It possesses up to 10% of the worlds oil reserves,
and oil business comprises approximately 95% of Kuwaits Recently, some outdoor bookings have been on hold
export receipts. due to changes in vendor arrangements, although this
should be temporary and should not affect the market
The advertising market is largely print-based: newspapers significantly.

Latvia

'03 61.2 19.8 8.3 20.5 7.5 0.6 3.4 1.1
'04 70.0 20.9 9.7 24.6 8.4 0.6 4.6 1.3
'05 84.9 24.9 11.2 30.9 10.0 0.6 5.3 2.1
'06 108.2 26.9 15.9 38.6 12.1 0.6 9.3 4.6
'07 133.7 29.4 23.1 46.6 13.9 0.7 11.5 8.4
'08 138.2 25.1 22.1 49.4 15.1 0.9 13.5 12.1
'09 75.2 10.7 8.3 29.5 9.3 0.5 8.4 8.6
'10 65.3 7.3 5.8 29.2 7.5 0.5 6.6 8.4
'11 68.8 7.3 6.7 31.0 7.3 0.3 6.4 9.8
'12 70.9 6.4 7.0 32.0 7.5 0.3 6.8 10.9
'13 73.4 6.5 7.7 32.5 8.6 0.3 7.6 10.2
'14 75.6 5.8 7.7 33.2 10.1 0.5 7.7 10.7
'15 76.5 5.8 7.5 33.9 9.8 0.4 7.9 11.2
'16 77.3 5.8 7.5 34.4 9.5 0.4 8.0 11.7
'17 78.4 5.6 7.5 35.0 10.0 0.4 8.0 11.9
'03 81.3 26.3 11.0 27.2 10.0 0.8 4.5 1.5
'04 93.0 27.8 12.9 32.7 11.2 0.8 6.1 1.7
'05 112.9 33.1 14.9 41.0 13.2 0.8 7.0 2.8
'06 143.7 35.8 21.2 51.3 16.1 0.9 12.4 6.2
'07 177.7 39.1 30.8 62.0 18.5 0.9 15.3 11.1
'08 183.6 33.4 29.4 65.6 20.1 1.2 17.9 16.1
'09 100.0 14.3 11.0 39.2 12.3 0.7 11.1 11.4
'10 86.8 9.7 7.7 38.8 10.0 0.6 8.7 11.2
'11 91.4 9.6 8.9 41.2 9.6 0.4 8.5 13.0
'12 94.2 8.5 9.3 42.5 10.0 0.5 9.0 14.5
'13 97.6 8.6 10.2 43.2 11.4 0.4 10.1 13.6
'14 100.5 7.7 10.3 44.2 13.4 0.6 10.2 14.2
'15 101.7 7.7 10.0 45.1 13.0 0.5 10.5 14.9
'16 102.7 7.7 9.9 45.7 12.6 0.5 10.6 15.6
'17 104.2 7.4 10.0 46.5 13.3 0.5 10.6 15.8

Latvia
Newspapers 7.6%
Internet 14.1% 27.3
23.6
21.3
Magazines
10.2% 14.4
5.3 3.6
Outdoor/ 3.4 3.0 3.0 1.2 1.0 1.4
transport 10.1%
Cinema
0.6% -13.2
Radio
13.3%
-45.5
TV 44.0%
Advertising Data: 2003-2011 TNS BMF Gallup Media, 2012-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
4) 2003-2004 excludes classified, 2005 onwards includes classified
5) Internet includes all forms of advertising on the main domains
The IMF expects 2.3% growth in Latvias economy this year, A ban on outdoor alcohol advertising took effect on July 1
following 2.4% growth in 2014. The euro replaced Latvias 2014. We think spending in the alcohol category rose just
former currency (the lat) at the beginning of last year, before then, and dropped sharply afterwards.
highlighting the importance of eurozone trading partners to
Latvias economy. Total adspend is expected to increase by 1.2% in 2015,
down from 3.0% growth in 2014.

Lebanon

'05 110 28 10 31 7 5 28
'06 102 25 9 27 8 5 27
'07 114 24 10 39 7 3 31
'08 144 28 11 56 7 5 36
'09 150 31 11 58 7 7 36
'10 181 38 13 76 6 6 43
'11 151 30 11 59 5 12 34
'12 136 29 10 53 5 12 27
'13 130 26 9 50 5 12 27
'14 129 26 9 50 5 11 26
'15 128 26 9 50 5 11 26
'16 128 26 9 50 5 11 26
'17 128 26 9 50 5 11 26
Outdoor/
26.3
transport 20.4% Newspapers 20.1%
20.0
12.2
4.7
Magazines
Cinema 7.2% 0.0 0.0
8.9%
-0.6 -0.6
-4.8
Radio -7.7
-9.7
4.1%
-16.5
TV 39.2%
Advertising Data: 2005-2012 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2013-2014 Agency estimates, 2015-
Notes:
1) After discounts
Lebanon and Syria (the heart of the Levant region) have Meanwhile, recently introduced municipality rules on
closely tied economies. The continuing crisis in Syria has outdoor advertising mean that the number of sites available
caused local advertisers to make big cuts in spending in Lebanon has fallen significantly. Both print and outdoor
across the Levant. continue to suffer from the ban on tobacco advertising
introduced in 2011. We think total adspend decreased by
Several key sectors have reduced or even eliminated (e.g. 0.6% in 2014 and do not expect a return to growth within
the property sector) their expenditure on print advertising. our forecast period.

Lithuania

'03 232.6 37.3 15.0 167.3 5.4 - 7.5 -
'04 253.0 44.0 16.9 175.5 5.8 0.1 9.1 1.5
'05 105.3 30.7 12.7 44.9 7.4 0.0 7.2 2.3
'06 124.6 34.8 15.3 54.2 8.1 0.1 8.6 3.5
'07 143.9 35.9 18.4 65.7 9.8 0.1 9.3 4.6
'08 157.0 39.1 20.3 66.9 11.3 0.3 10.4 8.7
'09 94.2 20.9 10.4 42.0 8.1 0.3 6.7 5.8
'10 92.9 17.4 9.8 44.3 7.5 0.3 6.4 7.2
'11 97.6 17.4 10.1 46.9 7.8 0.3 7.0 8.1
'12 98.4 16.2 10.1 47.5 7.8 0.4 6.5 9.8
'13 98.2 14.5 10.4 46.9 7.8 0.5 6.7 11.3
'14 98.4 11.9 10.7 45.8 8.4 0.5 7.8 13.3
'15 99.8 11.5 10.5 46.1 8.5 0.6 7.9 14.5
'16 101.8 11.3 10.7 47.1 8.7 0.6 8.2 15.3
'17 104.9 11.1 11.1 48.5 9.0 0.6 8.4 16.3
'03 309.1 49.6 19.9 222.4 7.2 - 10.0 -
'04 336.2 58.5 22.5 233.3 7.7 0.1 12.1 2.0
'05 140.0 40.8 16.9 59.7 9.8 0.0 9.6 3.1
'06 165.6 46.2 20.4 72.0 10.8 0.2 11.4 4.6
'07 191.3 47.7 24.4 87.4 13.1 0.2 12.3 6.2
'08 208.7 52.0 26.9 88.9 15.0 0.5 13.9 11.5
'09 125.1 27.7 13.9 55.8 10.8 0.4 8.9 7.7
'10 123.5 23.1 13.1 58.9 10.0 0.3 8.5 9.6
'11 129.7 23.1 13.5 62.4 10.4 0.4 9.2 10.8
'12 130.8 21.6 13.5 63.1 10.4 0.5 8.7 13.1
'13 130.5 19.2 13.9 62.4 10.4 0.7 8.9 15.0
'14 130.7 15.8 14.2 60.8 11.2 0.6 10.4 17.7
'15 132.6 15.3 14.0 61.3 11.3 0.8 10.5 19.3
'16 135.4 15.0 14.3 62.5 11.6 0.7 10.9 20.4
'17 139.4 14.7 14.7 64.4 11.9 0.8 11.2 21.7

Total National Regional Other* Total Business Consumer Total Free Pay
'05 30.7 15.6 7.7 7.3 12.7 0.4 12.3 44.9 43.2 1.7
'06 34.8 16.9 9.2 8.6 15.3 0.6 14.8 54.2 51.1 3.0
'07 35.9 16.4 10.5 9.0 18.4 0.7 17.6 65.7 60.4 5.3
'08 39.1 18.4 11.2 9.5 20.3 1.0 19.3 66.9 59.9 7.0
'09 20.9 12.4 4.2 4.2 10.4 0.6 9.9 42.0 37.7 4.3
'10 17.4 11.4 3.0 3.0 9.8 0.6 9.3 44.3 40.6 3.7
'11 17.4 10.5 3.4 3.5 10.1 0.7 9.5 46.9 42.8 4.1
'12 16.2 9.9 3.1 3.2 10.1 0.8 9.4 47.5 42.7 4.7
'13 14.5 9.5 2.7 2.4 10.4 0.9 9.6 46.9 42.2 4.7
'14 11.9 7.7 2.3 1.9 10.7 1.0 9.8 45.8 40.7 5.0
'15 11.5 7.6 2.3 1.6 10.5 0.9 9.6 46.1 41.1 5.1
'16 11.3 7.7 2.1 1.5 10.7 1.0 9.8 47.1 41.4 5.6
'17 11.1 7.6 2.0 1.4 11.1 1.0 10.1 48.5 42.2 6.3
* Includes weekly, Russian-language and specialist titles

Lithuania

Internet
'05 2.3 - - - - - -
'06 3.5 - - - - - -
'07 4.6 - - - - - -
'08 8.7 - - - - - -
'09 5.8 - - - - - -
'10 7.2 - - - - - -
'11 8.1 - - - - - -
'12 9.8 - - - - - -
'13 11.3 11.3 11.1 0.2 - - -
'14 13.3 13.3 12.7 0.7 - - -
'15 14.5 14.5 13.7 0.9 - - -
'16 15.3 15.3 14.1 1.2 - - -
'17 16.3 16.3 14.9 1.5 - - -
Newspapers 12.1%
Internet 13.5% 18.3
15.6
8.8 9.1
5.0 3.0
0.9 0.2 1.5 2.1
Outdoor/ Magazines
transport 8.0% 10.9%
-1.3 -0.3
Cinema 0.5%
Radio
8.5%
-40.0
-58.4
TV 46.5%
Advertising Data: 2003-2014 TNS Gallup, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts to 2004; after discounts from 2005
3) Excludes agency commission to 2004; includes from 2005
4) Print includes classified from 2005

Lithuania
Lithuania adopted the euro as its currency at the beginning The advertising market is picking up after a slight decline
of 2015. We have restated all of our historic expenditure in 2013, and is expected to accelerate from 0.2% growth in
figures in this new currency. 2014 to 1.5% in 2015, with further increases in the growth
rate in 2016 and 2017.
The growth of the economy has slowed due to the
challenging external environment. Lithuanias exports to TV is still the most effective medium in reaching consumers
Russia fell by approximately a quarter in the first months and dominates the ad market, with a 47% share of adspend.
of this year as a result of the economic deterioration in At the same time, the internet is the fastest-growing
that country. Domestic demand remains the key factor for medium, expanding 18% in 2014. Newspapers are suffering
economic growth in Lithuania, with the biggest contribution the most from competition with the internet, shrinking
coming from private consumption, which has been growing. 18% in 2014. Radio has benefited from the arrival of new
advertisers (gambling companies), while outdoor spend
Lithuania has the highest consumer confidence in the Baltic has been boosted by a new measurement system and
region. In Nielsens Q2 2015 survey, Lithuanias consumer renovated sites.
confidence index was 83, compared to 82 in Estonia and
79 in Latvia. Since any figure below 100 indicates that In March 2015 elections to the municipal councils took
more consumers are pessimistic than optimistic about the place, further boosting outdoor adspend. Parliamentary
economy, on balance Lithuanias consumers are clearly still elections will be held in September 2016.
worried about the future.

Malaysia
Advertising Expenditure in local currency at current prices (Ringgit million)

'03 3,742 2,365 159 994 153 13 58 -
'04 4,529 2,672 169 1,407 169 14 98 -
'05 3,559 2,124 125 1,060 144 14 77 15
'06 3,732 2,097 122 1,209 156 15 103 31
'07 4,287 2,345 130 1,447 195 20 112 38
'08 4,803 2,541 122 1,720 235 20 116 50
'09 5,185 2,606 109 1,910 292 18 135 115
'10 6,001 2,977 119 2,247 330 18 165 145
'11 6,502 3,334 114 2,343 346 17 177 172
'12 6,660 3,293 113 2,464 363 28 194 203
'13 6,871 3,392 108 2,542 382 30 185 233
'14 7,608 3,558 97 2,516 372 34 190 842
'15 7,679 3,451 99 2,466 380 35 196 1,052
'16 8,289 3,624 102 2,596 399 39 215 1,315
'17 8,847 3,733 105 2,678 419 43 226 1,644
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Ringgit3.27
'03 1,143 723 49 304 47 4 18 -
'04 1,384 816 52 430 52 4 30 -
'05 1,087 649 38 324 44 4 23 5
'06 1,140 641 37 369 48 5 31 9
'07 1,310 716 40 442 59 6 34 12
'08 1,468 776 37 526 72 6 35 15
'09 1,584 796 33 584 89 5 41 35
'10 1,834 909 36 686 101 6 50 44
'11 1,987 1,019 35 716 106 5 54 53
'12 2,035 1,006 35 753 111 9 59 62
'13 2,099 1,036 33 777 117 9 56 71
'14 2,325 1,087 30 769 114 10 58 257
'15 2,346 1,055 30 753 116 11 60 321
'16 2,533 1,107 31 793 122 12 66 402
'17 2,703 1,140 32 818 128 13 69 502
Advertising Expenditure in local currency at current prices (Ringgit million)

'05 2,124 1,699 425 1,060 946 114

'06 2,097 1,677 419 1,209 1,068 141
'07 2,345 1,876 469 1,447 1,299 148
'08 2,541 2,032 508 1,720 1,561 159
'09 2,606 2,085 521 1,910 1,767 143
'10 2,977 2,381 595 2,247 2,089 157
'11 3,334 2,667 667 2,343 2,178 165
'12 3,293 2,635 659 2,464 2,291 173
'13 3,392 2,714 678 2,542 2,360 182
'14 3,558 2,846 712 2,516 2,319 197
'15 3,451 2,761 690 2,466 2,250 216
'16 3,624 2,899 725 2,596 2,362 234
'17 3,733 2,986 747 2,678 2,433 245

Malaysia
Internet 11.1%
21.0
14.9 15.8
Cinema 0.4% 12.1
10.7
Radio 4.9% 7.9 8.3 7.9 6.7
4.9
2.4 3.2
0.9
Newspapers
46.8%
TV
33.1% -21.4
Magazines 1.3%
Advertising Data: 2003-2014 Nielsen Media Research, company reports, internet: Agency estimates, 2015-2017 Agency forecasts
Notes:
3) Includes agency commission to 2004; excludes from 2005
5) Pay-TV figures agency estimate 2004; from published reports from 2005
6) Outdoor actuals ceased in 1995, but resumed in 2004. From 2004 they include point of sale and supermarkets. Outdoor monitoring is only
partial. We estimate that it is under-reported by at least 50%
7) Internet figures are agency estimates for display, classified and search
Malaysias economy grew more strongly than expected in the were in the non-alcoholic beverages, pharmaceutical,
second quarter, despite sliding commodity prices and weak toiletries, government and service sectors. Among the
domestic consumption. Gross domestic product (GDP) in the Nielsen-monitored media, there were ups and downs, with
second quarter grew 4.9% year-on-year. This was below the pay-TV (+14%), in-store media (+21%), cinema (+4%) and
5.6% seen in the January-March period but exceeded the magazines (+3%) posting increases while newspapers and
median forecast of 4.5% for April-June in a Reuters poll. free-to-air TV dropped 9%. Radio just about held on to the
same volume as last year.
Total adspend in the first half of 2015 was up by just 0.3%
compared to same period last year. The biggest increases Total adspend is expected to grow by 0.9% this year.

Mexico

'03 28,869 3,105 1,000 19,079 2,762 542 2,213 168
'04 32,887 2,904 1,366 22,228 2,693 584 2,952 160
'05 37,590 3,208 1,730 24,412 3,218 690 4,112 220
'06 43,899 4,206 1,984 28,269 3,883 866 4,177 514
'07 46,609 4,335 2,066 29,575 4,505 788 4,332 1,008
'08 53,591 4,552 2,252 34,512 4,820 940 4,591 1,924
'09 51,402 4,074 1,801 33,495 4,607 823 4,086 2,516
'10 57,323 4,481 1,873 37,127 5,298 494 4,658 3,392
'11 63,398 4,930 1,911 39,767 5,624 1,049 5,492 4,625
'12 68,453 4,831 2,006 42,100 6,451 1,039 5,629 6,397
'13 75,774 4,734 2,166 46,310 7,032 1,016 5,688 8,828
'14 83,973 4,640 2,340 50,941 7,664 1,110 5,802 11,476
'15 92,939 4,547 2,527 56,035 8,354 1,213 5,918 14,346
'16 102,548 4,501 2,729 61,639 9,106 1,322 6,036 17,215
'17 107,242 4,628 2,808 64,721 9,288 1,335 6,278 18,185
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Pesos13.29
'03 2,172 234 75 1,435 208 41 166 13
'04 2,474 218 103 1,672 203 44 222 12
'05 2,828 241 130 1,837 242 52 309 17
'06 3,303 316 149 2,127 292 65 314 39
'07 3,506 326 155 2,225 339 59 326 76
'08 4,032 342 169 2,596 363 71 345 145
'09 3,867 306 135 2,520 347 62 307 189
'10 4,312 337 141 2,793 399 37 350 255
'11 4,769 371 144 2,992 423 79 413 348
'12 5,150 363 151 3,167 485 78 423 481
'13 5,701 356 163 3,484 529 76 428 664
'14 6,317 349 176 3,832 577 83 436 863
'15 6,992 342 190 4,216 628 91 445 1,079
'16 7,715 339 205 4,637 685 99 454 1,295
'17 8,068 348 211 4,869 699 100 472 1,368

'05 3,208 2,367 841 1,730 217 1,513 24,412 22,486 1,926
'06 4,206 3,111 1,095 1,984 236 1,748 28,269 25,955 2,314
'07 4,335 3,330 1,005 2,066 246 1,820 29,575 26,716 2,859
'08 4,552 3,523 1,029 2,252 256 1,996 34,512 31,331 3,181
'09 4,074 3,175 899 1,801 284 1,517 33,495 30,664 2,831
'10 4,481 3,456 1,025 1,873 313 1,560 37,127 33,730 3,397
'11 4,930 3,913 1,017 1,911 226 1,685 39,767 35,520 4,247
'12 4,831 3,877 954 2,006 261 1,745 42,100 36,834 5,266
'13 4,734 3,800 935 2,166 270 1,897 46,310 42,307 4,003
'14 4,640 3,724 916 2,340 280 2,060 50,941 47,784 3,157
'15 4,547 3,649 898 2,527 302 2,225 56,035 52,562 3,473
'16 4,501 3,613 889 2,729 326 2,403 61,639 57,819 3,820
'17 4,628 3,721 906 2,808 333 2,475 64,721 60,709 4,011

Mexico

Internet
'05 220 176 176 - 4 4 - 40 40 -

'06 514 411 411 - 10 10 - 93 93 -
'07 1,008 806 806 - 20 20 - 181 181 -
'08 1,924 1,405 1,405 - 96 96 - 423 423 -
'09 2,516 1,661 1,661 - 201 201 - 654 654 -
'10 3,392 2,001 1,801 200 373 336 37 1,018 916 102
'11 4,625 2,729 2,183 546 509 407 102 1,388 1,110 278
'12 6,397 3,774 2,453 1,321 704 493 211 1,919 1,343 576
'13 8,828 5,209 3,646 1,563 971 583 388 2,648 1,589 1,059
'14 11,476 6,771 3,386 3,386 1,262 631 631 3,443 1,721 1,721
'15 14,346 8,464 3,809 4,655 1,578 631 947 4,304 1,721 2,582
'16 17,215 10,156 4,570 5,586 1,894 758 1,136 5,165 2,066 3,099
'17 18,185 10,674 4,753 5,921 1,985 781 1,204 5,527 2,211 3,316
Newspapers 5.5%
Internet 13.7% Magazines 2.8%
16.8
15.0
13.9 14.3
Outdoor/ 11.5
10.6 10.7 10.8 10.7 10.3
transport 6.9%
8.0
Cinema 1.3% 6.2
4.6
Radio
9.1%
-4.1
TV 60.7%
Advertising Data: 2002-2012 Asociacion de Agencias de Medios, 2013-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After estimated discounts
3) Excludes agency commission at 15%

Mexico
Mexicos growth prospects continue to moderate. Economic The government is to provide a total of 13.8 million free
growth will be supported by both a recovery in the United television sets across the country, delivered to each
States and an increase in investments related to structural household that is a beneficiary of SEDESOL, which is
reforms. However, the cut in government spending is likely responsible for providing support to those on low incomes.
to drag on economic growth. LatinFocus panellists lowered Mexicos telecoms regulator will be establishing a new
Mexicos 2015 GDP growth forecasts by 0.1 percentage tender process for digital TV channels, which will begin in
points over the previous month and now see the economy the last quarter of 2015; the winner will be announced in the
growing 2.6%. Next year, forecasters expect the economy to first half of 2016. This comes after the regulator revoked the
pick up momentum and expand 3.2%. awarding of a new TV network to media group Grupo Radio
Centro in April, when it failed to pay the sum required. The
Mexicos consumer confidence index rose to a seven-month new tender includes more than 123 TV channels, which
high in June, pointing to strengthening consumer demand could be offered individually or in the form of networks.
in Latin Americas second economy. Consumer confidence,
when adjusted for seasonal swings, climbed to 93.8 from an Digital video is the bread and butter of internet users in
upwardly revised 92.0 in May this year. Mexico. Three quarters of the countrys online population
will consume digital video content at least once per month
Even as Mexicos economy has opened up, however, in 2015, eMarketer estimates, putting Mexico ahead of
its score on Transparency Internationals Corruption the UK and nearly on a par with the US for this key metric
Perceptions Index has barely changed, and its ranking of web usage (according to the eMarketer report Mexico
lags that of many other Latin American nations. In 2013, Digital Video 2015: A Medium Best Served with a Focus on
more than 90% of Mexicans said that corruption had either Demographics).
increased or stayed the same over the previous two years;
this trend seems to still apply. Mobile is leading digital consumption. Around 78% of
smartphone users in Mexico watched video on a mobile
We are forecasting a 10.7% rise in advertising expenditure device at least monthly. By that measure, the country
in 2015. outpaced Latin Americas other giants, Argentina (58%) and
Brazil (73%).
A big event in television this year is the analogue shutdown,
which will be completed by the end of 2015.

Moldova
Advertising Expenditure in local currency at current prices (Leu million)

'05 112.4 13.1 8.7 47.1 18.4 1.0 24.1 -
'06 162.1 18.7 12.4 71.1 26.5 1.2 31.1 1.1
'07 237.5 23.3 15.6 98.0 27.5 1.5 70.0 1.6
'08 376.4 25.2 16.8 172.7 31.1 3.7 124.5 2.3
'09 369.5 20.5 13.7 186.7 31.1 4.6 108.9 3.9
'10 358.1 45.4 12.6 168.2 16.2 4.0 98.8 13.0
'11 364.0 29.3 4.9 211.3 17.9 4.3 79.9 16.3
'12 394.3 31.8 9.0 221.6 19.4 4.5 88.8 19.4
'13 434.0 32.3 9.1 248.1 15.1 4.6 95.3 29.6
'14 466.3 28.5 8.0 269.8 14.3 5.0 101.5 39.1
'15 511.1 30.7 8.7 291.2 11.5 5.1 109.6 54.3
'16 545.1 28.7 7.6 310.2 16.5 5.0 119.2 58.0
'17 555.6 26.9 7.0 322.6 15.9 4.9 113.5 64.8
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Leu14.04
'05 8.0 0.9 0.6 3.4 1.3 0.1 1.7 -
'06 11.5 1.3 0.9 5.1 1.9 0.1 2.2 0.1
'07 16.9 1.7 1.1 7.0 2.0 0.1 5.0 0.1
'08 26.8 1.8 1.2 12.3 2.2 0.3 8.9 0.2
'09 26.3 1.5 1.0 13.3 2.2 0.3 7.8 0.3
'10 25.5 3.2 0.9 12.0 1.2 0.3 7.0 0.9
'11 25.9 2.1 0.3 15.1 1.3 0.3 5.7 1.2
'12 28.1 2.3 0.6 15.8 1.4 0.3 6.3 1.4
'13 30.9 2.3 0.6 17.7 1.1 0.3 6.8 2.1
'14 33.2 2.0 0.6 19.2 1.0 0.4 7.2 2.8
'15 36.4 2.2 0.6 20.7 0.8 0.4 7.8 3.9
'16 38.8 2.0 0.5 22.1 1.2 0.4 8.5 4.1
'17 39.6 1.9 0.5 23.0 1.1 0.4 8.1 4.6
Advertising Expenditure in local currency at current prices (Leu million)

Magazines Television
Total Business Consumer Total Free Pay
'05 8.7 1.3 7.4 47.1 24.5 22.6
'06 12.4 1.9 10.6 71.1 37.0 34.1
'07 15.6 2.3 13.2 98.0 51.0 47.1
'08 16.8 2.5 14.3 172.7 89.8 82.9
'09 13.7 2.1 11.6 186.7 108.6 78.1
'10 12.6 1.1 11.6 168.2 87.5 80.7
'11 4.9 0.4 4.5 211.3 109.9 101.4
'12 9.0 0.8 8.2 221.6 122.9 98.7
'13 9.1 1.0 8.1 248.1 141.7 106.4
'14 8.0 0.9 7.2 269.8 154.2 115.6
'15 8.7 0.7 7.9 291.2 168.6 122.6
'16 7.6 0.6 6.9 310.2 181.4 128.7
'17 7.0 0.6 6.5 322.6 190.4 132.2

Moldova
Newspapers 6.1%
Internet 8.4%
Magazines 1.7%
58.5
46.5
Outdoor/ 44.2
transport 21.8%
10.1 9.6
8.3 7.4 6.7
Cinema 1.1% 1.6 1.9
Radio 3.1%
TV 57.9% -1.8 -3.1
Advertising Data: 2005-2014 Moldovan Association of Advertising Agencies, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
6) Variation in historic print figures partly due to changes in number of titles monitored
Food is the biggest category of consumer spending, and their budgets at the expense of radio firstly.
food advertising is an important factor in driving growth in
food spending. Although TV remains the dominant medium, it is losing
share, partly because locally produced content is not of the
TV ratecard prices are listed in euros, but payments are best quality. In May 2015, Russian channel Rossaya24 was
actually made in the local MDL currency, at the prevailing banned in a row over its coverage of the ongoing difficulties
market exchange rate. Fluctuation in the euro-MDL in Ukraine.
exchange rate therefore directly affects the value of TV ad
expenditure in MDL. This downward trend in press, TV and radio spend is
also the result of the highly dynamic development of the
Note that the apparent volatility in the historic print ad internet segment. The launch of wifi, 3G and 4G technology
expenditure figures is partly due to changes in the number has boosted internet penetration to 58% in five years. This
of titles monitored by a third-party supplier. Like-for-like has meant many TV viewers and magazine and newspaper
figures are not available. readers have switched to online versions.
The crisis in 2014 had its first impact on the niche media In addition, placement costs are low and rich media
markets in Moldova, which have started to decline and will possibilities are many in internet advertising; as a result the
continue to do over the next few years. Advertisers have cut digital area is developing very fast.

Netherlands

'03 3,453 1,493 800 746 245 7 122 40
'04 3,429 1,442 769 757 250 6 139 66
'05 3,563 1,432 780 857 239 7 151 97
'06 4,122 1,473 800 882 244 5 164 554
'07 4,394 1,496 807 944 257 5 165 720
'08 4,387 1,449 756 970 261 5 164 782
'09 3,810 1,184 572 886 220 5 148 795
'10 3,935 1,091 521 975 231 5 158 954
'11 3,967 997 488 1,017 233 5 159 1,068
'12 3,770 835 435 962 218 5 157 1,158
'13 3,649 696 376 933 227 6 156 1,255
'14 3,776 668 346 964 233 6 162 1,397
'15 3,845 587 327 974 238 6 165 1,548
'16 3,988 557 311 998 242 6 170 1,703
'17 4,149 532 297 1,018 247 6 174 1,875
'03 4,589 1,984 1,063 992 326 9 162 53
'04 4,558 1,917 1,022 1,006 332 8 185 88
'05 4,736 1,903 1,037 1,139 318 9 201 129
'06 5,479 1,958 1,063 1,172 324 7 218 736
'07 5,840 1,988 1,073 1,255 342 7 219 957
'08 5,831 1,926 1,005 1,289 347 7 218 1,039
'09 5,064 1,574 760 1,178 292 7 197 1,057
'10 5,230 1,450 692 1,296 307 7 210 1,268
'11 5,273 1,325 649 1,352 310 7 211 1,420
'12 5,011 1,110 578 1,279 290 7 209 1,539
'13 4,850 925 500 1,240 302 8 207 1,668
'14 5,019 888 460 1,281 310 8 215 1,857
'15 5,110 781 435 1,294 316 8 220 2,057
'16 5,300 741 413 1,326 322 8 226 2,263
'17 5,514 707 394 1,353 329 8 231 2,492

Total National Free sheets Total Business Consumer
'03 - - - 800 441 359

'04 - - - 769 424 345
'05 1,432 844 588 780 431 349
'06 1,473 859 614 800 453 347
'07 1,496 865 631 807 451 356
'08 1,449 815 634 756 408 348
'09 1,184 616 568 572 313 259
'10 1,091 544 547 521 255 266
'11 997 502 495 488 230 258
'12 835 425 410 435 212 223
'13 696 352 344 376 194 182
'14 668 324 344 345 175 171
'15 587 305 282 327 159 168
'16 557 284 274 311 151 160
'17 532 267 266 297 143 153

Netherlands

Internet
Total Desktop internet Mobile internet Display Classified Search

'03 40 - - 40 - -
'04 66 - - 66 - -
'05 97 - - 97 - -
'06 554 - - 147 119 288
'07 720 - - 190 164 366
'08 782 - - 210 172 400
'09 795 - - 210 175 410
'10 954 - - 302 192 460
'11 1,068 - - 336 202 530
'12 1,158 - - 338 195 625
'13 1,255 1,130 126 520 191 544
'14 1,397 1,201 196 582 206 609
'15 1,548 1,269 279 658 214 676
'16 1,703 1,362 341 737 223 744
'17 1,875 1,462 412 825 232 818
15.7
Newspapers 17.7%
6.6
Internet 37.0% 3.9 3.5 3.7 4.0
3.3
Magazines 1.8
0.8
9.2%
-0.7 -0.2
-3.2
-5.0
-13.2
Cinema 0.2% TV 25.5%
Radio 6.2%
Advertising Data: 2003-2014 VEA, BBC, 2015-2017 Agency forecasts
Notes:
1) After discounts
5) Magazines include consumer and business titles
6) Includes expenditure by regional advertisers in regional media
7) Outdoor includes transport and ambient media
8) Internet only includes display to 2005; includes display, classified and search from 2006
9) Television and radio: spot only
GDP is estimated to have grown by 0.9% in 2014, and For quite some time now print media have been shrinking.
further growth of 1.6% is forecast for this year. Corporate Newspapers accounted for 17.7% of total ad expenditure in
and consumer confidence are rising. Ad expenditure shrank 2014, and we expect their share to fall to 12.8% by the end
3.2% in 2013, but it bounced back with a rise of 3.5% in of 2017, while magazines share will decline from 9.2% to
2014. 7.2% over the same period.

New Zealand
Advertising Expenditure in local currency at current prices (NZ$ million)

'03 1,766 689 194 592 224 12 47 8
'04 1,982 790 223 643 247 13 51 15
'05 2,139 830 260 666 256 11 72 44
'06 2,125 810 251 641 269 10 79 65
'07 2,234 826 257 654 274 10 78 135
'08 2,200 760 249 647 268 9 74 193
'09 1,933 623 217 570 236 6 68 213
'10 2,029 627 219 607 241 8 70 257
'11 2,074 582 209 618 247 7 83 328
'12 2,052 540 210 614 248 7 67 366
'13 2,161 494 211 634 267 8 76 471
'14 2,271 484 212 614 280 9 83 589
'15 2,335 464 208 589 270 11 86 707
'16 2,439 450 206 601 269 12 88 813
'17 2,534 438 205 612 265 12 91 911
Advertising Expenditure in US$ million at current prices. All years based on US$1 = NZ$1.2
'03 1,467 572 161 492 186 10 39 7
'04 1,647 656 185 534 205 11 42 12
'05 1,777 690 216 553 213 9 60 37
'06 1,766 673 209 533 224 8 66 54
'07 1,856 686 214 543 228 8 65 112
'08 1,828 631 207 538 223 7 61 160
'09 1,606 518 180 474 196 5 57 177
'10 1,686 521 182 504 200 7 58 214
'11 1,723 484 174 514 205 6 69 272
'12 1,705 449 174 510 206 6 56 304
'13 1,796 410 175 527 222 7 63 391
'14 1,887 402 176 510 233 7 69 490
'15 1,940 386 173 489 224 9 71 587
'16 2,027 374 171 499 224 10 73 676
'17 2,105 364 170 509 220 10 76 757

Television
Total Free Pay
'09 570 499 71
'10 607 531 76
'11 618 541 77
'12 614 537 77
'13 634 555 79
'14 614 534 80
'15 598 526 72
'16 601 517 84
'17 612 545 67

New Zealand

Internet
'07 135 42 42 - 59 - - 34 - -
'08 193 58 58 - 75 - - 60 - -
'09 213 64 64 - 71 - - 78 - -
'10 257 80 80 - 84 - - 93 - -
'11 328 99 98 1 94 - - 135 - -
'12 366 114 111 3 112 - - 140 112 28
'13 471 136 131 6 128 128 - 207 166 41
'14 586 140 128 12 135 108 27 311 208 103
'15 707 164 149 15 168 125 43 375 250 125
'16 813 191 175 16 182 130 52 440 268 172
'17 911 205 187 18 200 130 70 506 286 220
12.2
Internet 25.9%
Newspapers 21.3%
7.9
5.1 5.0 5.3 5.1

4.5 3.9
2.2 2.8
Outdoor/ Magazines -0.7 -1.0

-1.5
transport 3.7% 9.3%
Cinema 0.4%
Radio
12.3% -12.1
TV 27.0%
Advertising Data: 2003-2014 AAA, media owners, OPG, Advertising Standards Authority, IAB, 2015-2017 Agency forecasts
Notes:
1) After discounts
4) Includes classified advertising for newspapers/internet, excludes for magazines
5) Internet includes display/classified/search/mobile
Consumer confidence has fallen to lowest level in three were offset by growth consumables and hospitality. Many
years, falling 15 points this year to 113.9. Falling diary prices, expect this lull to affect marketing budgets in the run into
higher petrol prices, the ongoing delayed impact of the the year end.
Christchurch CBD rebuild have all help fuel this sentiment.
Business confidence is also starting to slide Julys figure We expect relatively stable media expenditure across the
was the lowest in six years. market, reflective the last 12 months, when total revenue
grew by between 2%-3%.
Despite the impact of a number of these elements,
household spending continued to increase slowly in the Traditional linear TV audiences continue to decline in places
first half of 2015. Continued growth in immigration levels at alarming rates, with the likes of TV2 and TV3 delivering
and the strong Auckland housing market constitute some 20% audience declines across some day parts. Partly to
healthy signs in the north of the country. blame is the emergence of streaming services Netflix and
Lightbox in this market. With this dynamic in play the TV
Growth in retail sector spending stalled mid-way through market is largely inflationary. The arrival of Freeview Plus, the
2015, although some minor declines in the apparel market new free-to-air platform, has put some life into the market.

New Zealand
Netflix launched in the NZ market in March, partnering with Digital spend continues to climb, and with current
Vodafone to drive market share and battle against Sparks projections of +30% growth year-on-year, it could pass
(NZ Telecom) Lightbox offering. Both are now offering television in the coming quarter to lead the market.
competitive pricing plans, which seem to be eating into pay- Outdoor and cinema are also showing signs of growth
TV network Sky TVs dominance of paid-for TV content. regardless of size. From a category perspective, retail
advertisers declined around 6%, telecommunications
The New Zealand ad market in 2015 was characterised by declined by more than 30% and consumer electronics
the contrasting revenue results across Q1 and Q2. Q1 is halved. However, those losses were offset by growing spend
believed to have delivered stable growth of approximately by automotive and hospitality advertisers.
6% while in Q2 this fell away to a decline of approximately
3%. The net effect appears to be a year-to-date result up
approximately 1%-2%.

Nigeria

Total Print TV Radio Outdoor/transport
'08 355.4 58.6 180.2 56.1 60.6
'09 579.1 100.7 244.3 79.7 154.5
'10 621.3 105.2 252.6 81.6 181.9
'11 654.5 98.1 293.5 83.7 179.2
'12 634.2 50.3 393.3 111.2 79.3
'13 674.0 88.5 374.7 106.7 104.0
'14 887.8 323.8 346.0 106.8 111.1
'15 748.4 281.6 284.2 85.6 97.0
'16 777.9 386.8 219.2 69.6 102.3
'17 814.0 473.4 175.3 59.1 106.2
Outdoor/transport 62.9
12.5%
Radio Print
12.0% 36.5%
31.7
7.3 6.3
5.3 3.9 4.7
-3.1
-15.7
TV 39.0%
Advertising Data: 2008-2013 MMS, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
Adspend in Nigeria is rather volatile. While the year-on- for political purposes, particularly in the run-up to the
year growth of total adspend has been relatively smooth, 2015 election, while print is benefiting from the growth
the allocation between media can vary widely. Television in categories particularly suited to it, such as finance,
has suffered from the pre-emption of advertising time insurance and retail promotions.

Norway
Advertising Expenditure in local currency at current prices (NKr million)

'03 15,371 6,949 1,765 4,916 698 143 575 325
'04 17,359 8,033 1,929 5,196 941 147 658 455
'05 20,962 9,102 2,002 5,696 1,141 162 759 2,100
'06 23,155 9,836 2,086 5,923 1,124 173 894 3,119
'07 14,963 7,190 649 3,050 547 127 494 2,906
'08 15,458 6,878 642 3,175 585 143 535 3,500
'09 13,563 5,644 508 2,793 504 115 481 3,518
'10 14,598 5,844 544 3,061 563 139 506 3,941
'11 15,687 6,093 585 3,380 559 147 567 4,356
'12 15,949 5,636 547 3,623 602 156 582 4,803
'13 16,356 5,143 486 3,829 593 147 594 5,564
'14 15,901 4,311 400 3,841 631 130 569 6,019
'15 15,977 3,723 349 3,868 661 131 597 6,648
'16 16,231 3,243 311 3,867 667 133 608 7,402
'17 16,478 2,821 342 3,828 674 134 620 8,058
Advertising Expenditure in US$ million at current prices. All years based on US$1 = NKr6.3
'03 2,440 1,103 280 780 111 23 91 52
'04 2,755 1,275 306 825 149 23 104 72
'05 3,327 1,445 318 904 181 26 120 333
'06 3,675 1,561 331 940 178 27 142 495
'07 2,375 1,141 103 484 87 20 78 461
'08 2,454 1,092 102 504 93 23 85 556
'09 2,153 896 81 443 80 18 76 558
'10 2,317 928 86 486 89 22 80 626
'11 2,490 967 93 537 89 23 90 691
'12 2,532 895 87 575 96 25 92 762
'13 2,596 816 77 608 94 23 94 883
'14 2,524 684 63 610 100 21 90 955
'15 2,536 591 55 614 105 21 95 1,055
'16 2,576 515 49 614 106 21 97 1,175
'17 2,616 448 54 608 107 21 98 1,279
Advertising Expenditure in local currency at current prices (NKr million)

Internet
Total Display Desktop display Mobile display Classified Search Online video Online catalogues
'05 2,100 1,230 1,230 - 264 100 - 506

'06 3,119 1,792 1,792 - 383 160 - 784
'07 2,906 1,279 1,279 - 478 400 - 749
'08 3,500 1,350 1,350 - 519 489 - 1,142
'09 3,518 1,201 1,201 - 517 601 - 1,199
'10 3,941 1,420 1,420 - 655 784 - 1,082
'11 4,356 1,541 1,541 - 799 922 - 1,094
'12 4,803 1,754 1,670 84 937 1,120 - 992
'13 5,564 2,126 1,770 356 1,016 1,334 143 945
'14 6,019 2,340 1,797 543 986 1,594 245 854
'15 6,648 2,619 1,810 809 978 1,912 328 811
'16 7,402 2,859 1,837 1,022 983 2,281 452 827
'17 8,058 3,184 1,855 1,329 973 2,509 565 827

Norway
20.8
12.9
7.6 7.5
3.3 2.6
1.7 0.5 1.6 1.5
Internet
37.9%
-2.8
-12.3
Magazines
2.5%
-35.4
Cinema 0.8% TV 24.2%
Radio 4.0%
Advertising Data: 2003-2006 AC Nielsen, 2007-2013 IRM, AC Nielsen, MIO, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
4) Excludes classified advertising to 2006; includes from 2007
5) Magazines include business magazines
6) Internet includes display/classified/search/mobile
Reduced demand from the petroleum industry and low In 2014, total adspend is thought to have suffered a decline
growth in household demand are expected to lead to a of 2.8%, with the market expected to show slight growth of
clear but brief downturn in Norways economy. Despite 0.5% in 2015.
high growth in the structural non-oil public deficit and even
lower interest rates, mainland Norways GDP is expected
to increase by just 1.0% in 2015, while unemployment will
reach 4.3% in 2016.

Oman

Total Newspapers Magazines TV
'03 65.4 45.1 1.1 19.2
'04 76.3 49.5 3.1 23.6
'05 48.2 33.8 1.2 13.2
'06 49.5 38.2 0.7 10.6
'07 55.5 44.1 1.6 9.9
'08 74.4 64.5 1.8 8.0
'09 59.3 51.6 0.9 6.8
'10 64.0 56.8 1.1 6.1
'11 57.5 51.1 1.0 5.4
'12 54.8 48.5 0.9 5.4
'13 54.7 48.5 0.9 5.2
'14 54.5 48.4 0.9 5.2
'15 54.5 48.4 0.9 5.2
'16 54.5 48.4 0.9 5.2
'17 54.5 48.4 0.9 5.2
TV 9.6%
33.9
Magazines 1.7%
16.6
12.2
7.9
2.7
0.0 0.0
-0.3 -0.3 0.0

-4.7
-10.1
-20.2
-36.8
Newspapers 88.8%
Advertising Data: 2003-2004 Ipsos Statex, 2005-2012 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2013-2014 Agency estimates,
2015-2017 Agency forecasts
Notes:
We estimate expenditure dropped by 4.7% in 2012 after the generally not a priority and many of them are happy with
protests and violence in 2011, which left advertisers wary the exposure they get from their presence on the Pan Arab
of attracting controversy and cautious about appearing channels. Omans ad market is not expected to move into
in state-run media. And spend fell by a further 0.3% in recovery mode until after 2017.
both 2013 and 2014. For pan-regional advertisers Oman is

Pakistan
Advertising Expenditure in local currency at current prices (Rs million)

'03 8,200 3,240 360 3,300 200 - 1,100 -
'04 9,410 3,432 468 4,200 200 10 1,100 -
'05 11,166 3,870 630 4,700 300 45 1,600 21
'06 14,329 4,482 918 6,300 350 35 2,200 44
'07 22,436 6,043 1,417 10,550 550 990 2,800 86
'08 28,268 6,707 1,573 14,523 997 1,337 2,996 135
'09 33,146 7,101 1,620 18,604 1,110 1,396 3,116 199
'10 37,355 6,959 1,563 22,583 1,193 1,443 3,163 450
'11 37,884 6,889 1,541 22,922 1,266 1,486 3,201 579
'12 38,260 6,924 1,518 23,082 1,339 1,526 3,220 650
'13 39,234 6,945 1,495 23,890 1,413 1,560 3,231 700
'14 44,514 6,959 1,480 28,453 1,772 1,591 3,440 819
'15 48,091 6,986 1,468 31,526 2,004 1,620 3,546 940
'16 50,953 7,028 1,454 33,922 2,206 1,641 3,621 1,081
'17 53,201 7,056 1,436 35,788 2,363 1,661 3,676 1,222
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Rs101.55
'03 81 32 4 32 2 - 11 -
'04 93 34 5 41 2 0 11 -
'05 110 38 6 46 3 0 16 0
'06 141 44 9 62 3 0 22 0
'07 221 60 14 104 5 10 28 1
'08 278 66 15 143 10 13 30 1
'09 326 70 16 183 11 14 31 2
'10 368 69 15 222 12 14 31 4
'11 373 68 15 226 12 15 32 6
'12 377 68 15 227 13 15 32 6
'13 386 68 15 235 14 15 32 7
'14 438 69 15 280 17 16 34 8
'15 474 69 14 310 20 16 35 9
'16 502 69 14 334 22 16 36 11
'17 524 69 14 352 23 16 36 12

'03 3,240 2,916 324 360 15 345 3,300 2,409 891

'04 3,432 3,054 378 468 23 445 4,200 2,562 1,638
'05 3,870 3,328 542 630 37 593 4,700 1,880 2,820
'06 4,482 3,765 717 918 63 855 6,300 2,268 4,032
'07 6,043 5,016 1,027 1,417 113 1,304 10,551 3,693 6,858
'08 6,707 5,634 1,073 1,573 134 1,440 14,523 3,849 10,674
'09 7,101 5,965 1,136 1,620 139 1,481 18,604 3,168 15,436
'10 6,959 5,880 1,079 1,563 94 1,470 22,583 3,647 18,936
'11 6,889 5,856 1,033 1,541 86 1,455 22,922 4,126 18,796
'12 6,924 5,901 1,023 1,518 83 1,435 23,082 3,931 19,151
'13 6,945 5,938 1,007 1,495 79 1,416 23,890 3,822 20,068
'14 6,959 5,975 983 1,480 77 1,403 28,453 4,837 23,616
'15 6,986 6,008 978 1,468 75 1,394 31,526 5,675 25,851
'16 7,028 6,044 984 1,454 84 1,369 33,922 6,106 27,816
'17 7,056 6,139 917 1,436 86 1,350 35,788 6,263 29,525

Pakistan

Internet
Total Display Desktop display Mobile display Other* Desktop other Mobile other Search Desktop search Mobile search
'05 21 21 21 - - - - - - -
'06 44 44 44 - - - - - - -
'07 86 86 86 - - - - - - -
'08 135 135 135 - - - - - - -
'09 199 189 189 - 6 6 - 4 4 -
'10 450 315 299 16 122 122 - 14 14 -
'11 579 360 335 25 201 201 - 18 18 -
'12 650 325 286 39 260 247 13 65 65 -
'13 700 350 298 53 280 252 28 70 67 4
'14 819 328 262 66 385 328 58 106 95 11
'15 940 357 268 89 451 316 135 132 105 26
'16 1,081 346 253 93 530 365 164 205 160 45
'17 1,222 342 246 96 611 415 195 269 202 67
*Includes video and social media advertising
Internet 1.8%
Cinema
3.6%
Radio
4.0% Magazines
3.3%
28.3
26.0
18.7
17.3
14.8 13.5
12.7
8.0
6.0
4.4
1.4 2.5
1.0
TV 63.9%
Advertising Data: 2003-2014 MediaTrack, Adcom, Adviewer, Cini Plex, Insight Solutions, GMA, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
4) Includes classified to 2004, excludes from 2005

Pakistan
Pakistan is one of the poorest and least developed The internet is the fastest-growing advertising medium, with
countries in Asia, with a semi-industrialized economy that strong interest in Facebook advertising and Google display
relies on manufacturing, agriculture and remittances. from all sizes of advertisers, from multinationals to small
Textiles account for most of Pakistans export earnings, and entrepreneurs.
Pakistans failure to expand a viable export base for other
manufactured products has left the country vulnerable to Television is the dominant medium, thanks to its ability to
shifts in world demand. Political instability, widespread quickly reach large numbers of the mostly rural population,
corruption and lack of law enforcement hamper private and deliver strong brand experiences. The PBA (Pakistan
investment and foreign aid. Broadcasters Association) has improved the accountability
of media transactions between media agencies, clients
Brand loyalty has declined in Pakistan as the number of and television channels. However, occasional power cuts
choices available to consumers has increased. Because have interrupted television transmission in some parts of
shoppers are willing to take risks on new products, advertisers the country, leading some advertisers to supplement their
are willing to increase their ad expenditure to attract new television coverage with radio and outdoor advertising.
customers. Ad expenditure grew at double-digit annual rates
for most of the last decade, and expanded by 13.5% in 2014 The cricket world cup took place in March.
after three disappointing years from 2011 to 2013.

Pan Arab

'03 1,443 62 93 1,289 -

'04 1,820 86 93 1,641 -
'05 1,005 58 73 874 -
'06 1,315 57 81 1,176 -
'07 1,856 55 100 1,693 8
'08 2,283 56 110 2,104 14
'09 2,032 39 77 1,893 23
'10 2,259 35 69 2,083 72
'11 2,033 35 62 1,830 105
'12 2,148 35 56 1,914 143
'13 2,365 31 56 2,106 172
'14 2,394 30 55 2,104 205
'15 2,362 30 49 2,041 242
'16 2,272 30 47 1,914 281
'17 2,310 30 43 1,914 323
Newspapers 1.3%
Internet 8.6% Magazines 2.3%
41.2
30.8
26.1
23.0
11.2 10.1
5.7
1.2 1.7
-1.3 -3.8
-11.0 -10.0
-44.8
TV 87.9%
Advertising Data: 2003-2004 Pan Arab Research Centre (PARC), IPSOS Statex, 2005-2012 Vivaki/Business Compass net estimates based on
Ipsos Statex gross data, 2013-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts until 2004; after discounts from 2005
5) Pan Arab includes pan-regional media covering Saudi Arabia, UAE, Kuwait, Oman, Bahrain, Qatar, Jordan, Syria, Lebanon, Yemen and
Egypt. It does not include advertising within media that are only available within one country in the region - this advertising is counted
instead within that country
Pan Arab is an umbrella term that covers pan-regional and security instabilities that the region is facing, Pan Arab
media reaching the entire Arab region. The biggest Pan TV spend is shrinking. The TV market was flat last year and
Arab medium by far is satellite television, which covers the we forecast a decline of 3.0% this year, deepening to 6.2%
whole region, does not target a specific population and is decline in 2016, before stabilising in 2017.
not subject to censorship by local governments.
For the ad market as a whole we expect growth rates of
Due to a significant drop in oil prices, and all the political -1.3% in 2015, -3.8% in 2016 and +1.7% in 2017.

Panama

'03 196 50 9 129 8 -
'04 223 50 9 154 10 -
'05 - - - - - -
'06 352 60 - 292 - -
'07 451 67 15 329 25 15
'08 457 73 16 326 26 16
'09 532 81 19 387 26 19
'10 616 83 21 465 26 21
'11 751 94 20 589 28 20
'12 821 101 19 653 29 19
'13 937 96 19 774 29 19
'14 1,001 96 21 833 32 19
'15 1,101 106 20 917 35 23
'16 1,214 117 20 1,014 38 25
'17 1,306 128 21 1,095 38 24
Radio 3.2% Newspapers 9.6%
28.1
Magazines 2.1%
21.9
16.4 15.8
14.1
10.0 10.3
9.3
7.6
6.8
1.3
TV 83.2%
Advertising Data: 2003 Controles de Inversion Publicitaria, 2004-2013 IBOPE, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts
3) Includes 15% agency commission
Panamas economy grew by 5.05% in February year-on- growth. GDP is forecast to expand by 6.1% in 2015.
year, with the transport, storage & communication, fishing, Hopefully, the completion of the Panama Canal expansion
mining & quarrying, construction, community, social & project which saw the final gate placed on the new canal
personal services, financial services, restaurants & hotels, locks earlier this year will boost growth over the next few
electricity & water and agriculture sectors all showing years.

Peru

'03 223 78 5 101 16 - 23 -
'04 215 58 6 99 26 - 26 -
'05 253 60 6 120 30 7 30 -
'06 291 68 8 136 35 9 35 -
'07 344 75 10 166 39 5 42 7
'08 413 85 11 205 47 6 49 10
'09 416 83 10 207 49 6 47 14
'10 514 91 10 277 61 7 52 16
'11 595 98 12 328 72 8 56 21
'12 660 103 13 359 74 9 65 37
'13 715 106 14 391 79 10 71 44
'14 756 107 14 406 81 10 72 66
'15 722 100 12 386 76 10 68 70
'16 739 102 12 393 77 10 68 77
'17 766 105 13 405 79 10 70 84

'03 - - - 101 95 6
'04 - - - 99 87 12
'05 60 57 3 120 107 13
'06 68 65 3 136 121 15
'07 75 71 4 166 147 19
'08 85 81 4 205 183 22
'09 83 79 4 207 185 22
'10 91 85 6 277 250 27
'11 98 91 7 328 295 33
'12 103 96 7 359 320 39
'13 106 98 8 391 352 39
'14 107 99 8 406 373 33
'15 100 94 6 386 355 31
'16 102 96 6 393 361 32
'17 105 98 7 405 372 33

Peru
Internet 8.7%
Newspapers 14.2%
15.9
13.6 14.2
Magazines 12.2
1.9% 11.0 11.0
Cinema
1.3% 7.7
6.2
3.7 3.7
Radio 2.3
10.7%
-5.6
TV 53.7%
Advertising Data: 2003-2014 CPI, Vivaki Peru, 2015-2017 Agency forecasts
Notes:
1) After discounts
4) Excludes classified (except 2003)
5) Other includes cinema, internet and direct mail to 2006; cinema and direct mail only from 2007
6) Internet excludes search
Economic growth is slowing due to multiple factors e.g. Television is the largest medium in Peru, accounting for over
reducing mineral prices, the fact it is a pre-election year, half of total advertising expenditure (54%), although internet
reduction in consumer demand and so on. Our predictions is the fastest-growing, having turned in double-digit growth
have therefore shifted downwards. Nevertheless, GDP each year since 2008, when we began reporting it.
growth is still predicted to come in at around 3.8% this year,
and at around 5%-6% a year for the following two years. We now think total ad expenditure will end the year up by
7.7% overall, with 2.3% growth in 2016 and 3.7% in 2017.

Philippines

'03 94,379 7,618 1,946 68,390 16,425 - - -
'04 113,257 8,694 2,898 82,204 19,461 - - -
'05 35,800 6,000 1,500 20,000 4,000 200 3,900 200
'06 36,580 5,300 1,100 21,000 4,200 200 4,380 400
'07 39,250 6,100 1,300 22,000 4,200 250 4,800 600
'08 45,000 7,000 1,600 25,000 5,000 300 5,300 800
'09 49,000 6,500 1,300 28,000 6,000 350 5,850 1,000
'10 62,235 7,500 1,600 38,000 7,000 400 6,435 1,300
'11 69,650 7,500 1,600 44,000 7,500 350 7,000 1,700
'12 77,800 7,400 1,600 50,600 7,800 400 7,500 2,500
'13 85,550 7,500 1,600 56,000 8,500 450 8,000 3,500
'14 93,050 7,100 1,600 61,000 9,700 450 8,200 5,000
'15 104,060 7,100 1,600 67,100 11,300 460 9,000 7,500
'16 123,600 7,800 1,800 79,000 13,200 500 10,000 11,300
'17 138,020 7,900 1,820 87,000 13,800 500 11,000 16,000
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Pesos44.42
'03 2,125 171 44 1,540 370 - - -
'04 2,550 196 65 1,851 438 - - -
'05 806 135 34 450 90 5 88 5
'06 824 119 25 473 95 5 99 9
'07 884 137 29 495 95 6 108 14
'08 1,013 158 36 563 113 7 119 18
'09 1,103 146 29 630 135 8 132 23
'10 1,401 169 36 855 158 9 145 29
'11 1,568 169 36 991 169 8 158 38
'12 1,751 167 36 1,139 176 9 169 56
'13 1,926 169 36 1,261 191 10 180 79
'14 2,095 160 36 1,373 218 10 185 113
'15 2,343 160 36 1,511 254 10 203 169
'16 2,783 176 41 1,778 297 11 225 254
'17 3,107 178 41 1,959 311 11 248 360

'05 6,000 5,700 300 1,500 150 1,350 20,000 18,000 2,000
'06 5,300 5,035 265 1,100 110 990 21,000 18,900 2,100
'07 6,100 5,795 305 1,300 130 1,170 22,000 19,800 2,200
'08 7,000 6,650 350 1,600 160 1,440 25,000 22,500 2,500
'09 6,500 6,175 325 1,300 130 1,170 28,000 25,200 2,800
'10 7,500 7,125 375 1,600 160 1,440 38,000 34,200 3,800
'11 7,500 7,125 375 1,600 160 1,440 44,000 39,600 4,400
'12 7,400 7,030 370 1,600 160 1,440 50,600 45,540 5,060
'13 7,500 7,125 375 1,600 160 1,440 56,000 50,400 5,600
'14 7,100 6,745 355 1,600 160 1,440 61,000 54,900 6,100
'15 7,100 6,745 355 1,600 160 1,440 67,100 60,390 6,710
'16 7,800 7,410 390 1,800 180 1,620 79,000 71,100 7,900
'17 7,900 7,505 395 1,820 182 1,638 87,000 78,300 8,700

Philippines

27.0
Outdoor/transport 8.8% Magazines 1.7%
20.0 18.8
14.6
11.9 11.7 10.0 11.8 11.7
Cinema 0.5% 7.3 8.9 8.8
2.2
Radio
10.4%
-68.4
TV 65.6%
Advertising Data: 2003-2008 Nielsen, AdQuest Millennium, 2009-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts to 2004; after estimated discounts from 2005
The Philippines strong economic performance has been the Presidential elections in 2016, and government and public
dampened by continuous political scandals, which have service ads will heighten. The increase in spending will be
affected the overall consumer outlook; the Philippines is the fully seen in 2016 as political ads take over in the first half of
only SEA country that showed a decline in its confidence the year, with regular advertisers catching up in the latter half.
index (Nielsen Consumer Confidence Index).
As online usage continues to grow quickly, the internet is
On the back of the strong economy, adspend is forecast to definitely gaining at the expense of print and OOH, and to
rise by 11.8% in 2015. Politicians will also start to gear up for a lesser extent TV and radio.

Poland
Advertising Expenditure in local currency at current prices (Zloty million)

'03 11,152 1,531 1,433 6,600 872 99 566 50
'04 12,442 1,907 1,738 6,861 1,043 128 678 87
'05 5,256 710 833 2,603 435 53 474 148
'06 5,884 738 855 3,010 482 60 523 215
'07 7,015 760 893 3,528 499 72 670 593
'08 7,753 753 916 4,015 528 95 707 738
'09 6,854 570 789 3,561 452 94 587 801
'10 7,000 519 724 3,678 456 103 555 965
'11 7,141 477 680 3,735 481 108 539 1,121
'12 6,747 381 568 3,499 475 112 501 1,211
'13 6,392 285 449 3,345 454 114 445 1,300
'14 6,545 230 380 3,446 475 115 441 1,458
'15 6,703 185 323 3,537 490 116 438 1,614
'16 6,881 150 275 3,621 499 118 433 1,785
'17 7,062 125 239 3,672 506 120 428 1,972
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Zloty3.16
'03 3,535 485 454 2,092 276 31 180 16
'04 3,944 604 551 2,174 331 41 215 28
'05 1,666 225 264 825 138 17 150 47
'06 1,865 234 271 954 153 19 166 68
'07 2,223 241 283 1,118 158 23 212 188
'08 2,457 239 290 1,273 167 30 224 234
'09 2,172 181 250 1,129 143 30 186 254
'10 2,219 164 229 1,166 145 33 176 306
'11 2,263 151 216 1,184 152 34 171 355
'12 2,138 121 180 1,109 151 35 159 384
'13 2,026 90 142 1,060 144 36 141 412
'14 2,074 73 120 1,092 151 36 140 462
'15 2,124 59 102 1,121 155 37 139 512
'16 2,181 48 87 1,148 158 37 137 566
'17 2,238 40 76 1,164 160 38 136 625

Poland
Newspapers 3.5%
Magazines 5.8%
19.2
Internet 22.3% 11.6 11.9 10.5
2.1 2.0 2.4 2.4 2.7 2.6
-5.5 -5.3
-11.6
Outdoor/
transport 6.7%
Cinema 1.8%
Radio
7.3% -57.8
TV 52.7%
Advertising Data: 2003-2014 Kantar Media, AGB Nielsen Media Research, IGRZ, IAB, Agency estimates, 2015-2017 Agency forecasts
Notes:
4) 2003-2004 includes classified, otherwise excludes
5) Excludes self-promotion and barter
6) From 2007, internet includes search, display and email marketing
7) TV includes sponsorship
GDP grew by 3.7% year-on-year in Q2 2015, higher than breaks is likely to have a negative impact on the radio
in Q1. The main factor supporting economic growth was audience.
domestic demand.
A slight recovery in outdoor advertising at the beginning of
The inflation rate is still below the NBP (National Bank) 2015 is unlikely to affect the market in subsequent periods.
inflation target. In Q2 it was -0.9% (at the end of March it Outdoor still suffers from many problems in Poland.
also amounted to -0.8% on a yearly basis). This means that Additionally, the new landscape law that is coming into
deflation has been observed for the fourth quarter in a row, force may have a negative effect on outdoor advertising.
and has intensified since the beginning of 2015. In Q2-Q3
2015, deflation will continue, but prices should start growing A further outflow of advertisers to digital media has
in Q4. Yearly inflation should reach -0.6%. weakened the press market, both in terms of sales and
advertising. Print is still on a downward trend and there is
The registered unemployment rate at the end of H1 2015 no indication that this will stop. More and more publishers
was 10.3% (a decrease of 1.7 percentage points versus the are releasing tablet/digital issues, hoping that this at least
end of H1 2014). will partially stop the decline of advertisers budgets.
Focusing on the ad market, we expect total spend to rise by Cinema is at a stable level. Blockbusters guarantee high
2.4% this year. audiences and thus the interest of advertisers in big screen
ads.
Radio is performing well, with a lot of interest from
advertisers and more and more advertising spots being Despite changes in trade policies and political uncertainties,
filled, especially when there are sales campaigns. It is TV is expected to grow by 2.6% this year.
possible that the distribution of major advertisers will
change as pharmaceuticals begin to move their budgets to There has been a steady increase in online spend,
TV, and the trade sector becomes a strong player in radio particularly mobile, which has been prompted by the
advertising. However, the upward trend in the amount of growing share of mobile page views. Programmatic buying
broadcast spots and the increasing length of advertising is becoming much more common.

Portugal

'03 847 69 145 464 54 7 105 4
'04 907 71 146 504 57 7 117 4
'05 916 70 148 517 56 7 114 5
'06 906 67 148 512 52 6 114 7
'07 939 67 150 533 51 6 120 13
'08 928 66 143 529 47 5 119 19
'09 806 51 114 466 46 4 105 21
'10 811 46 111 476 46 4 105 25
'11 706 46 55 418 46 3 97 42
'12 586 45 38 336 43 2 72 49
'13 538 36 33 308 38 2 65 57
'14 589 37 34 329 41 2 74 73
'15 611 37 34 337 42 2 74 85
'16 637 38 36 348 42 2 76 95
'17 663 39 37 360 43 2 77 105
'03 1,126 92 193 616 72 9 139 6
'04 1,205 95 195 670 76 9 156 6
'05 1,218 93 197 687 74 9 151 7
'06 1,205 89 197 681 69 8 152 9
'07 1,248 89 200 708 67 7 159 17
'08 1,234 88 190 703 62 7 158 26
'09 1,072 68 152 619 61 5 139 28
'10 1,078 61 147 632 61 5 140 33
'11 939 61 74 556 61 4 128 56
'12 779 59 50 447 58 3 96 66
'13 715 48 44 410 50 3 86 75
'14 783 49 45 438 55 2 98 96
'15 813 49 46 448 55 2 99 113
'16 847 50 47 463 56 2 101 126
'17 881 51 49 479 58 2 103 139

Television
Total Free Pay
'05 517 482 36

'06 512 475 37
'07 533 489 44
'08 529 485 44
'09 466 427 39
'10 476 431 44
'11 418 375 43
'12 336 293 43
'13 308 263 45
'14 329 278 52
'15 337 282 55
'16 348 291 58
'17 360 299 61

Portugal
Newspapers 6.3%
Internet 12.3%
Magazines 5.7% 9.5
7.0
3.6 3.8 4.2 4.0

Outdoor/
transport 12.5% 1.0 0.6
-1.1 -1.1
Cinema 0.3%
Radio -8.2
7.0%
-13.2 -12.9
-17.0
TV 55.9%
Notes:
1) After discounts
5) Internet includes all advertising formats (banners, pop-ups, interstitials, etc.)
Portugals GDP grew by 0.9% in 2014, and the IMF expects Cinema was the only struggling medium (-11.0%), and
further growth of 1.6% in 2015. The ad market was in severe the fastest growth came from internet (+28.0%). This year,
decline between 2011 and 2013, but came back last year to we expect growth of around 3.8%, again led by internet
post 9.5% growth. advertising (+17.0%).

Puerto Rico

'03 1,865 549 56 1,109 100 10 40 1
'04 1,911 572 60 1,122 116 8 32 1
'05 1,396 435 33 794 95 7 30 2
'06 1,529 472 44 865 104 8 32 4
'07 1,865 553 65 1,073 128 8 33 5
'08 1,741 496 64 968 159 8 38 8
'09 1,680 423 59 996 145 7 40 10
'10 1,768 462 55 1,035 155 8 41 12
'11 1,774 465 56 1,030 158 8 42 15
'12 1,809 473 57 1,040 165 9 45 20
'13 1,730 367 41 1,072 175 8 40 27
'14 1,804 473 53 1,038 162 8 42 28
'15 1,808 478 52 1,040 161 8 40 29
'16 1,881 499 48 1,085 168 7 42 32
'17 1,918 510 44 1,109 171 7 43 34

Television
Total Free Pay
'05 794 696 98
'06 865 762 103
'07 1,073 942 131
'08 968 832 136
'09 996 862 134
'10 1,035 900 135
'11 1,030 894 136
'12 1,040 900 140
'13 1,072 881 191
'14 1,038 898 140
'15 1,040 899 141
'16 1,085 938 147
'17 1,109 959 150

Puerto Rico
Cinema 0.4% Internet 1.6%
22.0
Radio 9.0%
Newspapers
26.2%
9.5
5.2 4.3 4.0
2.5 2.0 2.0
0.3 0.2
-3.5 -4.4
-6.6
Magazines
2.9%
-27.0
TV 57.5%
Advertising Data: 2003-2004 AdTrac, MediaFax, 2005-2014 Nielsen AdDynamix, media owners, 2015-2017 Agency forecasts
Notes:
1) Before discounts
3) Includes agency commission (15%-20%)
5) Internet figures include display, classified, search and mobile
The government has increased the Sales and Use Tax from decrease, especially categories with small budgets.
7% to 11.5%, and will introduce a 4% Business to Business
Tax in October. Drought has led to water rationing in many As a result of demographic changes to the population,
areas of the island, affecting the operations of several the audience for local TV has been falling over recent
industries. Additional concerns include the high cost of years, although some signs of stabilisation are appearing.
utilities (especially electricity and water services), public Univision TV has been losing audience since the cancelation
security and the unemployment rate. But the main problem of all local news broadcasts last year, but they are working
is that the government cannot pay its debts and cannot on new programme offerings that should help them regain
under US law declare bankruptcy. some viewers.
The current economic situation has made consumers AT&T is in the middle of an acquisition process to buy
more cautious, and they are searching for the best deals DirecTV, while Liberty Cablevision has acquired Choice
in every category when buying goods and services. This Cable, and now owns the rights for cable TV services island-
has triggered price wars, and an increase in adspend for wide.
important retail categories such as supermarkets and
telecommunications; this increase is helping to offset Digital platforms continue to grow, but mobile advertising
the decrease in other segments. In general, advertisers in particular is becoming an attractive and interesting
budgets have remained flat or have experienced a slight option to clients, although it is still being developed.

Qatar

'03 80.6 71.0 0.3 8.7 0.6 -
'04 88.8 81.2 0.0 7.2 0.4 -
'05 52.9 47.7 0.3 3.9 0.6 0.4
'06 96.6 86.5 0.3 6.3 1.7 1.8
'07 106.2 92.8 0.7 9.4 1.3 2.0
'08 121.4 105.5 1.0 11.3 1.1 2.6
'09 103.2 89.6 0.5 9.6 1.1 2.3
'10 110.6 98.6 0.5 7.7 1.2 2.5
'11 87.8 78.9 0.5 5.4 1.2 1.8
'12 79.1 71.0 0.5 4.9 1.2 1.5
'13 74.7 67.4 0.5 4.1 1.2 1.4
'14 74.1 65.4 0.5 5.7 1.2 1.4
'15 72.5 65.4 0.5 4.1 1.2 1.4
'16 72.5 65.4 0.5 4.1 1.2 1.4
'17 72.5 65.4 0.5 4.1 1.2 1.4
Radio 1.7% Outdoor/transport 1.8%
TV 7.6% 82.5
Magazines 0.6%
14.4
10.2 9.9 7.2
0.0
-0.8 -2.1 0.0

-5.6
-9.9
-15.0
-20.6
-40.4
Newspapers 88.2%
Advertising Data: 2003-2004 IPSOS Statex, 2005-2012 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2013-2014
Agency estimates, 2015-2017 Agency forecasts
Notes:
Qatars ad market is dominated by newspapers, which expenditure by the end of our forecast period.
held an 88.2% share of the market in 2014. TV in Qatar
has an extremely small market share compared to most The ad market has been in decline for several years, and we
media markets, mainly due to viewers preference for Pan expect advertising expenditure to fall again in 2015 (-2.1%),
Arab satellite channels over local television. Advertisers as some of the most important local advertisers continue to
are continuing to shift their budgets to the pan-regional reduce spending. We dont expect a return to growth until
channels, and we expect television to attract just 5.6% of after 2017.

Romania

'03 153.7 22.0 14.0 100.0 6.5 0.7 10.0 0.5
'04 226.0 34.3 26.2 127.9 14.1 1.8 20.1 1.6
'05 308.8 34.5 33.0 188.6 20.0 2.3 27.7 2.8
'06 420.5 37.9 44.2 265.9 28.0 2.9 36.0 5.6
'07 603.8 44.5 59.0 390.6 34.9 3.4 54.0 17.5
'08 796.8 57.2 59.4 515.9 48.5 3.9 83.2 28.8
'09 538.9 28.4 37.6 356.2 33.4 2.6 59.3 21.5
'10 458.5 17.7 21.6 298.5 27.9 2.4 58.5 31.8
'11 440.4 15.1 18.4 286.6 25.9 2.0 52.7 39.8
'12 395.3 12.4 15.6 252.2 22.3 1.7 47.4 43.7
'13 383.3 10.1 13.8 244.6 22.3 1.7 42.7 48.1
'14 397.1 10.1 13.8 252.0 23.0 1.7 42.7 53.9
'15 415.8 10.1 12.4 263.3 23.0 1.9 40.5 64.7
'16 442.7 10.1 12.4 276.5 23.6 2.0 40.5 77.6
'17 464.3 10.1 12.4 290.3 23.6 2.0 40.5 85.4

'03 22.0 17.0 5.0 14.0 3.0 11.0

'04 34.3 32.3 2.0 26.2 1.6 24.6
'05 34.5 32.7 1.7 33.0 2.3 30.6
'06 37.9 35.6 2.3 44.2 3.5 40.7
'07 44.5 41.7 2.7 59.0 4.7 54.3
'08 57.2 52.6 4.6 59.4 5.3 54.0
'09 28.4 26.5 1.8 37.6 2.9 34.7
'10 17.7 16.3 1.4 21.6 1.9 19.7
'11 15.1 13.9 1.2 18.4 1.6 16.8
'12 12.4 11.3 1.1 15.6 1.4 14.3
'13 10.1 9.2 0.9 13.8 1.2 12.5
'14 10.1 9.2 0.9 13.8 1.2 12.5
'15 10.1 9.2 0.9 12.4 1.1 11.3
'16 10.1 9.2 0.9 12.4 1.1 11.3
'17 10.1 9.2 0.9 12.4 1.1 11.3
Internet
'05 2.8 2.7 2.7 - 0.1 0.1 -
'06 5.6 5.3 5.3 - 0.3 0.3 -
'07 17.5 16.6 16.6 - 0.9 0.9 -
'08 28.8 27.4 27.4 - 1.4 1.4 -
'09 21.5 20.2 20.2 - 1.3 1.3 -
'10 31.8 29.6 29.5 0.1 2.2 2.2 0.1
'11 39.8 35.8 35.5 0.3 4.0 3.8 0.2
'12 43.7 38.5 37.7 0.8 5.2 4.7 0.5
'13 48.1 40.9 39.9 1.0 7.2 6.1 1.1
'14 53.9 45.3 44.0 1.3 8.6 6.9 1.7
'15 64.7 53.0 50.4 2.7 11.6 7.6 4.1
'16 77.6 62.1 58.7 3.4 15.5 9.3 6.2
'17 85.4 68.3 63.5 4.8 17.1 10.2 6.8

Romania
Newspapers 2.6%
Magazines 3.5%
Internet 13.6% 44.5
35.5
32.1
Outdoor/ 24.5
transport 10.7% 21.2
16.5
Cinema 0.4% 4.2 5.4

2.5 3.6
Radio
5.8%
-8.2 -7.0
-11.0
-17.8
TV 63.5%
Advertising Data: 2003-2012 TNS-AGB (TV), Alfa Cont SRL (print and radio), Agency records (outdoor, cinema and internet), 2013-2014 Agency estimates, 2015-
Notes:
1) After discounts
5) Internet includes all forms of paid advertising (banners, skyscrapers, etc.)
GDP growth came in at 2.9% in 2014 and is expected to be launched including Hells Kitchen, KidSing, Dancing with the
2.7% this year. Private consumption and exports have been Stars, and Extreme Makeover - Home Edition.
the main drivers of economic growth.
Digital is also performing well, with online having overtaken
In 2014 adspend in Romania rose by 4.2% overall, but we outdoor in 2013 to become the second-largest medium, after
expect much higher growth of 16.5% - this year. television. Mobile is increasing its share of both search and
display advertising.
Three new thematic TV channels were launched in 2014
- Comedy Central Extra, Paramount and VH1 and two Outdoor has enjoyed a better-than-expected start to 2015,
of Antenna Groups channels rebranded. There have also and we now expect an increase of 5.6% in spend for the year
been ownership and management changes at CME and as a whole, although we predict a slight decline in 2016 as
SBS Broadcasting. A number of international formats have the new outdoor advertising law comes into force.

Russia
Advertising Expenditure in local currency at current prices (Roubles million)

'03 76,730 5,985 10,742 38,058 4,757 368 16,267 552
'04 98,832 7,203 13,543 48,984 7,204 432 20,458 1,008
'05 126,900 8,200 15,800 65,900 8,500 1,100 25,700 1,700
'06 164,800 9,400 19,200 85,900 12,500 1,800 33,100 2,900
'07 218,600 11,600 23,400 113,200 14,900 2,400 40,400 12,700
'08 234,145 11,100 29,700 117,700 13,100 2,700 42,300 17,545
'09 176,585 7,300 17,100 96,400 9,253 2,200 25,200 19,133
'10 207,300 8,250 18,350 110,800 10,300 3,100 29,700 26,800
'11 252,137 8,800 19,800 131,500 11,845 4,092 34,300 41,800
'12 286,381 9,500 20,100 143,260 14,617 4,816 37,700 56,388
'13 317,857 8,700 18,450 156,200 16,517 5,587 40,700 71,703
'14 331,610 8,100 16,500 159,800 16,900 5,100 40,600 84,610
'15 284,762 5,265 10,725 131,036 12,675 3,570 28,420 93,071
'16 286,941 5,002 10,189 131,036 11,408 3,213 25,578 100,516
'17 304,751 4,752 9,679 139,553 11,408 3,213 25,578 110,568
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Roubles38.22
'03 2,007 157 281 996 124 10 426 14
'04 2,586 188 354 1,281 188 11 535 26
'05 3,320 215 413 1,724 222 29 672 44
'06 4,311 246 502 2,247 327 47 866 76
'07 5,719 303 612 2,961 390 63 1,057 332
'08 6,125 290 777 3,079 343 71 1,107 459
'09 4,620 191 447 2,522 242 58 659 501
'10 5,423 216 480 2,899 269 81 777 701
'11 6,596 230 518 3,440 310 107 897 1,094
'12 7,492 249 526 3,748 382 126 986 1,475
'13 8,315 228 483 4,086 432 146 1,065 1,876
'14 8,675 212 432 4,181 442 133 1,062 2,213
'15 7,450 138 281 3,428 332 93 743 2,435
'16 7,507 131 267 3,428 298 84 669 2,630
'17 7,973 124 253 3,651 298 84 669 2,893

Russia

Print Television
Total Newspapers Magazines Advertising editions Total Terrestrial Non-terrestrial
'03 28,697 5,985 10,742 11,970 - - -
'04 34,576 7,203 13,543 13,830 - - -
'05 39,300 8,200 15,800 15,300 - - -
'06 44,600 9,400 19,200 16,000 - - -
'07 51,900 11,600 23,400 16,900 - - -
'08 63,800 11,100 29,700 23,000 117,700 116,600 1,100
'09 35,600 7,300 17,100 11,200 96,400 95,130 1,270
'10 38,000 8,250 18,350 11,400 110,800 109,172 1,628
'11 40,400 8,800 19,800 11,800 131,500 128,900 2,600
'12 41,200 9,500 20,100 11,600 143,260 139,950 3,310
'13 37,080 8,700 18,450 9,930 156,200 152,200 4,000
'14 33,100 8,100 16,500 8,500 159,800 155,700 4,100
'15 21,515 5,265 10,725 5,525 131,036 129,601 1,435
'16 20,439 5,002 10,189 5,249 131,036 130,175 861
'17 19,417 4,752 9,679 4,986 139,553 138,675 878

Internet
Total Display Search
'08 17,545 7,400 10,145
'09 19,133 7,767 11,366
'10 26,800 10,500 16,300
'11 41,800 15,300 26,500
'12 56,388 17,944 38,444
'13 71,703 20,103 51,600
'14 84,610 19,110 65,500
'15 93,071 15,924 77,146
'16 100,516 17,198 83,318
'17 110,568 18,918 91,650

Russia
Newspapers 2.4%
Magazines 5.0%
32.6
28.8 28.4 29.9
Internet 21.6
25.5%
17.4
13.6
11.0
7.1 6.2
4.3
0.8
Outdoor/
transport 12.2% TV -14.1
48.2%
-24.6
Cinema 1.5%
Radio 5.1%
Advertising Data: 2003-2013 AKAR, RARA (Russian Association of Communication Agencies), 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
4) Includes VAT until 2007, excludes from 2008
5) Newspapers include special advertising editions
6) Television includes non-terrestrial advertising from 2007
7) Cinema/Indoor includes only cinema to 2006, both cinema and indoor from 2007
8) Internet includes banners and advertising in newsletter emails, and contextual advertising from 2007
The Russian advertising market continues to decline in step economic conditions and are making plans to develop
with the national economy. In the first half of 2015 the ad their businesses. Although the market is dominated by the
market declined by 16% to 138 billion roubles. practice of short- and medium-term media deals, under the
current plans the volume of ads in the second half of the
Some positive signs were seen in the second quarter of year will stay roughly the same as in the first half.
2015, and it should be noted that the poor start to the year
was due not only to the nervousness of advertisers, but also We forecast the ad market will shrink by 14.1% in 2015, an
because it is being compared to the high base of Q1 2014 improvement on the 16.5% decline we forecast in June. We
(when the Sochi Olympics took place). then forecast 0.8% growth in 2016 and 6.2% growth in 2017,
but given the volatility of the economic and political situation
We believe that advertisers have now adapted to the new these figures are more subject to revision than usual.

Saudi Arabia

'03 476 340 29 38 - 69
'04 605 424 27 76 - 78
'05 528 397 20 43 - 69
'06 684 439 25 45 59 117
'07 740 495 28 41 45 130
'08 809 551 31 46 44 137
'09 646 441 22 32 42 110
'10 635 432 19 29 56 99
'11 596 410 17 23 58 89
'12 593 390 15 23 58 106
'13 602 390 14 22 58 117
'14 609 386 14 22 58 129
'15 561 331 14 21 59 135
'16 550 320 14 21 60 137
'17 522 292 13 21 60 137
Outdoor/ 29.4
8.2 9.4
1.5 1.3
Radio
9.6% -1.6 -0.6 -1.8
-6.1 -5.1
-8.0
-12.7
TV 3.6% Newspapers
63.3%
-20.1
Magazines 2.3%
Advertising Data: 2003-2004 PARC/Ipsos Statex, 2005-2012 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2013-
2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
5) Saudi Arabia has no cinemas
6) Outdoor does not include semi-permanent installations like outsize hoardings and unipoles
7) Advertising spend on pay-TV is not monitored

Saudi Arabia
Spend on local TV stations is down as advertisers However, both local and multinational advertisers have
consolidate their budgets. A lot of television spend is cut their advertising budgets in 2015, particularly in
moving over to Pan Arab stations, so local TV stations newspapers, as part of general efforts to reduce their
reduced their rates last year in order to attract investment. operating costs. We expect budget cuts to continue in 2016
Most outdoor sites have been consolidated under one and 2017, though they will not be as sharp as in 2015. We
distributor recently, which has led to a sharp increase in forecast the ad market as a whole will contract by 8.0% in
prices and, therefore, expenditure. 2015, 1.8% in 2016 and 5.1% in 2017.
After four consecutive years of decline, we think spend for

the market as a whole rose by 1.5% in 2013, with further
growth of 1.3% in 2014.

Serbia
Advertising Expenditure in local currency at current prices (RSD million)

'03 28,257 1,028 989 26,240 - - - -
'04 39,826 1,760 1,935 36,130 - - - -
'05 7,794 813 745 4,908 312 41 935 41
'06 9,767 1,160 923 5,950 425 43 1,190 77
'07 13,976 2,138 1,062 8,160 600 40 1,840 136
'08 16,605 2,963 1,411 9,153 729 41 2,106 203
'09 15,134 2,183 1,201 8,930 611 47 1,927 235
'10 18,025 2,751 1,472 10,094 824 52 2,163 670
'11 17,646 2,652 1,448 9,690 928 82 2,009 836
'12 19,665 2,736 1,368 11,058 1,026 57 2,052 1,368
'13 18,329 2,260 1,074 10,396 994 45 1,865 1,695
'14 18,329 2,147 1,017 10,283 994 45 1,808 2,034
'15 19,067 2,320 1,103 10,295 953 45 2,095 2,256
'16 19,924 2,526 1,196 10,307 913 45 2,432 2,505
'17 20,773 2,739 1,298 10,319 875 45 2,821 2,676
Advertising Expenditure in US$ million at current prices. All years based on US$1 = RSD88.41
'03 320 12 11 297 - - - -
'04 450 20 22 409 - - - -
'05 88 9 8 56 4 0 11 0
'06 110 13 10 67 5 0 13 1
'07 158 24 12 92 7 0 21 2
'08 188 34 16 104 8 0 24 2
'09 171 25 14 101 7 1 22 3
'10 204 31 17 114 9 1 24 8
'11 200 30 16 110 10 1 23 9
'12 222 31 15 125 12 1 23 15
'13 207 26 12 118 11 1 21 19
'14 207 24 12 116 11 1 20 23
'15 216 26 12 116 11 1 24 26
'16 225 29 14 117 10 1 28 28
'17 235 31 15 117 10 1 32 30

Serbia

40.9 43.1
Magazines 25.3
Outdoor/ 5.5% 18.8 19.1
transport 9.9% 11.4
4.0 4.5 4.3
0.0
Cinema 0.2% -2.1

-8.9 -6.8
Radio
5.4%
-80.4
TV 56.1%
Advertising Data: 2003-2014 Arianna, AGB Nielsen Media Research, AdEx, Strategic Marketing, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts until 2004, after discounts from 2005
4) Classified excluded from print but included in internet
5) Internet includes display, classified, search and mobile
Serbias GDP declined by 1.8% in 2014. The IMF initially Internet expenditure is growing at a double-digit rate; it has
forecast further decline of between 0.5% and 1.0% for 2015; great potential for further growth given the growing number
the government predicted 0.5% growth, which the IMF then people using the internet and purchasing smartphones. In
agreed with in July. Serbia, internet advertising is underdeveloped in segments
like search and mobile, but social media penetration is the
Average net salaries and wages increased by 1.4% month- highest in the region. Facebook is the most widely used
on-month in June 2015. social network, with more than 3.8 million users, followed by
Twitter, with more than 200K active users.
In Q1 2015 the unemployment rate was 19.6%, substantially
ahead of the 17.2% rate in Q4 2014. The increase in the Print readership is in constant decline. Several daily
unemployment rate was a result of government efforts to newspapers and magazines have stopped publishing (such
solve the problem of companies that have been inactive for as CKM and Playboy), and a few have entered the market
long periods of time by introducing bankruptcy. (such as Hausbau, Newsweek, Harpers Bazaar, Financial
Times).
Inflation is well under control, amounting to just 0.5% in
June 2015. The number of cable channels is rising thanks to the launch
of several new Pink channels.
The export: import ratio in June 2015 was 74%, up from 73%
in December 2014. The most-exported products were cars Serbia is still recovering from floods in May 2014. Help
and electrical machines, while the most-imported products from the EU was not sufficient so recovery is still ongoing.
were natural gas and raw oil. There will be local elections in December 2015 and
probably regional elections in the Autonomous Province of
TV still dominates the ad market, with an estimated 54% Vojvodina.
share of expenditure in 2015 (down from 56% in 2014).

Singapore
Advertising Expenditure in local currency at current prices (S$ million)

'03 1,766 682 90 724 166 10 94 -
'04 2,033 740 94 889 189 12 110 -
'05 1,864 734 96 725 178 13 118 -
'06 1,940 758 121 764 153 12 132 -
'07 2,000 825 123 683 144 15 178 32
'08 2,147 855 119 734 153 17 219 51
'09 2,072 805 110 707 166 15 202 67
'10 2,304 914 119 744 191 14 221 101
'11 2,489 936 129 813 195 12 229 175
'12 2,440 900 120 800 195 12 230 183
'13 2,688 945 121 859 211 13 301 238
'14 2,644 901 120 818 225 22 273 285
'15 2,586 861 100 754 218 23 287 343
'16 2,586 842 92 725 215 24 294 394
'17 2,620 833 88 711 213 24 298 453
Advertising Expenditure in US$ million at current prices. All years based on US$1 = S$1.27
'03 1,395 539 71 572 131 8 74 -
'04 1,605 584 74 702 149 9 86 -
'05 1,472 580 76 573 141 10 93 -
'06 1,532 599 96 603 121 9 104 -
'07 1,579 651 97 539 114 12 141 25
'08 1,696 675 94 580 121 13 173 40
'09 1,636 636 87 558 131 12 160 53
'10 1,819 722 94 588 151 11 175 80
'11 1,965 739 102 642 154 10 181 138
'12 1,927 711 95 632 154 9 182 145
'13 2,123 746 96 678 167 10 238 188
'14 2,088 711 95 646 177 17 215 225
'15 2,042 680 79 596 172 18 226 271
'16 2,042 665 72 573 170 19 232 311
'17 2,069 658 69 561 168 19 235 358
Advertising Expenditure in local currency at current prices (S$ million)

Internet
Total Display Classified Search
'08 51 8 5 38
'09 67 22 9 36
'10 101 38 21 42
'11 175 72 19 84
'12 183 70 7 106
'13 238 86 8 143
'14 285 100 11 174
'15 343 120 13 209
'16 394 138 15 241
'17 453 159 17 276

Singapore
Internet 10.8%
15.1
Outdoor/ 11.2
Newspapers
8.0
34.1% 7.4
4.1
Cinema 0.8% 3.1
1.3
Radio
8.5%
0.0
-2.0 -1.6 -2.2
-3.5
Magazines -8.3
4.6%
TV 30.9%
Advertising Data: 2003-2004 AC Nielsen, SRS Adex, 2005-2014 AC Nielsen, except internet (2005-2011 IAB, 2012-2015=4ZenithOptimedia estimates), 2015-2017
Agency forecasts
Notes:
1) Before discounts
5) Includes display/classified/search in the internet figures
Singapores economy grew by an estimated 2.3% in the slightly more than the 2.0% decline we forecast in June. This
first half of 2015, and the Monetary Authority of Singapore will be the second year of decline in a row.
forecasts full-year growth of 2%-4%, roughly in line with
2013s 4.1% growth and 2014s 2.9%. Television budgets are migrating to online video, and
newspaper budgets to online news platforms.
The government has postponed its planned increase in
the levy on foreign labour, which would have burdened Magazine expenditure is in steep decline. Readership is
businesses with extra costs. However, the growth of foreign falling, resulting in less magazine advertising and thinner
employees has slowed sharply over the last few years (from magazines, and the closure of well-known titles such as
60,000 in 2011 to 16,000 in 2014), resulting in wage inflation. Cosmopolitan.
House prices fell by 0.9% in Q2 2015, which was the seventh Radio expenditure is falling because increased competition
consecutive quarter of house price decline. This is the from SPH Radio is eroding the pricing power of erstwhile
longest streak of declines in a decade. monopoly of Mediacorp Radio.
According to the latest consumer confidence index released There have been a plethora of launches of digital and tablet
by Nielsen, Singapore recorded a score of 99 in the second editions by newspapers and magazines, as they attempt to
quarter, down one notch from 100 in the previous quarter. monetize their print assets on the web and add subscription
Consumer confidence levels above and below a baseline revenue through paid digital subscriptions.
of 100 indicate degrees of optimism and pessimism.
Consumers in Singapore are therefore turning gloomy. Internet advertising has become an integral component
of most media plans. However, a big barrier is the lack
In the first six months of 2015 advertising expenditure of competitive estimates of advertising expenditure. The
declined in all major media except cinema, outdoor and government, through IDA, is investing heavily to train
the internet, which grew at a healthy double-digit rate. As a the next wave of data scientists through programmes in
result we forecast a 2.2% decline for the ad market in 2015, collaboration with Google.

Slovakia

'03 555 49 58 394 37 0 16 -
'04 790 59 70 591 50 0 20 -
'05 394 46 55 224 40 1 22 7
'06 462 45 62 274 43 1 28 10
'07 538 51 76 319 42 1 34 16
'08 668 47 83 405 47 1 63 23
'09 531 46 82 263 55 3 59 23
'10 510 61 71 232 59 3 60 25
'11 504 54 67 249 46 3 58 27
'12 508 53 64 255 41 4 56 35
'13 504 47 53 260 32 4 50 58
'14 531 46 51 285 29 2 50 68
'15 547 46 48 290 32 3 48 80
'16 573 44 45 298 32 4 55 95
'17 597 43 43 310 34 4 53 110
'03 737 65 77 524 49 1 22 -
'04 1,050 78 93 786 66 1 27 -
'05 524 61 73 298 54 1 29 9
'06 614 60 82 365 57 1 37 14
'07 716 67 101 424 56 1 45 22
'08 888 63 110 538 63 1 84 31
'09 705 61 109 349 74 4 78 31
'10 678 81 94 308 78 4 80 33
'11 670 72 89 331 61 4 77 36
'12 675 71 86 339 54 5 75 47
'13 670 63 70 346 43 5 66 77
'14 706 61 68 379 39 3 66 90
'15 726 60 64 385 43 4 64 106
'16 762 58 60 396 43 5 73 126
'17 793 57 57 412 45 5 70 146

'05 46 39 7 55 5 50
'06 45 38 7 62 6 55
'07 51 42 9 76 8 67
'08 47 40 7 83 9 74
'09 50 38 12 82 8 74
'10 61 39 22 71 8 62
'11 54 36 18 67 9 58
'12 53 30 23 64 8 56
'13 47 28 19 53 8 45
'14 46 25 21 51 8 43
'15 46 26 20 48 8 40
'16 44 24 20 45 7 38
'17 43 23 20 43 7 36

Slovakia
Newspapers 8.7%
Internet 12.8%
42.5
Magazines
9.6% 24.1
Outdoor/ 17.3 16.5
transport 9.4%
5.3 2.9 4.8 4.2
0.9
Cinema 0.4%
-1.3 -0.8
Radio -3.8
5.5%
-20.6
-50.1
TV 53.7%
Advertising Data: 2003-2014 TNS A-Connect, AIM monitor, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts from 2005
5) Apparent decline in TV spend in 2010 caused by change in methodology
TV and online are the only media gaining share. This is In 2014, total net spend grew by 5.3% and further growth
largely because of the fact that when advertisers reduce of 2.9% is expected this year. During the May-December
their budgets, they cut print, outdoor or radio, but they 2014 period, both main TV stations again displayed an
keep their current TV investments in order to achieve inability to consistently deliver ordered GRPs. This will mean
relevant TV presence. Online is growing year-on-year. more rigorous negotiation of buying conditions for 2015.
TV inflation is expected to come in at around 8% this year.
Across all media, we expect price inflation of around 4%.

Slovenia

'03 253 38 41 159 - - 14 -
'04 313 47 49 189 9 - 15 3
'05 348 72 35 193 18 1 24 4
'06 377 85 39 195 19 1 30 7
'07 452 101 43 243 20 2 32 11
'08 534 109 50 299 20 1 36 18
'09 535 95 46 314 23 1 37 18
'10 621 88 35 411 21 1 40 24
'11 664 100 46 438 23 1 25 31
'12 649 87 41 434 22 1 37 26
'13 754 75 35 555 23 1 36 29
'14 786 73 37 580 25 0 36 35
'15 802 72 36 590 26 0 37 41
'16 803 71 30 585 28 0 39 50
'17 797 66 23 580 28 0 40 60
'03 336 51 55 212 - - 18 -
'04 415 63 65 251 12 - 20 4
'05 463 95 47 256 24 2 32 6
'06 501 114 52 259 25 2 40 9
'07 601 134 57 323 27 3 43 14
'08 709 145 66 397 27 2 48 25
'09 712 126 61 418 31 2 50 25
'10 825 117 47 546 29 1 53 32
'11 883 133 62 582 31 1 33 41
'12 862 115 55 577 30 2 50 35
'13 1,002 99 47 738 31 1 48 39
'14 1,045 97 49 771 33 0 48 47
'15 1,066 96 48 784 35 0 49 54
'16 1,068 94 40 778 37 1 52 66
'17 1,060 88 31 771 37 1 53 80

'05 72 57 15 35 4 32 193 - 193

'06 85 63 22 39 5 35 195 - 195
'07 101 80 21 43 5 38 243 - 243
'08 109 89 20 50 6 44 299 - 299
'09 95 78 17 46 6 40 314 - 314
'10 88 75 13 35 5 30 411 - 411
'11 100 85 15 46 5 41 438 - 438
'12 87 70 17 41 5 36 434 - 434
'13 75 65 10 35 4 31 555 - 555
'14 73 65 8 37 4 33 580 - 580
'15 72 64 8 36 3 33 590 - 590
'16 71 64 7 30 3 27 585 - 585
'17 66 59 7 23 4 19 580 - 580

Slovenia

Internet
Total Display Desktop display Mobile display Search
'05 4 4 4 - -
'06 7 7 7 - -
'07 11 11 11 - -
'08 18 17 17 - 1
'09 18 17 17 - 1
'10 24 18 18 - 6
'11 31 24 24 - 7
'12 26 19 19 - 7
'13 29 21 20 1 8
'14 35 25 24 1 10
'15 41 31 29 2 10
'16 50 39 37 2 11
'17 60 48 45 3 12

Magazines
Radio 3.2%
4.7%
19.8
18.1
15.9 16.2
11.5
8.2
7.1
4.3
2.0
0.3 0.1
-0.7
-2.4
TV 73.8%
Advertising Data: 2003-2012 Mediana IBO, 2013-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts
2) Includes production costs
5) Newspapers includes local titles from 2005 onwards
6) Internet includes display, classified, search and mobile, but only for major sites
According to the IMF, Slovenias GDP rose by 2.6% in Internet penetration is now at 76%; there were 1.5 million
2014, and further growth of 2.1% is expected this year. We internet users in December 2014. Around 37% of Slovenians
estimate that ad expenditure grew by 4.3% last year, with use Facebook. Thus, we expect online spend to grow
2.0% growth predicted for 2015. quickly over the next few years, and by 17.1% in 2015.
The TV market is fragmenting. From three main players 11% of those aged 25-54 use a mobile phone to access
three years ago, there are now five main TV houses, social networking sites, and 49% use mobile search.
fighting for share. Meanwhile, print media will suffer further However, only 3% of digital impressions are made via a
decreases, most of all free newspapers, which lost financial mobile device.
stability years ago and have no price flexibility.

South Africa
Advertising Expenditure in local currency at current prices (Rand million)

'03 10,072 2,997 1,382 3,402 1,484 65 700 43
'04 11,755 3,440 1,483 4,114 1,678 145 799 97
'05 14,890 4,297 1,968 4,571 2,429 438 1,066 120
'06 18,692 5,119 2,292 6,721 2,734 291 1,385 149
'07 23,150 5,928 2,508 9,312 3,040 560 1,569 233
'08 25,036 6,635 2,658 9,964 3,344 372 1,679 384
'09 24,306 6,429 2,471 10,481 3,041 340 1,075 469
'10 28,566 6,916 2,498 13,438 3,547 357 1,231 579
'11 31,817 7,515 2,550 14,683 4,473 468 1,373 754
'12 34,412 7,605 2,506 16,168 5,213 491 1,597 832
'13 37,040 7,724 2,454 17,923 5,826 491 1,598 1,023
'14 38,525 7,381 2,339 19,278 6,050 591 1,663 1,223
'15 41,509 7,769 2,291 20,898 6,726 692 1,776 1,357
'16 43,989 7,883 2,223 22,452 7,261 792 1,863 1,516
'17 46,470 7,997 2,154 24,006 7,795 892 1,950 1,676
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Rand10.84
'03 929 276 127 314 137 6 65 4
'04 1,084 317 137 379 155 13 74 9
'05 1,373 396 181 422 224 40 98 11
'06 1,724 472 211 620 252 27 128 14
'07 2,135 547 231 859 280 52 145 21
'08 2,309 612 245 919 308 34 155 35
'09 2,241 593 228 966 280 31 99 43
'10 2,634 638 230 1,239 327 33 114 53
'11 2,934 693 235 1,354 412 43 127 70
'12 3,173 701 231 1,491 481 45 147 77
'13 3,416 712 226 1,653 537 45 147 94
'14 3,552 681 216 1,778 558 55 153 113
'15 3,828 716 211 1,927 620 64 164 125
'16 4,056 727 205 2,070 670 73 172 140
'17 4,285 737 199 2,214 719 82 180 155
Advertising Expenditure in local currency at current prices (Rand million)

'09 6,429 1,311 5,118 2,471 415 2,056 10,481 6,749 3,732
'10 6,916 1,470 5,446 2,498 419 2,079 13,438 8,182 5,256
'11 7,515 1,647 5,869 2,550 437 2,113 14,683 8,888 5,796
'12 7,605 1,730 5,875 2,506 425 2,081 16,168 9,022 7,146
'13 7,724 1,741 5,983 2,454 401 2,054 17,923 9,736 8,187
'14 7,381 1,597 5,783 2,339 356 1,983 19,278 10,833 8,445
'15 7,769 1,741 6,028 2,291 338 1,954 20,898 11,257 9,641
'16 7,883 1,776 6,107 2,223 311 1,912 22,452 11,912 10,540
'17 7,997 1,810 6,187 2,154 284 1,870 24,006 12,566 11,439

South Africa
Internet 3.2%
Cinema 1.5% Newspapers 19.2% 26.7
25.5
23.8
Radio
15.7% 16.7
17.5
Magazines 11.4
6.1%
8.1 8.2 7.6 7.7
6.0 5.6
4.0
-2.9
TV 50.0%
Advertising Data: 2003-2014 Adindex, Nielsen, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts
3) Include agency commission of 16.5%
4) Figures have been adjusted to exclude self-promotion (media owners advertising on their own properties)
5) Internet includes desktop only
The IMF expects GDP to grow by 2.0% in 2015, and by a expense of other media, particularly magazine advertising.
further 2.1% in 2016. Overall, ad expenditure rose by 4.0% We think online spend rose by 19.5% last year and expect
last year and further growth of 7.7% is predicted this year. further growth of 11.0% in 2015. Circulations of consumer
magazines continue to drop; some titles have been forced to
Internet advertising continues to grow quickly at the close, such as O, The Oprah Magazine and Real Magazine.

South Korea
Advertising Expenditure in local currency at current prices (Won million)

'03 7,675,010 3,709,848 298,221 2,355,327 227,414 42,200 686,100 355,900
'04 7,690,591 3,354,058 272,914 2,659,063 218,656 52,000 650,700 483,200
'05 8,017,605 3,420,451 333,945 2,640,648 224,261 50,000 685,800 662,500
'06 8,622,834 3,504,480 360,974 2,859,642 233,438 72,000 701,600 890,700
'07 9,262,388 3,820,425 400,861 2,902,818 233,404 75,600 561,280 1,268,000
'08 8,816,930 3,445,005 391,891 2,876,042 228,048 76,356 477,088 1,322,500
'09 7,851,794 2,928,254 348,783 2,588,438 205,243 61,085 357,816 1,362,175
'10 10,418,498 3,191,607 441,534 3,479,933 215,048 70,034 393,598 2,626,744
'11 11,340,461 3,074,469 481,068 3,759,135 212,744 72,000 413,277 3,327,768
'12 12,102,285 2,876,595 476,538 4,379,184 206,786 75,600 429,809 3,657,772
'13 12,169,723 2,621,034 439,445 4,730,683 201,660 79,380 447,001 3,650,521
'14 12,467,263 1,977,295 477,207 4,867,693 211,743 83,349 469,351 4,380,625
'15 12,854,773 1,997,068 481,979 4,916,370 213,860 84,182 474,044 4,687,269
'16 13,077,066 2,017,039 486,799 4,965,534 215,999 85,024 478,785 4,827,887
'17 13,402,792 2,037,209 491,667 5,015,189 218,159 85,875 483,573 5,071,121
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Won1052.67
'03 7,291 3,524 283 2,237 216 40 652 338
'04 7,306 3,186 259 2,526 208 49 618 459
'05 7,616 3,249 317 2,509 213 47 651 629
'06 8,191 3,329 343 2,717 222 68 666 846
'07 8,799 3,629 381 2,758 222 72 533 1,205
'08 8,376 3,273 372 2,732 217 73 453 1,256
'09 7,459 2,782 331 2,459 195 58 340 1,294
'10 9,897 3,032 419 3,306 204 67 374 2,495
'11 10,773 2,921 457 3,571 202 68 393 3,161
'12 11,497 2,733 453 4,160 196 72 408 3,475
'13 11,561 2,490 417 4,494 192 75 425 3,468
'14 11,843 1,878 453 4,624 201 79 446 4,161
'15 12,212 1,897 458 4,670 203 80 450 4,453
'16 12,423 1,916 462 4,717 205 81 455 4,586
'17 12,732 1,935 467 4,764 207 82 459 4,817
Advertising Expenditure in local currency at current prices (Won million)

Television Internet
Total Free Pay Total Display Search
'03 2,355,327 2,355,327 - 355,900 235,900 120,000

'04 2,659,063 2,223,518 435,545 483,200 267,200 216,000
'05 2,640,648 2,096,518 544,130 662,500 322,300 340,200
'06 2,859,642 2,168,785 690,857 890,700 401,500 489,200
'07 2,902,818 2,087,734 815,084 1,268,000 490,200 777,800
'08 2,876,042 2,023,722 852,320 1,322,500 500,000 822,500
'09 2,588,438 1,811,906 776,531 1,362,175 544,870 817,305
'10 3,479,933 2,264,945 1,214,988 2,626,744 545,344 2,081,400
'11 3,759,135 2,383,078 1,376,057 3,327,768 601,168 2,726,600
'12 4,379,184 2,332,360 2,046,824 3,657,772 581,180 3,076,592
'13 4,730,683 2,415,526 2,315,157 3,650,521 583,868 3,066,653
'14 4,867,693 2,514,869 2,352,824 4,380,625 781,996 3,598,629
'15 4,916,370 2,704,003 2,212,366 4,687,269 1,406,181 3,281,088
'16 4,965,534 2,731,043 2,234,490 4,827,887 1,448,892 3,378,995
'17 5,015,189 2,758,354 2,256,835 5,071,121 1,521,336 3,549,785

South Korea
Newspapers 15.9%
32.7
Internet 35.1%
Magazines
3.8%
8.8
7.5 7.4 6.7
4.3 3.1
2.4 1.7 2.5
0.2 0.6
-4.8
-10.9
Cinema 0.7%
TV 39.0%
Radio 1.7%
Advertising Data: 2003-2014 KADD, Ad Journal, Research AD, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) Before discounts
6) Newspapers include free tabloids from 2005
7) Magazines include membership magazines from 2005
8) Outdoor costs were revised in 2004/2005 to exclude events, so the figures are not comparable to previous years
Adspend growth improved from 0.6% in 2013 to 2.4% in is the largest-scale digital outdoor format, installed and
2014, but we think there is scope for further improvement operated in all 118 stations of Seoul Metro. Ads can be
we forecast growth of 3.1% this year. tailored by area, and it is easy to send users to shops or
convenience stores near the subway station. Advertisers
In terms of traditional media, cable TV has increased also utilise pillar ads in subway stations, which cover whole
its share of viewing to 40% of total TV and its share of passages, or can create pop-up stores.
revenue to nearly 50%. Cable TV is much more flexible than
terrestrial TV as it has various extra formats available, such Mobile ad spending will increase with the development
as in-programme breaks and programme sponsorship. of smartphones and tablets. Various advertising platforms
based on smartphones have emerged. One of them
Newspaper readership, meanwhile, is declining, and is reward advertising, or App-tech - if a user watches
newspapers share of spend has fallen sharply, from 27% advertising that an advertiser makes to promote on a specific
in 2011 to just 16% in 2014. This is because people are app, they can earn some points which can be cashed in. This
using new platforms, like smartphones, to read the news, type of advertising is regarded as being effective, since the
particularly since access to free Wi-Fi has become so widely users dont feel reward advertising is explicit advertising.
available. As a result, newspaper groups have expanded
their businesses into internet and mobile news services. The Korean government has decided to regulate search
advertising in large portals, making it mandatory to
Many outdoor formats are available. Daum DigitalView distinguish between organic and paid search results.

Spain

'03 5,573 1,602 601 2,317 508 48 422 75
'04 6,178 1,694 664 2,670 540 41 474 95
'05 6,720 1,785 675 2,951 610 43 494 162
'06 7,307 1,914 688 3,188 637 41 529 310
'07 7,985 2,028 722 3,469 678 38 568 482
'08 7,102 1,612 617 3,082 641 21 518 610
'09 5,631 1,243 402 2,378 537 15 401 654
'10 5,858 1,196 397 2,472 549 24 421 799
'11 5,505 1,034 381 2,237 525 26 403 899
'12 4,631 818 314 1,815 454 23 326 881
'13 4,261 702 254 1,703 404 20 282 896
'14 4,533 694 254 1,890 420 26 291 957
'15 4,859 700 257 2,070 445 29 306 1,052
'16 5,179 710 261 2,215 463 31 321 1,178
'17 5,529 720 266 2,348 482 32 337 1,343
'03 7,408 2,129 799 3,080 675 63 562 99
'04 8,211 2,251 883 3,549 718 54 630 126
'05 8,931 2,373 897 3,923 811 57 656 215
'06 9,712 2,544 914 4,238 846 54 703 413
'07 10,613 2,695 959 4,610 901 51 755 641
'08 9,439 2,142 820 4,097 852 28 689 811
'09 7,485 1,652 534 3,161 714 20 534 869
'10 7,785 1,590 528 3,286 729 32 559 1,061
'11 7,317 1,374 507 2,974 698 34 535 1,195
'12 6,155 1,087 417 2,412 603 31 433 1,170
'13 5,663 933 337 2,264 536 27 375 1,191
'14 6,025 922 338 2,513 559 35 387 1,271
'15 6,459 931 341 2,751 592 38 407 1,398
'16 6,884 944 346 2,944 616 41 427 1,566
'17 7,348 957 353 3,121 640 43 448 1,786

Total National Regional Sunday supplements Total Business Consumer Total Free Pay
'03 1,602 586 910 106 601 19 583 2,317 2,300 17

'04 1,694 648 935 110 664 19 645 2,670 2,644 26
'05 1,785 694 973 119 675 16 658 2,951 2,935 17
'06 1,914 767 1,023 123 688 16 672 3,189 3,144 45
'07 2,028 832 1,062 134 722 16 706 3,469 3,409 60
'08 1,612 646 862 104 617 16 601 3,082 3,033 49
'09 1,243 540 634 69 402 16 385 2,378 2,328 50
'10 1,196 517 607 72 397 17 380 2,472 2,419 53
'11 1,034 445 522 67 381 12 369 2,237 2,182 56
'12 818 360 406 52 314 10 304 1,815 1,757 58
'13 702 318 345 39 254 8 246 1,703 1,642 61
'14 694 322 335 38 254 8 246 1,890 1,831 59
'15 700 331 331 37 257 8 249 2,070 2,005 65
'16 710 336 336 37 261 8 252 2,215 2,143 72
'17 720 341 341 37 266 8 257 2,348 2,268 79

Spain

Internet
Total Display/classified Desktop disp/class Mobile disp/class Search Desktop search Mobile search
'05 162 100 - - 62 - -

'06 310 166 - - 145 - -
'07 482 245 - - 238 - -
'08 610 286 - - 324 - -
'09 654 298 - - 356 - -
'10 799 382 - - 417 - -
'11 899 439 - - 460 - -
'12 886 423 - - 463 - -
'13 896 493 448 45 403 380 24
'14 957 536 455 80 421 379 42
'15 1,052 589 471 118 463 394 69
'16 1,178 601 451 150 577 462 115
'17 1,343 752 564 188 591 473 118

8.8 8.7 9.3
Internet
21.1% 6.4 7.2 6.6 6.8
4.0
Magazines
5.6%
Outdoor/
transport 6.4% -6.0
-8.0
Cinema 0.6%
-11.1
Radio -15.9
9.3%
-20.7
TV 41.7%
Advertising Data: 2003-2014 Duplo, Nielsen, Infoadex, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
5) Magazines excludes directories
6) Newspapers includes supplements
Spains economy grew 1.4% in 2014 and is expected to grow All media are performing well except print. TV which
2.5% this year. The economic recovery has sparked rapid accounts for nearly half the market grew 11.0% in 2014
growth in advertising expenditure, which grew 7% in the and we forecast it to grow another 9.5% this year. Internet
first half of the year. We forecast 7.2% growth for the year as advertising continues to outperform the market, and we
a whole. expect it to grow 10.0% in 2015.

Sweden
Advertising Expenditure in local currency at current prices (SKr million)

'03 15,892 7,774 2,094 3,518 447 70 825 1,164
'04 16,706 7,851 2,177 3,749 491 59 925 1,455
'05 18,366 8,295 2,296 4,143 515 68 1,000 2,048
'06 20,790 8,888 2,427 4,546 643 74 1,068 3,144
'07 22,543 9,116 2,563 4,698 701 91 1,080 4,294
'08 23,473 8,763 2,550 4,971 728 104 1,109 5,249
'09 20,471 7,112 1,821 4,395 628 103 1,014 5,398
'10 23,088 7,800 1,939 5,205 690 119 1,150 6,185
'11 24,756 7,846 1,944 5,707 757 126 1,172 7,202
'12 24,644 6,895 1,760 5,936 671 113 1,111 8,158
'13 24,415 5,980 1,514 5,957 609 117 1,018 9,220
'14 25,233 5,381 1,396 5,757 706 135 1,152 10,706
'15 26,036 4,815 1,263 5,525 734 148 1,199 12,352
'16 26,830 4,372 1,151 5,320 747 141 1,212 13,887
'17 28,170 4,047 1,059 5,123 751 136 1,224 15,831
Advertising Expenditure in US$ million at current prices. All years based on US$1 = SKr6.85
'03 2,319 1,134 305 513 65 10 120 170
'04 2,438 1,146 318 547 72 9 135 212
'05 2,680 1,210 335 605 75 10 146 299
'06 3,033 1,297 354 663 94 11 156 459
'07 3,289 1,330 374 686 102 13 158 626
'08 3,425 1,279 372 725 106 15 162 766
'09 2,987 1,038 266 641 92 15 148 788
'10 3,369 1,138 283 759 101 17 168 902
'11 3,612 1,145 284 833 110 18 171 1,051
'12 3,596 1,006 257 866 98 17 162 1,190
'13 3,562 873 221 869 89 17 149 1,345
'14 3,682 785 204 840 103 20 168 1,562
'15 3,799 702 184 806 107 22 175 1,802
'16 3,915 638 168 776 109 21 177 2,026
'17 4,110 590 154 747 110 20 179 2,310
Advertising Expenditure in local currency at current prices (SKr million)

Newspapers Magazines Internet
Total National Regional Total Business Consumer Total Display Classified Search Email Mobile Video
'05 8,295 4,034 4,262 2,296 1,563 733 2,048 944 917 157 30 - -
'06 8,888 4,350 4,538 2,427 1,332 1,095 3,144 1,351 1,131 619 38 5 -
'07 9,116 4,449 4,667 2,563 1,443 1,121 4,294 1,753 1,451 1,002 53 21 14
'08 8,763 4,121 4,641 2,550 1,364 1,185 5,249 2,048 1,797 1,265 73 38 28
'09 7,112 3,244 3,868 1,821 970 851 5,398 1,950 1,918 1,365 63 50 51
'10 7,800 3,634 4,167 1,939 1,019 921 6,185 2,094 2,006 1,836 55 63 131
'11 7,846 3,641 4,205 1,944 1,015 929 7,202 2,175 2,213 2,349 47 189 229
'12 6,895 3,180 3,715 1,760 916 844 8,158 2,259 2,253 2,887 50 419 288
'13 5,980 2,737 3,243 1,514 783 732 9,220 2,341 2,186 3,368 47 867 412
'14 5,381 2,369 3,012 1,396 747 649 10,706 2,601 2,015 3,968 50 1,430 642
'15 4,815 2,051 2,763 1,263 676 587 12,352 2,674 1,946 4,698 55 2,103 875
'16 4,372 1,817 2,555 1,151 618 533 13,887 2,753 1,863 5,226 55 2,853 1,136
'17 4,047 1,684 2,363 1,059 575 484 15,831 2,835 1,783 5,814 56 3,870 1,472

Sweden
13.2 12.8
Newspapers 21.3%
9.9
8.4
7.2
5.1 5.0
4.1
3.3 3.2 3.0
Internet 42.4%
Magazines
5.5% -0.5 -0.9
-12.8
TV 22.8%
Outdoor/transport
4.6% Cinema Radio
0.5% 2.8%
Advertising Data: 2003-2014 University of Gothenburg, Annonsorforeningen, IRM, 2015-2017 Agency forecasts
Notes:
1) After discounts
5) Magazines includes consumer and trade titles
6) Newspapers includes city, regional and evening titles
7) Includes advertising tax
8) Internet includes display, classified, search, email and mobile advertising
The Swedish economy is currently in a healthy position. the previous year; in the same period prices increased by 0.4%.
GDP grew by 3.0% in the second quarter of 2015 compared
with the same period in the previous year, and growth is Consumers confidence in their personal economic situation
expected to continue in the second half. and the current Swedish economy weakened slightly in
June, but are still more positive than normal.
Swedish consumption and exports are developing positively,
despite concerns about the slowdown in China, conflict in Digital media are driving growth in media consumption and
Eastern Europe and the Middle East, and falling commodity advertising expenditure, especially online video. Advertising
prices. The deal between Greece and its creditors has boosted expenditure continues to decline for newspapers,
confidence, as has continued growth in the US. The Swedish magazines and TV as advertisers shift their budgets online.
Riksbank (the central bank) has lowered its key interest rate
three times, putting it into negative territory, in order to Overall advertising expenditure grew by 3% in 2014 and
stimulate consumption. Swedish household consumption we forecast it to grow at about this level in 2015 and 2016,
increased by 2.9% in January 2015 compared with January of before accelerating to 5% growth in 2017.

Switzerland
Advertising Expenditure in local currency at current prices (SF million)

'03 3,596 1,646 656 533 127 38 566 30
'04 3,238 1,134 767 737 129 50 392 29
'05 3,376 1,126 798 765 128 50 402 107
'06 3,779 1,272 823 887 136 50 424 187
'07 4,159 1,360 896 1,055 137 48 447 216
'08 4,445 1,470 896 1,129 154 45 459 292
'09 4,304 1,330 816 1,176 168 30 434 350
'10 4,892 1,442 962 1,388 168 33 454 444
'11 5,197 1,492 1,009 1,458 221 29 477 511
'12 5,316 1,397 981 1,527 225 28 526 632
'13 5,373 1,303 959 1,543 229 34 578 727
'14 5,527 1,334 944 1,610 219 35 575 810
'15 5,564 1,265 928 1,595 208 39 604 925
'16 5,652 1,180 918 1,630 200 40 630 1,054
'17 5,716 1,090 889 1,650 190 40 645 1,212
Advertising Expenditure in US$ million at current prices. All years based on US$1 = SF0.92
'03 3,929 1,798 717 582 139 42 618 33
'04 3,537 1,239 838 805 141 55 428 32
'05 3,688 1,230 872 836 139 54 440 117
'06 4,128 1,390 899 969 148 55 463 204
'07 4,544 1,486 979 1,152 150 53 488 236
'08 4,856 1,606 979 1,233 168 50 501 319
'09 4,703 1,453 891 1,285 184 33 474 382
'10 5,344 1,575 1,051 1,516 184 36 496 485
'11 5,678 1,630 1,102 1,593 241 32 521 558
'12 5,808 1,526 1,072 1,668 246 31 575 690
'13 5,870 1,424 1,048 1,686 250 37 631 794
'14 6,038 1,457 1,031 1,759 239 38 628 885
'15 6,079 1,382 1,014 1,743 227 43 660 1,011
'16 6,175 1,289 1,003 1,781 218 44 688 1,151
'17 6,245 1,191 971 1,803 208 44 705 1,324
Advertising Expenditure in local currency at current prices (SF million)

Magazines Internet
Total Business Consumer Total Display Classified Search
'05 798 83 715 107 36 53 18

'06 823 83 740 187 57 100 30
'07 896 82 814 216 52 120 44
'08 896 90 806 292 86 137 69
'09 816 88 728 350 119 136 95
'10 962 88 874 444 159 160 125
'11 1,009 87 922 511 176 176 159
'12 981 86 895 632 140 282 210
'13 959 82 877 727 185 292 250
'14 944 78 866 810 240 300 270
'15 928 75 853 925 264 323 338
'16 918 73 845 1,054 294 347 413
'17 889 69 820 1,212 326 375 511

Switzerland
Internet 14.7% 13.6

10.1
6.9
6.2
Outdoor/ 4.3
transport 10.4% 2.9
2.3
1.1 1.6 1.1
0.7
Cinema 0.6%
Radio
4.0% -3.2
Magazines
17.1%
-10.0
TV 29.1%
Advertising Data: 2003 Stiftung Werbestatistik Schweiz, except 2003 online figure Agency estimate, 2004-2014 Media Focus, 2015-2017 Agency forecasts
Notes:
1) Before discounts
3) Excludes agency commission to 2003, includes commission 2004 onwards
4) Internet figures include display and estimates for classified, search and affiliates
5) TV figures include Videotex
6) Mediafocus changed its methodology for measuring print media in 2012, going back to 2010,
which may affect backdata comparability
7) From 2011 two new radio stations are included in spend figures, which may affect backdata comparability
The Swiss economy is facing a phase of great challenges, media will change, since (save for a few exceptions) media
the largest of which is the decision of the Swiss national inflation is connected to the Swiss franc and is currently
bank to abandon its defence of the Swiss franc against the determined by other factors.
weak euro. The bank had been supporting a favourable
exchange rate since September 2011 but suddenly decided Secondly, those located outside of Switzerland but within
to abandon its policy from January 15th 2015. Within a the EU, and who budget both their production costs
couple of minutes the euro had dropped by more than 30% and their Swiss advertising volumes in euros, will suffer
against the Swiss franc. exchange rate-related disadvantages. The third group
consists of clients whose expenses are incurred in euros and
This means considerable uncertainty for the economy. A who calculate their budgets in Swiss francs. Since product
weak euro has clear negative consequences for the Swiss procurement costs are decreasing for these clients, this
tourism industry, whose offers have now become even more should at least keep their budgets stable. But for this client
expensive for EU citizens; for the export industry, which group, advertising in Switzerland is becoming substantially
will struggle in future to sell its products within the EU; more expensive. This can lead to one of two possible
and for retail, which will struggle even more to compete alternatives: either the client can hold back part of the
with shopping tourism. However, these difficulties do not higher profit margin and use this to cover the increased
automatically mean that Swiss advertising budgets will also costs, or the client must transfer the entire exchange
be reduced here, since it is more important than ever, for difference to the end user through price reductions and
all three of these sectors of the economy, that they have a decide whether to adapt its advertising budget accordingly
strong domestic market. or not.
We can divide Swiss advertisers broadly into three different The ad market has certainly slowed since the beginning of
groups in the current climate. Firstly, clients who calculate the year, but we expect it to remain positive: we currently
their advertising budgets and expenses in Swiss francs will forecast 0.7% growth for the ad market in 2015, followed by
see little change. It is also unlikely that the pricing in Swiss 1.6% growth in 2016.

Taiwan
Advertising Expenditure in local currency at current prices (NT$ million)

'03 71,532 13,923 9,441 43,395 3,678 - 1,095
'04 58,406 18,097 6,395 23,882 3,462 4,610 1,960
'05 52,079 15,547 6,545 21,030 3,076 2,833 3,048
'06 51,476 14,771 6,359 19,031 3,966 3,651 3,698
'07 50,326 13,668 6,445 18,142 3,771 3,351 4,950
'08 48,341 11,079 6,050 18,028 3,839 3,370 5,976
'09 48,843 10,009 5,059 20,163 3,761 2,862 6,989
'10 58,299 11,956 5,550 24,469 4,483 3,290 8,551
'11 60,451 10,674 5,678 26,065 4,140 3,679 10,215
'12 57,667 9,522 5,341 24,059 3,555 3,589 11,601
'13 59,748 8,679 5,294 24,810 3,121 4,164 13,680
'14 60,921 7,906 4,844 24,584 3,122 4,288 16,177
'15 61,747 6,720 4,408 24,584 2,872 4,074 19,089
'16 63,314 6,182 4,099 24,707 2,872 4,074 21,380
'17 65,062 5,873 3,895 24,830 2,872 4,074 23,517
Advertising Expenditure in US$ million at current prices. All years based on US$1 = NT$30.37
'03 2,355 458 311 1,429 121 - 36
'04 1,923 596 211 786 114 152 65
'05 1,715 512 216 692 101 93 100
'06 1,695 486 209 627 131 120 122
'07 1,657 450 212 597 124 110 163
'08 1,592 365 199 594 126 111 197
'09 1,608 330 167 664 124 94 230
'10 1,920 394 183 806 148 108 282
'11 1,991 351 187 858 136 121 336
'12 1,899 314 176 792 117 118 382
'13 1,967 286 174 817 103 137 450
'14 2,006 260 160 810 103 141 533
'15 2,033 221 145 810 95 134 629
'16 2,085 204 135 814 95 134 704
'17 2,142 193 128 818 95 134 774
Advertising Expenditure in local currency at current prices (NT$ million)

Total National Local Total Business Consumer
'04 18,097 17,561 536 6,395 384 3,753

'05 15,547 15,106 441 6,545 417 3,901
'06 14,771 14,473 298 6,359 388 3,827
'07 13,668 13,567 101 6,445 614 2,296
'08 11,079 10,971 108 6,050 576 3,309
'09 10,009 9,922 87 5,059 469 2,832
'10 11,956 11,878 78 5,550 592 2,951
'11 10,674 10,600 74 5,678 583 3,049
'12 9,522 9,447 75 5,341 500 2,938
'13 8,679 8,584 95 5,294 512 2,867
'14 7,906 7,790 116 4,843 474 2,607
'15 6,720 6,653 67 4,408 397 2,424
'16 6,182 6,121 62 4,099 369 2,255
'17 5,873 5,815 59 3,895 351 2,142

Taiwan
Newspapers 13.0%
19.4
Internet 26.6%
Magazines
8.0%
3.7 3.6 2.8
2.0 2.5
1.0 1.4
-1.2
-2.2
-3.9 -4.6
Outdoor/
transport 7.0% -10.8
Radio -18.3
5.1%
TV 40.4%
Advertising Data: 2003 Rainmaker Research, 2004-2014 AC Nielsen, except internet IAMA, 2015-2017 Agency forecasts
Notes:
1) After discounts
3) Excludes agency commission (except 2003)
4) 2003 excludes recruitment, classified, and charity ads; 2004-2017 excludes all classified
5) 2003 radio is a ZenithOptimedia estimate
6) 2003 internet is a ZenithOptimedia estimate
7) Internet includes display/classified/search and mobile
8) AC Nielsen began monitoring ad expenditure in Taiwan in April 2003 and is now the preferred source of expenditure data for most media agencies. We have
decided to use AC Nielsens figures from 2004 and base our forecasts upon them. Unfortunately AC Nielsen cannot supply any figures for before April 2003, so
we have retained the old figures, despite their obvious discrepancies with AC Nielsens.
The global economic recovery is still a little slow and thus Magazine publishers have continued to adjust their stables
is acting as a drag on Taiwans economic performance. of titles, and to devote many resources to the development
Exports have dropped off seriously and this has resulted in of digital versions. Mobile and video ads are in high demand
slowing economic growth. GDP growth expectations have from advertisers, and adspend on these formats is on the rise.
been revised downwards to around 3% for 2015.
Presidential and legislative elections will be held at the
Gross adspend dropped by 7.2% in the first half of 2015. beginning of 2016. We expect that political advertising
Year-on-year, TV is the only medium to hold its position, campaigns will give a boost to the advertising market. The oil
enjoying strong levels of expenditure from the online price continues to decline, which could in the short term lower
gaming and transport sectors. Other traditional media like the price of imports and stimulate demand for automobiles.
newspapers, magazines, radio and outdoor all suffered
declines. However, we think net adspend as held up much A new property tax is scheduled to take effect in January
better as average discounts have tightened, and forecast 2016, and many experts believe that house prices will
1.4% growth for 2015 as a whole. continue to drop for the next decade.

Thailand
Advertising Expenditure in local currency at current prices (Baht million)

'03 78,140 19,858 4,560 42,290 6,662 896 3,699 175
'04 90,596 24,722 6,122 47,173 6,850 1,334 4,051 344
'05 95,668 24,746 6,775 50,020 7,055 1,723 5,350 -
'06 99,016 23,193 6,748 53,473 7,459 2,163 5,980 -
'07 101,657 23,840 6,652 53,493 7,273 4,391 6,008 -
'08 99,006 22,537 6,582 51,137 7,899 4,252 6,427 172
'09 97,117 19,547 5,936 52,935 6,944 4,947 6,549 259
'10 107,066 19,970 6,249 60,766 6,592 6,041 7,159 290
'11 110,527 19,367 6,433 62,238 6,251 7,230 8,539 470
'12 121,351 20,047 6,054 68,105 6,628 7,915 10,233 2,368
'13 121,963 20,749 5,954 69,250 6,616 5,374 10,349 3,670
'14 132,269 18,373 5,213 83,084 5,985 4,349 9,756 5,510
'15 134,394 18,419 4,379 83,334 6,074 4,654 9,951 7,584
'16 138,114 18,382 4,370 85,000 6,087 4,794 10,050 9,432
'17 141,602 18,345 4,361 86,700 6,099 4,937 10,151 11,008
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Baht32.48
'03 2,406 611 140 1,302 205 28 114 5
'04 2,789 761 188 1,452 211 41 125 11
'05 2,945 762 209 1,540 217 53 165 -
'06 3,049 714 208 1,646 230 67 184 -
'07 3,130 734 205 1,647 224 135 185 -
'08 3,048 694 203 1,574 243 131 198 5
'09 2,990 602 183 1,630 214 152 202 8
'10 3,296 615 192 1,871 203 186 220 9
'11 3,403 596 198 1,916 192 223 263 14
'12 3,736 617 186 2,097 204 244 315 73
'13 3,755 639 183 2,132 204 165 319 113
'14 4,072 566 160 2,558 184 134 300 170
'15 4,138 567 135 2,566 187 143 306 234
'16 4,252 566 135 2,617 187 148 309 290
'17 4,360 565 134 2,669 188 152 313 339

Magazines Television
Total Business Consumer Total Free Pay
'05 6,775 334 6,442 50,020 50,020 -

'06 6,748 366 6,382 53,473 53,473 -
'07 6,652 324 6,328 53,493 53,493 -
'08 6,582 345 6,236 51,137 51,137 -
'09 5,936 323 5,613 52,935 52,935 -
'10 6,249 330 5,919 60,766 60,766 -
'11 6,433 325 6,108 62,238 62,238 -
'12 6,054 260 5,794 68,105 68,105 -
'13 5,954 226 5,728 69,250 69,249 1
'14 5,213 226 4,986 83,084 63,777 19,307
'15 4,379 200 4,179 83,334 58,235 25,099
'16 4,370 180 4,190 85,000 52,371 32,629
'17 4,361 170 4,191 86,700 44,283 42,418

Thailand

Magazines
Total Traditional display Social Video Search Mobile
'12 2,368 1,155 334 303 526 50

'13 3,670 1,742 518 472 858 81
'14 5,510 1,718 1,541 856 1,296 98
'15 7,584 2,212 2,322 1,351 1,602 98
'16 9,432 2,928 2,717 1,640 1,952 195
'17 11,008 3,367 3,232 1,939 2,245 224
Internet 0.7%
Newspapers 14.4%
Cinema 3.4%
15.9
Radio
4.7% Magazines
3.9%
10.2
8.2
6.9
5.6 5.4 5.6
3.5 3.2 3.3

2.7
-0.3
-1.9
-2.6
TV 65.1%
Advertising Data: 2003 Media Focus, 2004-2014 AGB Nielsen, AQX, except internet from 2012-2014, which is from DAAT, 2015-2017 Agency forecasts
Notes:
1) Before discounts
5) Internet includes only desktop display on top ten websites and homepage banners to 2011. From 2012 onwards it includes spend on all internet platforms.
We have a new, more accurate source for internet advertising reform. These factors are forecast to lift GDP growth to about
expenditure DAAT (the Digital Advertising Association 4% a year in 2015 and 2016.
of Thailand) which gathers expenditure data on all
internet platforms from 20 agencies that represent 80% Consumer confidence decreased to 73.4 in July from 74.4,
of expenditure in the market. The reported data is then below the 80.1 index it has averaged since 1998.
upgraded to represent 100% of the market. The DAAT figures
are available from 2012, and represent a big improvement on TV remained the key medium for brands eager to reach a
previous figures, which only included desktop display on the mass audience, accounting for 65% of all adspend.
top ten websites and homepage banners.
However, free TV channels based on the old analogue
The cautious economic recovery that started in 2014 is platform are being challenged by the new digital TV
expected to gather momentum slowly, nudged forward broadcasters. The analogue terrestrial channels are expected
by higher investment and abetted by a calmer political to lose 4% to 5% of their audiences to digital channels, while
environment, better prospects for some exports markets, analogue cable and satellite audience fall by 20%. The digital
and lower fuel costs. Consumer prices will barely change this channels are expected to increase their viewing figures by
year before edging up in 2016. Stronger public investment about 30% in 2015, despite two of them (Loca and Thai TV)
depends heavily on state-owned enterprises, which need ceasing broadcasts in October.

Thailand
Online media growth has the highest impact on print media A general election in Thailand is scheduled to be in
(both newspapers and magazines), whose combined market September 2016 but may be further delayed if a new election
share has halved over the last decade. The most-read Thai law is not passed.
magazine Dichan reduced its publication frequency from
fortnightly to monthly in July 2015.

Turkey
Advertising Expenditure in local currency at current prices (Turkish Lira million)

'03 1,323 422 50 693 60 18 76 4
'04 1,840 615 67 957 75 23 95 8
'05 2,266 805 85 1,140 80 28 110 18
'06 2,786 914 106 1,442 101 33 160 30
'07 3,308 990 123 1,760 111 36 235 53
'08 3,241 952 114 1,687 111 39 242 95
'09 2,767 746 72 1,442 88 39 198 182
'10 3,612 856 86 2,018 103 46 252 251
'11 4,646 954 95 2,448 121 53 306 669
'12 5,085 1,008 106 2,606 130 54 328 853
'13 5,754 1,031 108 2,908 133 57 348 1,169
'14 6,164 1,016 103 3,052 136 62 386 1,409
'15 6,410 1,019 106 3,162 129 58 343 1,593
'16 6,859 1,090 114 3,383 138 62 367 1,705
'17 7,339 1,166 122 3,620 147 66 393 1,824
Advertising Expenditure in US$ million at current prices. All years based on US$1 = Turkish Lira2.19
'03 604 193 23 317 27 8 35 2
'04 841 281 31 437 34 11 43 4
'05 1,035 368 39 521 37 13 50 8
'06 1,273 418 48 659 46 15 73 14
'07 1,511 452 56 804 51 16 107 24
'08 1,481 435 52 771 51 18 111 43
'09 1,264 341 33 659 40 18 90 83
'10 1,650 391 39 922 47 21 115 115
'11 2,123 436 43 1,118 55 24 140 306
'12 2,323 461 48 1,191 59 25 150 390
'13 2,629 471 49 1,329 61 26 159 534
'14 2,816 464 47 1,395 62 28 176 644
'15 2,929 465 49 1,445 59 26 157 728
'16 3,134 498 52 1,546 63 28 168 779
'17 3,353 533 56 1,654 67 30 180 833
Advertising Expenditure in local currency at current prices (Turkish Lira million)

Internet
Total Display Classified Search
'10 251 251 - -
'11 669 272 58 339
'12 853 329 76 448
'13 1,169 447 135 587
'14 1,409 520 155 734
'15 1,593 588 176 829
'16 1,705 629 189 887
'17 1,824 673 202 949

Turkey

Internet 22.9%
30.5
28.6
Magazines 23.2 22.9
1.7% 18.7
13.2
9.4
7.1 7.0 7.0
Outdoor/ 4.0
transport 6.3%
Cinema 1.0%
-2.0
Radio 2.2%
-14.6
TV 49.5%
Advertising Data: 2003-2012 Turkish Association of Advertising Agencies, IAB, 2013-2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
5) Internet includes display only to 2010, includes classified and search as well from 2011
GDP is expected to grow by 3%-4% a year to 2017, and the TV is the dominant medium and is likely to remain so for
inflation rate is expected to drop from 9% in 2014 to around some years to come. Newspapers are losing share of the
6% in 2017, with unemployment stabilizing around 10%. We ad market to the internet, mainly because of increased
think the ad market will grow by 4% this year, followed by penetration of mobile devices (smartphones and tablets).
7% annual growth in 2016 and 2017. Consumers habits are changing and they are now more
likely to get their daily news online instead of from
The deflation of the TRY along with instability in Iraq and traditional print.
Syria caused the consumer confidence index to drop to 64%
in March 2015, almost the lowest level for five years, though Mobile devices and social media are changing media
confidence has since recovered slightly to 68%. consumption behaviour. Mobile penetration is increasing
rapidly but connections through cellular networks are
The general election in June 2015 was inconclusive: no still expensive. Wi-Fi is cheaper, and is triggering a rapid
party managed to form a new government, and in August increase in second screen usage, especially at home.
new elections were called for November.
Online video is a fast-growing channel in Turkey, and
YouTube is the dominant platform.

Ukraine

'03 259 32 29 130 8 - 60 1
'04 348 30 50 163 14 3 87 2
'05 511 55 76 237 20 5 116 2
'06 709 65 102 350 27 7 152 6
'07 994 84 164 483 42 9 201 11
'08 1,138 181 218 475 40 13 190 21
'09 525 82 93 243 16 4 69 19
'10 666 88 94 331 29 5 93 26
'11 764 75 103 400 34 5 113 36
'12 828 75 100 422 39 5 138 50
'13 893 71 88 475 45 5 144 65
'14 555 27 36 254 23 2 58 155
'15 308 9 15 139 14 1 29 101
'16 338 8 16 153 17 1 32 111
'17 373 8 17 170 19 2 36 121
Newspapers 4.9%
Magazines 6.5% 46.8

38.7 40.2
34.4
Internet
26.7
27.9%
14.4 14.9
8.3 9.6 10.4
7.8
Outdoor/ -37.9
transport 10.5% -44.5
TV 45.7%
-53.8
Cinema 0.4%
Radio
4.1%
Advertising Data: 2003-2013 Ukrainian AdCoalition, Cortex, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
5) Excludes taxes
6) Prices fixed using local currency from 2009

Ukraine
Conflict in the east has continued to drag down Ukraines reducing the amount of television airtime that can be used
economy. GDP shrank by 17.2% in the first quarter of 2015. for advertising from 20% of broadcast time to 15%, and
In the first half of the year, inflation was 40.7%, real salaries limiting radio advertising to 20% of airtime. This meant that
fell by 23.5% and consumption shrank by 24.6%. The official a lot more of the television inventory was sold out.
exchange rate has stabilised at 21-23 hryvnia to the dollar,
compared to 8 to the dollar in 2013. However, beer was classified as alcohol for advertising
purposes in July. This means that all restrictions on alcohol
In February the meeting of representatives of Ukraine, advertising, including the ban on outdoor advertising and
Russia, France and Germany in Minsk concluded with a TV advertising during daytime, now apply to beer brands.
new agreement on a cease-fire, the withdrawal of heavy Because beer advertising used to account for 10% of all TV
weapons and stabilisation of the situation in Ukraines advertising this meant that the amount of sold-out inventory
eastern region. Progress since them has been slow, erratic, dropped sharply.
and with many setbacks. According to the UN there are
more than one million internal migrants. The Ministry of Economic Development and Trade
is examining the banning of hidden television and
The IMF and other international institutions are planning radio advertising of alcoholic drinks under the guise of
to donate and extend credit to Ukraine to stabilise the sponsorship from 0600 to 2300. If this becomes law, the
economic situation, help people from the east and television industry stands to lose some 200 million UAH.
reconstruct damaged territory. The process of reformation
of several state institutions (police, tax authorities, bureau The ATR channel resumed broadcasting in June, after
on corruption etc.) has started. shutting down in April.
According to the programme of cooperation between Express Media Group, a big new newspaper publishing
Ukraine and the IMF, energy tariffs will increase by between group, has entered the market.
40% and 280% this year.
Forbes, Inc has withdrawn the local Kurchenko groups
Consumer sentiment has been improving since March licence to publish its titles in Ukraine.
2015, albeit from a rock-bottom level, as the economy has
stabilised. Local elections that will take place 25 October 2015 will
be supported by political advertising in September and
A new Law on Advertising came into force in June 2015, October.

United Arab Emirates

'03 566 379 76 57 - 7 47
'04 777 524 104 97 - 7 45
'05 498 358 78 24 1 6 31
'06 636 431 93 21 7 10 74
'07 879 569 123 20 20 11 136
'08 1,280 819 148 35 62 17 198
'09 592 369 59 21 69 16 59
'10 629 387 50 27 79 15 71
'11 528 302 35 27 80 13 71
'12 482 272 32 27 69 11 71
'13 493 272 32 28 72 11 79
'14 528 291 32 28 75 11 91
'15 456 205 22 29 78 12 109
'16 447 180 16 31 82 13 125
'17 460 172 13 31 86 13 145
Outdoor/ 45.5
transport 17.3% 37.2 38.3
27.8
Cinema 2.1% 7.1

6.3
2.3 3.0
Newspapers -2.0
Radio 55.1% -8.9
14.3% -16.0 -13.6
-36.0
TV 5.2% -53.7
Magazines 6.0%
Advertising Data: 2003-2004 PARC, 2005-2014 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2015-2017 Agency
forecasts
Notes:
5) TV excludes Pan Arab channels from 2005 onwards
6) Excludes internet

United Arab Emirates
The UAE has one of the most open economies in the that the UAE will host World Expo 2020. However, since the
region and a high per-capita income. Most of its wealth beginning of 2015 advertisers have imposed quite tough
comes from natural gas and oil reserves, and the inflow spending restrictions on advertising in the UAE, particularly
of multinationals making UAE their headquarters for the in print, as they have across most of the region. We expect
MENA (Middle East and North Africa) region. the decline in print expenditure to continue in 2016 and
2017, though not at quite as steep a rate as in 2015.
One of the UAEs main objectives is to expand its
infrastructure and private sector, since the economy Television accounts for a very small share in this market due to
depends mainly on expatriates (who make up around 80% the dominance of pan-Arab satellite television channels, which
of the total population). attract viewers at the expense of national and local stations.
Nevertheless, minor improvements are expected in the near
We estimate that adspend growth rose from 2.3% in 2013 to future for the local stations thanks to the availability of popular
7.1% in 2014; spend increased following the announcement new content, which is enabling them to raise their prices.

United Kingdom

'03 10,409 4,135 1,565 3,173 447 127 668 295
'04 11,378 4,341 1,624 3,392 463 136 721 700
'05 11,811 4,170 1,607 3,455 521 134 762 1,161
'06 11,943 3,992 1,554 3,282 494 131 792 1,699
'07 12,711 3,978 1,494 3,380 509 144 829 2,377
'08 12,835 3,510 1,346 3,211 476 145 798 3,349
'09 11,259 2,757 970 2,858 430 153 665 3,426
'10 12,136 2,746 913 3,258 445 157 748 3,869
'11 12,531 2,513 836 3,290 452 145 753 4,542
'12 13,065 2,255 736 3,258 470 158 824 5,365
'13 13,697 2,071 668 3,420 456 156 828 6,097
'14 14,771 1,900 618 3,632 489 172 866 7,094
'15 15,832 1,757 566 3,923 496 188 880 8,021
'16 17,300 1,646 533 4,080 504 188 895 9,454
'17 17,982 1,557 506 4,202 509 184 910 10,113
'03 17,147 6,812 2,578 5,227 736 208 1,101 485
'04 18,742 7,151 2,676 5,588 763 224 1,187 1,154
'05 19,456 6,869 2,648 5,691 859 221 1,255 1,913
'06 19,674 6,575 2,560 5,406 814 216 1,305 2,798
'07 20,938 6,553 2,462 5,568 838 237 1,366 3,915
'08 21,143 5,781 2,218 5,289 785 239 1,315 5,517
'09 18,547 4,542 1,598 4,708 708 252 1,095 5,644
'10 19,991 4,524 1,504 5,367 733 259 1,232 6,373
'11 20,643 4,139 1,376 5,420 745 239 1,240 7,483
'12 21,522 3,715 1,213 5,366 774 260 1,357 8,837
'13 22,564 3,412 1,101 5,634 752 257 1,364 10,044
'14 24,332 3,130 1,017 5,984 806 283 1,427 11,686
'15 26,079 2,894 933 6,462 817 310 1,450 13,213
'16 28,499 2,712 879 6,721 829 310 1,474 15,573
'17 29,622 2,565 834 6,923 839 303 1,499 16,659

United Kingdom

'03 4,135 1,617 2,519 1,565 891 674
'04 4,341 1,678 2,663 1,624 920 705
'05 4,170 1,625 2,545 1,607 904 703
'06 3,992 1,626 2,366 1,554 864 690
'07 3,978 1,643 2,335 1,494 823 672
'08 3,510 1,544 1,966 1,346 713 633
'09 2,757 1,306 1,452 970 469 501
'10 2,746 1,387 1,359 913 401 512
'11 2,513 1,284 1,228 836 343 493
'12 2,255 1,173 1,082 736 272 464
'13 2,071 1,085 987 668 238 430
'14 1,900 982 918 618 215 402
'15 1,757 902 855 566 188 378
'16 1,646 838 809 533 170 363
'17 1,557 793 765 506 155 352

Internet
Total Display Desktop display Mobile display Classified Search Desktop search Mobile search
'04 700 198 198 - 137 365 365 -
'05 1,161 286 286 - 223 653 653 -
'06 1,699 386 386 - 322 991 991 -
'07 2,377 503 503 - 497 1,376 1,376 -
'08 3,349 639 639 - 717 1,993 1,993 -
'09 3,426 687 687 - 657 2,082 2,082 -
'10 3,869 905 905 - 719 2,246 2,246 -
'11 4,542 1,075 1,015 60 759 2,708 2,571 137
'12 5,365 1,479 1,326 153 799 3,087 2,722 365
'13 6,097 1,825 1,401 424 802 3,470 2,889 581
'14 7,094 2,274 1,505 769 1,047 3,773 2,936 837
'15 8,021 2,683 1,443 1,240 1,133 4,205 2,353 1,853
'16 9,454 3,109 1,370 1,739 1,163 5,182 2,073 3,109
'17 10,113 3,384 1,147 2,237 1,132 5,597 1,679 3,918

United Kingdom
Newspapers 12.9%
9.3 9.3
7.8 7.8
7.2
6.4
Magazines
4.2% 4.3 4.8
3.8 3.9
3.3
1.1 1.0
Internet 48.0%
TV
24.6%
-12.3
Radio 3.3%
Outdoor/transport 5.9% Cinema 1.2%
Advertising Data: 2003-2014 Advertising Association (internet 2004-2005 IAB, 2006-2014 Agency estimates), 2015-2017 Agency forecasts
Notes:
1) After discounts (except for cinema, which is before discounts)
3) Excludes 15% agency commission (10% agency commission for consumer magazine classified)
5) Magazines excludes directories
6) TV sponsorship not included
7) Internet includes display advertising, classified advertising and paid search
8) From 2009 email advertising is included in internet display
9) Radio figures include branded content from 2005
After the Conservative election win back in May, which from 5.5% to 5.6%. To put this into context, the latest
defied all expectations, the summer budget indicated the employment figures show that there were 67,000 fewer
scale of cuts to come with a grand total of 37 billion people in work than there were three months ago.
needing to be cut from annual government spending.
However, optimism about the UKs economic prospects GDP growth remains at 0.4% quarter-on-quarter, and
increased slightly in June. In fact, in June consumer inflation fell back to 0% in June from 0.1% the previous
confidence rose to +4.7%, its highest level since 2000. Real month. This, coupled with interest rates held at 0.5%, and
earnings rose for the eighth consecutive month together, the strength of the pound against the falling Euro, means
and optimism about household finances also improved that the current outlook is fairly positive for the coming
in June. This has had a knock-on effect on the major- quarter. That said, it is important to note that the UKs
purchases index, which has risen to its highest level since economic recovery remains imbalanced.
2006.
Press
Unfortunately, we are not seeing the same levels of In the first quarter of 2015, national press revenues declined
positivity reflected in employment confidence. Due to by 9.1% year on year. For newsbrands as a whole (i.e.
the lack of movement in the job market, employment including revenues generated by newspaper brands in
confidence remains largely unchanged. In fact, the other media, principally the internet), the decline was 6.8%,
unemployment rate rose for the first time since 2013, so there is still some way to go before newsbrands digital

United Kingdom
revenues make up for the loss of print revenue. The latter releases had to contend with event TV such as the 2014
figure is a fairer reflection of the health of newsbrands, World Cup, the growth of TV on-demand and over-the-
highlighting content creation across print, web, tablet and top services such as Netflix, and continued low disposable
mobile. As many publishers have done in recent years, the income.
Daily Mail has restructured to address this new business
reality, bringing Mail Newspapers and Mail Online together Against this base we are expecting 2015 to be a big year
under the same reporting structure. for cinema, better in terms of admissions and with similar
growth in revenue, thanks to strong releases such as Fifty
In Q2 2015 the election had a marked impact on revenues Shades of Grey, Fast & Furious 7, the second Avengers
across both national and regional press. Almost all major movie Age of Ultron, Jurassic World, family movie Minions,
product sectors shrank in Q2; only the mail order, property, the final Hunger Games in November and the new Star
and gardening & agriculture sectors demonstrated some Wars franchise in December. There are particularly high
stability year on year. There is hope that demand for print hopes for the new Bond film, Spectre. Its predecessor in
will make a recovery in Q3 and Q4 to offset the difficult Q2. 2012 was the biggest film at UK box office ever.
The build-up to the Rugby World Cup is gathering pace
with bespoke content and supplements driving revenue. Inflation is likely for advertisers wanting to target these big
releases; barter will not be accepted and sales houses are
There is also restructuring in the sector to better realise focusing on premium packages for big blockbusters like
digital revenues. One example of this is the announcement these. Price inflation is unlikely for the majority of releases,
by News UK that the Sun is relaxing its paywall in certain however.
areas to take advantage of social sharing, and in turn the
advertising revenue generated by increased scale. Another The film slate for 2016 is still being populated. It currently
example is the purchase of the FT by Nikkei of Japan a includes the likes of Batman vs Superman, Star Trek 3,
huge global, digital news company. Under Nikkeis wing Planet of the Apes, Fantastic Beasts and Avatar 2 (until
the FT will have the scale to compete with the big tech Bond: Skyfall, Avatar was the biggest UK film in history,
companies moving into the business of generating and taking 93 million at the Box Office in 2009). Given the
delivering news. comparison with a very strong 2015, competition from the
European football championships, and continued growth in
Consumer magazines performed better than expected in on-demand video viewing, we forecast a static ad market in
Q1, with a 4.8% decline in print ad revenues. Even more 2016.
positively for consumer magazines was the acceleration of
digital revenues, which limited the decline to just -1.4% for The film slate for 2017 is as yet relatively unknown. It could
magazine brands as a whole. include more X-Men, Guardians of the Galaxy 2, and a
second Lego Movie (the first grossed almost 40m in 2014).
As consumer magazines continue to innovate, we are also Until we know more, we are forecasting a decline of around
seeing further traction in the free market. Time Incs NME, 2%.
its leading musical publication, has announced a radical
overhaul to a free model. Around 300,000 copies of the Internet
publication will be distributed, a far cry from recent sales of Digital spend continued to grow in 2014, up by 16% year-
the paid-for publication, which had dropped to 15,000. The on-year. Growth is being driven by advances in spend
popular NME.com will also be revamped. across social, mobile and video. Mobile again stands out in
terms of accelerating growth, with mobile search up 44%,
Dennis Publishing has also mooted a launch into the mens continuing the trend of search traffic migrating onto mobile
free market, codenamed Project Rusty and due to launch in devices. Mobile display was up 81% year-on-year, with a
autumn 2015. The title is being positioned around the line key factor being social - 50% of social spend now goes
Do something and is expected to cover health, fitness, through mobile. Facebooks re-launch of Atlas is a major
well-being, technology, careers, food, nutrition, fashion and step in cookie-less tracking technologies, a move that will
modern living. Dennis is aiming for a distribution of 300,000 undoubtedly continue to fuel the growth of mobile spend
across major UK cities, a number similar to UTV Medias free as the barriers of accurate tracking and data targeting are
weekly magazine Sport. Shortlist, the dominant free mens eroded.
weekly, has a distribution of 500,000.
Underlying the growth of mobile display and video is the
Cinema continuing rise of programmatic spend; as this area of the
2014 was a strong year for cinema ad revenue, with the market matures, the portion of spend accounted for by
reported end-of-year figure up 10%. Audience levels, programmatic will rise. As programmatic buying becomes
however, were disappointing, with admissions dropping more dominant, the efficiencies and ROI it allows will carry
below 160 million for the first time since 2005. Cinema on fuelling the growth in digital spend.

United Kingdom
Radio TV
No official figures have been released yet, but the radio The increase in TV ad revenue we saw in the first half of 2015
market was relatively stable for the first six months of the (+8%) looks set to continue into the second half of the year
year, up by an estimated 1%. The first quarter was stronger (+8%). The first reason for the second-half growth is the
than the second, which suffered from comparison with a Rugby World Cup, which will be shown live and exclusively
higher base in 2014. Its too early to tell precisely how Q3 on ITV and spans September and October. The second
has performed year-on-year, but early indications are that reason is the continued economic optimism which has given
spend is up. The biggest-spending advertisers on radio advertisers the confidence to increase TV spend across most
include BSkyB, the UK government and BT. Overall we categories. This has delivered 8% growth in July and August,
estimate the market will be up 1.4% in 2015. for example, despite the absence of any significant event
in either month. Our sources suggest the sectors that have
Outdoor enjoyed the biggest increase in the year to date are motors
Digital revenues remain the main growth driver of outdoor (TV spend up 16%), finance (up 17%) and airline/travel (up
and now represent over 28% of total spend. From Jan 2016, 8%). Overall we expect 2015 TV revenues to be up 8%.
the TfL Bus Shelter contract will move from Clear Channel
to JCDecaux after a tender process, and the tender for the Looking forward to 2016 we see the TV ad market increasing
London Underground concession is under way now, with a by 4%, partly driven by the European Championships, but
winner announced in Q1 2016. also continued favourable economic conditions, despite the
prospect of interest rate hikes.

United States of America
After contracting in the first quarter of 2015, the US

economy rebounded in the second quarter, bolstering
speculation of an impending Federal Funds interest rate
hike by the Federal Reserve. Although still cautious on the
subject of inflationary pressures, the Fed confirmed that the
central bank is on track for a 2015 hike in short-term interest
rates, citing the demonstrably strengthened US labour
market as a reason for potentially raising its benchmark rate
later this year.
Gross domestic product in the United States decreased at

a 0.2% seasonally adjusted yearly rate in the first quarter of
2015 according to the third estimate. The final estimate for
fourth quarter GDP showed a rise of 2.2%. The decrease
in real GDP in the first quarter of 2015 was driven by
negative contributions from exports, non-residential fixed
investment, and state and local government spending.
The downturn was partially offset by positive contributions
from personal consumption expenditures (PCE), residential
fixed investment, and private inventory investment. Imports,
which are a subtraction in the calculation of GDP, increased.
The US financial markets show that the DJIA declined 1.94%
and the S&P 500 declined 2.06% in the month of June. For
the second quarter of 2015, the DJIA was down 0.29%,
while the S&P 500 was up 0.28%.
The Conference Boards Consumer Confidence Index,

which rose in May, increased again in June. The Index
currently stands at 101.4, up from 94.6 in May. Consumers
assessment of the labour market was positive as well. The
percentage of consumers who stated that jobs are plentiful
rose to 21.4% in June (up from 20.6% in May), while those
stating that jobs are hard to get decreased to 25.7%
(versus 27.2% in May).
Consumers outlook for the labour market was markedly

optimistic, with those anticipating more job opportunities
in the coming months rising to 17.8% in June, up from
14.7% the month before. In the same vein, the proportion
of consumers who expected fewer jobs in the months
ahead edged down to 15.1% from 16.6% in May. The
share of consumers expecting an increase in their incomes
remained almost unchanged at 17.5%, while the percentage
anticipating a decrease fell slightly to 10.2%, down from
10.7% in May.
Privately owned housing starts rose in June to 1,174,000.

This figure represents a 9.8% increase from the revised May
estimate of 1,069,000, as well as a 26.6% increase from the
same period in 2014. Single-family housing starts declined
0.9% in June to 685,000, down from the revised May
estimate of 691,000. Privately-owned housing completions
for the month of June clocked in at a seasonally adjusted
annual rate of 972,000. Although this figure represents a
6.7% drop from the revised May estimate of 1,042,000, it
also signifies a 22.0% increase from the June 2014 rate of
797,000.

An advance monthly sales report for retail and food services

sales for June 2015 showed a decrease of 0.3% from May.
However, this represents a modest 1.4% increase from June
2014. Total sales were up 1.7% over the same period in
2014. Food services and drinking places were up 7.7% from
June 2014, while gasoline stations were down 17.1%. Retail
trade sales were down 0.3% from May 2015, but remained
0.6% above the figure from June 2014.
The US economy gained 223,000 jobs in June 2015.

Additionally, the unemployment rate decreased to 5.3%.
Employment gains occurred in the areas of professional and
business services, retail trade, healthcare, financial activities,
and transportation and warehousing. The number of
unemployed persons fell by 375,000 to 8.3 million in June,
and the unemployment rate declined by 0.2%. The number
of long-term unemployed Americans (those who have been
unemployed for over 27 weeks) declined by 381,000 to 2.1
million. The number of long-term unemployed persons,
which has decreased by 955,000 over the last 12 months,
accounts for 25.8% of all unemployed persons in the
workforce.
Network TV
During the 2014-2015 season to date, primetime television

usage has declined by 7% among 18-49 year-olds and 4%
among all viewers. Networks are continuing to focus on
recapturing audiences across other screens, fuelling growth
of their digital and mobile business. Their efforts include
the promotion of dynamic ad insertion (DAI) by distributors 18-49 year-old C7 ratings were 4.0% higher than C3 ratings,
like Comcast, Time Warner, Verizon and AT&T. A common slightly ahead of last years 3.5% additive audience.
element among many of the broadcast and cable upfront
presentations, DAI will create advertising solutions beyond Led by its diverse programming including How to Get
evergreen creative and provide an additional revenue Away with Murder, Black-ish, Fresh off the Boat, and
source for networks as they grow their video-on-demand Scandal ABC increased its C3 18-49 viewership by 6% year
content libraries. Because video-on-demand is available on year. Once again ABC is betting that Shonda Rhimes can
for 30 days and C3 ratings only count views three days after achieve further success on Thursday night with its recent
broadcast, much of that is not monetised. In the absence announcement of her latest project The Catch debuting
of key events from 2014, including the Olympics and World in midseason, taking over the timeslot of How to Get Away
Cup, we forecast spending will decline in 2015 and 2017 with Murder. With more freshman series than any other
by 5% and 3% respectively. For 2016, which will include the broadcaster returning from last year, ABC had fewer holes
Summer Olympics and the Presidential Election, spending to fill, adding only five new series to its autumn schedule,
will be fairly flat (-2%). with four nights of the week remaining intact from 4Q14.
TV remains the predominant medium used by consumers. Tying CBS for second place in viewing share, NBC lost 12%
According to the Nielsen Q1 2015 Total Audience Report, of its 18-49 viewers in the season to date; its top-rated
the average American watches 32 hours of Live and DVR summer programme Americas Got Talent was one of
television content each week. While traditional television its few solid performers this summer. NBC has ordered the
viewing on a TV screen continues to slowly decline, overall largest number of new programmes for the upcoming 15/16
media consumption is up, driven by growth in digital video season, with only one freshman series making its return to
viewing, including mobile and computer devices. primetime this autumn (Mysteries of Laura). NBC will have
noticeably fewer comedies in 4Q15, with only one hour
During the season-to-date, the five English broadcasters on Friday and no more 9pm comedies on Tuesdays and
have collectively lost 7% of their viewing from 18-49 year Thursdays. To gain more live viewership, NBC will continue
olds, with CBS and NBC suffering the biggest losses. its Live Event programming, airing Best Time Ever with Neil
Viewing beyond the three-day window remains minimal; Patrick Harris, Undateable and The Wiz Live!

CBS is also down 12% among 18-49 viewers in primetime, units. AT&T is primarily a phone and Internet company with
with summer series Extant and Under the Dome reporting a growing cable-TV business (AT&Ts U-Verse), while DirecTV
significant viewership losses compared to last year. primarily provides satellite-TV service in the United States
However, CBS aims to take back its number 1 position next but is not a big player in broadband or telephone services.
season with broadcast coverage of Thursday Night Football
in the autumn, along with the 50th anniversary of the Super Even as multichannel video programming distributors
Bowl in February 2016. Stability is key for the network as (MVPDs) continue to consolidate (pending government
it keeps its line-up intact on Friday, Saturday and Sunday, approval, Charter will purchase Time Warner Cable now
while making only minor changes to Monday, Tuesday and that Comcast has backed out), there are more opportunities
Wednesday. CBS is taking its biggest risk on Thursday night for networks to distribute their content. More networks
by adding two new comedies (Life in Pieces and Angel from are offering subscription video-on-demand services over
Hell) to replace the recently ended Two and a Half Men and broadband internet; in addition to HBO Now and CBS
cancelled series The Millers. CBS will also add a drama on All Access, Showtime now offers a subscription video-on-
Monday night (Supergirl), which will anchor the night from demand option and NBC is working on a comedy-themed
October 26th. subscription featuring marquee shows Saturday Night Live
and The Tonight Show with Jimmy Fallon.
With its mid-season mega hit Empire ranking as the
top-rated programme for the current season, FOX is Some MVPDs are offering smaller bundles, somewhere
positioned for continued growth. For the 15/16 season, between standalone offerings and full cable subscriptions, in
FOX is making substantial changes on four nights of an effort to keep subscribers. Dish Network recently launched
the week (Monday, Tuesday, Wednesday and Thursday). the new streaming service Sling TV, which offers content from
Tuesday night will feature all new content, including Ryan 18 cable networks, with add-on packages for kids, lifestyle,
Murphys Scream Queen, which is already generating a lot and news programming. Verizon FIOS also announced a
of buzz. Wednesday night will build on Empires success, custom TV option, allowing consumers to start with a small
pairing it with newcomer Rosewood. FOX will use the base of networks and add different genres of networks for an
NFC Championship Game on Sunday 24 January 2016 additional $10 per month. Sony recently launched PlayStation
to launch the reboot of X-Files, starting David Duchovny VUE, turning its gaming consoles into connected devices and
and Gillian Anderson as FBI Agents Fox Mulder and Dana offering three tiers of network options.
Scully. American Idol will begin its 15th and final season
in January and feature host Ryan Seacrest and returning Distributors are deploying standalone and tiered
judges Jennifer Lopez, Keith Urban and Harry Connick, Jr., subscriptions to counter the continued decline of cable
as they search for the final Idol and pay tribute to the past television viewing. Only about a third of all cable networks
14 seasons of contestants. Coming off NBCs success with increased their ratings year-on-year in Q2 2015. Established
The Sound of Music and Peter Pan, Grease Live starring networks focusing on broad audiences have suffered the
Julianne Hough and Vanessa Hudgens will air on 31 biggest declines; only 12 of the top 50 cable networks
January 31, 2016. achieved an increase year in year, and 23 of the 50 suffered
double-digital ratings decreases. Almost all networks
The CW is the only English-language network to achieve targeting millennials (networks with a median age 21-34)
stable 18-49 viewing this year, thanks to the critically declined, indicating that younger consumers are moving
acclaimed freshman series Jane the Virgin and newbie The away from traditional cable. However, full multi-platform
Flash, which had the CWs highest rated premiere to date. measurement is poor at the moment especially with
Stability is next years theme for the network, as it relies connected TV, tablet, and mobile consumption so the
heavily on returning shows (many of which were announced picture is incomplete, especially for younger viewers.
for early renewal back in January) and builds on their
success by producing thematically similar content both on- Measurement continues to obscure a portion of TV viewing,
air and online. The CW will only debut one new programme though the picture will continue to sharpen through better
in the autumn on Monday nights (Crazy Ex-Girlfriend) and measurement initiatives. Nielsen is expanding the National
add only two new mid-season replacements, DCs Legends People Meter sample to include more homes, doubling
of Tomorrow and Containment. the effective sample size. Preliminary findings suggest that
smaller, long-tail networks are likely enjoy a boost in ratings.
Cable TV Simultaneously, the industry is looking at better multi-
platform measurement including options from Nielsen and
AT&Ts bid for DirecTV has been approved, adding further comScore.
consolidation to the cable landscape. Unlike Comcasts
unsuccessful bid for Time Warner Cable, which would have Cable spending estimates for 2015 remain conservative at
combined the two largest cable and broadband suppliers, 2.0%, with subsequent years showing slightly higher growth
these two companies have fewer overlapping business of 3.0% in 2016 and 3.0% in 2017.

Syndicated TV to win over viewers with Steve Harvey as host. Disney-

ABC Domestic Televisions Who Wants to Be a Millionaire,
Syndication is expected to hold steady in 2015, while which announced Chris Harrison would take over Terry
dipping by 1% in both 2016 and 2017. Crews place as host next season, experienced the sharpest
decreases across all game shows (16% among 18-49 year-
During the 2014-2015 season, 12 of the top 20 syndicated old women and 18% among all 18-49 year olds).
programmes among 18-49 year-olds were comedies.
Despite reporting year-on-year declines with nearly all Syndication will expand its slate of talk shows next season
monitored demographics, Warner Bros. hit comedy The with the debut of The FAB Life, a lifestyle-oriented show
Big Bang Theory remained the number 1 programme featuring segments on fashion, beauty, food and design.
among several key demographics, including 18-49s. CBS Other shows that will debut next season include Bobs
TV Distributions Everybody Loves Raymond, weekly Burgers, 2 Broke Girls, Tosh.0, Elementary, Person of Interest,
and weekend runs of Warner Bros. The Middle, and Rookie Blue, Chicago Fire, Rizzoli & Isles, Crazy Talk, Sport
20th Televisions How I Met Your Mother were the only Science, The Daily Meal, and Crime Watch Daily. The Queen
syndicated comedies to improve compared to a year ago Latifah Show, Futurama, White Collar, Burn Notice, Glee and
among 18-49 year-olds. Now available on Hulu, Sony Picture The Better Show will not return next season.
TVs Seinfeld (on Mondays to Fridays) still ranks in the top
10 syndicated comedies among 18-49 year-olds, holding its Digital
audiences relatively steady.
Display
Benefiting from an extra cable run on USA, NBC Universals ZenithOptimedia forecasts that display advertising will
Law & Order: CI experienced a significant boost with several increase 23% in 2015, 16% in 2016, and 14% in 2017. Our
key targets, scoring the largest 25-54 women viewership display forecast includes banners, sponsorships, rich media,
across all syndicated properties, while securing second and mobile.
place among 18-49 adults (up 54% and 63% respectively
from a year ago). The long-running CBS TV Distribution Programmatic spend continues to fuel digital display growth.
game shows, Wheel of Fortune and Jeopardy!, which have Advertisers see the benefit of using anonymised data to reach
been renewed through 2017-18, remained the top rated specific desired audiences. Data reduces wasted investment
syndicated programmes among all viewers. by eliminating non-valued impressions. Advertiser demand
still centres on performance-driven impressions and the
CBS TV Distributions Dr. Phil was the top-rated talk show ability to gain line-of-sight across multiple buys in different
among 25-54 year-old women with this demographic with a environments, and to optimise to deliver the best results.
1.63 C3 rating, ahead of Disney-ABC Domestic Televisions
Live! With Kelly & Michael (-5% from last year) and Warner Premium publishers are investing in this strategy to retain
Bros. The Ellen DeGeneres Show (-13% from last year). their market position by offering high-impact creative
Sony Picture TVs The Queen Latifah Show (cancelled) and opportunities and native programmatic capabilities, which
The Dr. Oz Show continued downward trends across all enable advertisers to blend in with publisher content. The
measured targets, experiencing the sharpest year-on-year strategy is to draw more brand dollars into programmatic,
declines among 25-54 women (39% and 34%, respectively). but for the moment native programmatic inventory is thin
With a median age of 47, Warner Bros. The Real was the on the ground. In both cases, advertising agencies are
youngest-skewing talk show, ranking fifth in the category striking private and exclusive marketplace deals to lock
among 18-34 women. in the best premium programmatic inventory for agency
clients, which should also improve ad viewability rates, an
CBS TV Distributions Judge Judy continues to rule the growing concern across the industry.
court show genre, while also claiming first place among
households and third place among 25-54 women across Concerns about ad viewability have reached critical mass:
all syndication. CBS TV Distributions Entertainment
Tonight (Monday to Friday) remained the leading news Viewability, as defined in 2014 by the Media Ratings
magazine among 18-49 women and 25-54 women, despite Council, requires digital media to deliver at least 50%
declining compared to a year ago, while Warner Bros. TMZ of a desktop display ads pixels to be on-screen for
(Monday to Friday) one of the youngest news magazine at least 1 second or, for desktop video, for at least 2
programmes in syndication claimed top honours among seconds.
12-34 year-olds, 18-34 year-olds, 18-49 year-olds 18-34 year-
old women and 18-49 year-old women. Due to the evolving state of technology and constraints
within publisher platforms and third-party viewability
All game shows have declined year on year with the tracker, the pursuit of a 100% viewability standard is a
exception of 20th Televisions Family Feud, which continues target for the future, not the present.

The Interactive Advertising Bureau recommendation of of short-form original content that resonates well with
70% viewability remains a threshold for many current consumers and is highly sharable, and the surge in sports
negotiations. clips and live streaming events.
While formal standards are not fully established, the subject The rapid expansion of video in social channels most
of viewability has become a hot topic for advertising notably Facebook, but closely followed by Twitter,
clients. We anticipate that this trend will only continue Instagram and shortly Pinterest increases the amount of
as technology develops towards a standard of 100% content available and vastly increases video distribution.
viewability. While not ad supported, yet, live streaming through apps
like Periscope and Meerkat is creating new avenues for
The role of native advertising, digital content and content video distribution.
distribution is spurring increased investment in display
marketplace, opening discussion about new tactics and Facebook continues its strong push to challenge the video
sources of inventory. leader, YouTube. According to comScore Video Metrix,
Facebook surpassed YouTube in total number of video
Native advertising continues to take many forms. views on desktop in the US over a year ago. Facebook
Many established publishers are creating higher- has also been ramping up its video products and recently
impact, premium-priced offerings which include announced Anthology, which will curate and monetise
access to custom content studios. Venture-backed ad custom content from creators like Funny or Die, VOX
tech networks are striking deals to aggregate native Media, and VICE.
inventory to allow content deployment with large scale.
Video inventory from television networks continues to
The promise of native content is to complement other grow, but is still limited in supply, preventing networks
digital investment by acting at the top of the purchase- from packaging as much non-linear inventory as they
funnel to attract consumers, engage them with an might like in order to fulfil demand. Networks are seeing
article or content asset that entertains or informs, and more significant growth from video-on-demand as well
which helps pave the way for a more traditional ad-like as unbundled distribution opportunities. With increased
message. demand for digital video marketing opportunities from
brands and agencies in 2015, we are seeing even more
Native is opening new revenue channels for publishers, partners create content to further monetise video views.
but it is also an arms-race where innovations are quickly CBSs announcement that they will live stream the Super
mimicked in a fast-paced marketplace. Bowl will now create digital video opportunities in the once
off limits, linear only sports broadcast environment.
We expect the adoption of native and content strategies
to increase in the coming months, with early results helping Viewability continues to be a major concern among
to refine product offerings and best practices among agencies and advertisers. The MRC recently took the
publishers and advertisers alike. stance that 100% viewability is unreasonable, and from
a commercial standpoint, pricing against 100% viewable
Video & Mobile Video impressions may not be the most efficient buying model.
Video consumption on mobile devices (such as
smartphones and tablets) is forecast to grow by 48% in Mobile
2015 and 29% in 2016. ZenithOptimedia expects mobile to
become the main platform for viewing online video next Marketers are placing greater importance on location
year as mobile video advertising is growing at a rate three insights from mobile devices. Fortunately for them,
times faster than non-mobile video spending. consumers are beginning to share this data more and more
readily in a value exchange for better targeted content and
The number of digital video viewers continues to increase advertising, and more convenient payment options. In-store
rapidly due to growing content, user acceptance, and payments in particular have recently led consumers to use
consumers higher comfort level with watching Video their mobile devices as part of the shopping experience.
through multiple platforms. With growing digital video Price comparison research, searches for coupons and offers,
consumption, video ad spending is also up across all and scanning tickets for added information are some of
devices, with mobile devices seeing especially large growth the reasons for consumers relying more on mobile devices
largely due to high use by millennials. for in-store shopping. As these devices become the bridge
for marketers from the physical world to the digital world,
Three more factors are contributing to growth in mobile consumer journeys are now more trackable than ever, and
video consumption: higher mobile data speeds, the growth consumers are seeing the benefits with more relevant offers.

Social To keep pace with rapidly shifting customer demands,

We forecast social media advertising to increase 32% in Google is driving automation and scale of search
2015, slowing gradually to 27% growth in 2016 and 20% in campaigns through dynamic search ads (DSAs) and
2017. Facebook and Instagram (itself owned by Facebook) Retargeting Lists for Search Ads (RLSAs). DSAs shift the
are poised to lead this growth. Facebook continues to report focus of search campaigns from keyword to content, as
user growth, with over 1.4 billion people worldwide logging ads are dynamically linked to search queries relevant to an
on at least once in Q2, and 65% of those doing so daily. advertisers site content. This reduces the risk of programme
gaps, and becomes more responsive to new and emerging
Leading social media player Twitter has found itself in a search trends. RLSAs enable unique copy and ad serving
precarious positon: financially thriving while user growth based on prior visits to an advertisers website. This function
begins to stall. Mobile is the driving force behind Twitters is further enhanced with integration into Google Analytics,
revenue growth: in Q2 revenue hit $452 million, 88% of it to allow for first-party customer segmentation, and Google
stemming from mobile advertising. However, active user Ad Customizer, which creates dynamic ad copy.
numbers are not meeting expectations, spurring Twitter to
launch its first-ever integrated marketing campaign later this These capabilities are extending to other search engines.
year. The campaign will support a new user-friendly feature The renewal of the search partnership between Bing and
called Project Lightning, which will enable users to curate Yahoo will allow each company to continue sharing a
Twitter conversation around live events. core search platform, but now allows each the flexibility
to develop marketplace disruptions, and longer-term
Interestingly, Instagram has already released its own real- growth will be driven by paid searchs expansion beyond
time application upgrades Trending Tags and Explore the traditional Google desktop search bar. This includes
Posts, while corral images about people, places, attractions Yahoos recent acquisition of Polyvore, a fashion-focused
and hashtags that are gaining attention among users and image-rich search engine; the growth of niche or
interests. Instagram is also preparing the media industry for supplemental search engines (e.g., using Amazon.com
vast improvements in the ad buying process, mirroring the for product review searches or Yelp.com for hyper-local
targeting and infrastructure of Facebook for the first time. searches); deeper integration of search into internet
browsers, seen in Cortanas integration with Microsoft
Some fear the addition of new ad opportunities could Edge browser (the default on all Windows 10 computers)l
sour users experience of the Instagram application; Google Nows expansion beyond Android devices; and new
however, Instagram plans to monitor user sentiment and formats and applications of search in wearables, consumer
adjust accordingly. New ad units will also emerge in Q3 electronics, in-car navigation systems, and for local service
as Carousel ad units evolve (four-part sequenced images delivery (Uber, Lyft, Airbnb).
or videos) and the Marquee ad unit is introduced. The
Marquee unit will activate a 24-hour custom audience Radio
series of ads used for major brand initiatives such as a
new product launches, major technology upgrades or Radio is predicted to have a very slight 1% increase in
entertainment premieres. spending in 2015. Big box retailers continue to invest in
the radio, and categories such as automotive aftermarket,
Search insurance, retail, and restaurants are expected to invest
ZenithOptimedia expects paid search to grow by 11% in more than in previous years. Digital streaming continues
2015, 12% in 2016 and 10% in 2017. This consistent growth to grow, presenting opportunities for deeper engagement
will be fuelled by user expectations that advertisers will and creative solutions. Pandora recently announced an
provide relevant and local content; the automation and scale enhanced focus on targeting, allowing advertisers to
of advanced search capabilities; and the long-term growth of engage in two-way relationships normally seen only in
nascent paid search formats and applications, from Amazon. digital advertising.
com product search, next generation internet browsers, and
the integration of search into consumer electronics. Another digital streaming competitor is expected to
enter the market soon. Googles YouTube appears to be
Customers expect and use mobile search to provide experimenting with a new feature called YouTube Radio,
relevant and near real-time information about their location, which expands on its current YouTube Mix playlist feature
and advertisers are integrating local inventory feeds into to offer non-stop a radio station based on the currently
search engines to enable this locally relevant content. With playing video. It is unclear how the feature might play
local inventory ads, advertisers are also better equipped into YouTubes recently launched Music Key service, which
to use mobile to drive foot traffic to physical stores. New offers access to music streaming on YouTube ad-free, in the
standardised measurement techniques allow reporting of background on mobile and offline, for $10 a month. A radio
store visits, cross device search, and in-store purchases feature was something several reviewers noted the service
driven by these techniques. was notably lacking.

Consumer Magazines ZenithOptimedia projects print ad revenues for consumer

magazines to shrink by 1% a year during 2015-2017.
2014 was a year of stabilisation in the magazine
marketplace, with evident signs of vitality. The Magazine Business Publications
Media 360 Brand Audience Report, which compiles reported
audience numbers across all platforms of distribution for a While B2B has experienced a continued decline in revenue,
published brand, found that audience numbers for the first the industry has benefited from new interest from B2C
half of 2015 were 9.8% higher than those for the first half technology advertisers targeting business decision makers.
of 2014. Most of this growth came from digital platforms, Nevertheless we forecast continued 6% annual decline in
while print readership declined. Circulation numbers business publication ad revenue.
declined by just 2.2%, but were bolstered by 2.8% growth
in digital editions. Single copy sales were down 11.4% Newspapers
and subscriptions were down 1.5%. There are certainly
publications bucking this trend (particularly in the health, We forecast newspaper ad revenue to decline by 7% a year
entertainment and small business segments) but for the throughout the forecast period.
most part, magazines continue to struggle to maintain issue
sales. Adspend was down 12.2% year on year in Q1 2015. To combat declines in both circulation and advertising
This is a repeated trend for Q1 as advertisers enter the print revenue from their printed products, newspapers are
marketplace later and later each year. marketing their content across digital platforms, aiming to
increase their audience, drive up revenue, and streamline
Fewer magazines launched in Q1 2015 than a year earlier. operations. Publishers are looking to video advertising
However, there were still more launches than there were and native advertising to help prompt revenue growth.
closures. Notable launches include Parents Latina (from Newspapers are incorporating digital subscription
Meredith), Frozen (Disney), and Physicians Life (SLACK Inc.). packages, premium pricing of seven-day subscriptions, and
Consumer magazine closures for Q1 2015 included Fitness strategic discounts into their revenue strategies.
(Meredith), Paper Crafts & Scrapbooking (Mode), and Bklynr
(Fourth City). Audience and circulation divisions are driving efficiencies
and increasing the profitability of traditional newspaper
In 2014 several digital publications launched printed editions, circulation through improvements in operational efficiency,
such as All Recipes, Porter, Editorialist, C-Net, BIGLife and revenues per subscriber, and selective pricing. Despite the
Pineapple (from Airbnb). This list of digital publishers seeking decline in circulation, over circulation revenue has increased
to add circulation and print ad revenues continues to grow, thanks to digital paywalls and increased newspaper cover
and we expect several additions to the marketplace in 2015. prices. However, the outlook for both the newspaper
industry in general and circulation revenue in particular is
There has been a sudden increase in freemium magazines challenging, with the booming digital revenue only just
free publications offering high-quality content, often offsetting the losses in print. Early indicators reflect a slight
former paid-for titles. Time Out NY, Blanche and Trending stabilisation of print circulation in the national newspaper
all appeared on the street corners of major cities in early marketplace as companies focus on increasing their
2015, appealing to the millennial appetite for free and millennial readership.
relevant content.
Cinema
Acquisitions by larger publishers are happening rather
frequently. Companies like Meredith which recently We expect a 5% annual increase in cinema adspend from
purchased Martha Stewart Living and AMI Health Titles 2015 through 2017.
are scooping up the competition and extending their
portfolio to new categories, giving them a stronger foothold The number of new brands advertising at the movies
in the marketplace. The upcoming re-launch of Shape is increased significantly in 2014. In total, 121 new brands
the result of the Fitness/Shape merger, after which Fitness advertised in cinema in 2014, up from 93 new brands in
ceased publishing. 2013. The bulk of the new brands advertising in cinema
in 2014 belonged to the personal care, business services,
Publishers are promoting audience-buying across print digital media, energy, internet, retail, toys/games,
titles, creating buying platforms that promote targeting transportation and utilities categories. The increase in new
and scale to rival the digital platforms. The challenge will brands advertising in cinema is due to agencies including
be marrying these factors with content alignment and cinema in the larger Premium Video media category. More
positioning, which are vital to most large print marketers. It agencies are treating cinema as place to complement their
is expected that these deals will help publishers to compete TV and online video buys, generating incremental reach.
better with digital and slow the decline of print ad revenue. Year-to-date box office sales for 2015 have outpaced 2014

by more than 7%, highlighting cinemas power to reach With the upcoming presidential election in 2016, direct mail
valuable target audiences for a variety of categories. will see an influx of political ad spend as political parties
and special interest groups leverage this one-to-one tactic
Out of Home to complement larger integrated ad campaign strategies.
We forecast both billboards and other out-of-home While ZenithOptimedia predicts a decline in direct mail spend
advertising, such as place-based media and experiential in the future due to the continued shift to digital, this decrease
media, to grow by 4% annually to 2017. will likely be offset by the extension of the exigent increase
as well as heavy political spend. For 2016, ZenithOptimedia
While the conversion to digital is increasing the amount forecasts a year-on-year decline of 0.8%. Once political ad
of inventory and the flexibility afforded, major national spend is out of market in 2017, direct mail spend will decrease
advertisers continue to move dollars out of long-term more dramatically, at 1.2% from 2016 to 2017.
contracts in favour of shorter term flights across multiple
media channels. Adoption of new metrics and TAB ratings USPS has begun testing its Real Mail Notification system,
is slow, not helping the shift of dollars to out-of-home in which participants who sign up online will be emailed
vehicles. a digital picture preview of what they will receive in their
mail that day, before the mail is actually delivered. A pilot
While traditional media metrics are slow to help grow the has already been conducted in northern Virginia, with
outdoor business, real-time and mobile data are shaping a second test planned to roll out in NYC this fall. Initial
its future. Out-of-home advertising is taking advantage of testing showed an increase in direct mail open rates, and
the near ubiquity of smartphones by harnessing mobile another enhancement in the email would allow participants
engagement technologies to create out-of-home mobile to click through to advertisers web pages. If the Real Mail
interactive ad platforms. By using mobile technology to turn Notification system project rolls out successfully, then
pedestrian-accessible panels into platforms for interactive increased open rates for direct mail could help slow the
content, out-of-home vehicles both provide consumers with shift of ad dollars out of direct mail.
interactive brand experiences and provide advertisers with
information about who is interacting with the display and Telemarketing
the ability to send targeted campaigns.
ZenithOptimedia forecasts a 3.0% annual increase from
Additionally, due to the development of GPS measurement 2015 through 2017. As of 2013, written consent is required
and mapping, as well as traffic and pedestrian modelling for pre-recorded or autodialled calls/texts sent to cell
techniques, measurement is being developed for all forms phone and landline numbers for marketing purposes.
of out-of-home media, adding audience estimates for bus Exceptions include calls and/or texts from the consumers
sides, taxi panels, and panels inside shopping malls and cellular provider, schools, healthcare providers, debt
airports to the measurement of roadside panel and public collectors and informational messages.
transit system audiences. New, data-centric technology
allows out-of-home advertisers to measure and collect Legislation has been introduced that would potentially ban
data about their audiences, ads, and ad content. This will telemarketers from calling during traditional dinner hours
allow the industry to make advancements as measurement (5pm-7pm local time) and masking their identity on caller ID.
becomes increasingly important to prove out-of-home
advertising ROI in the future. Summary
Direct mail The American economy is rebounding in 2015. The

housing market is stronger than it has been for years, and
We continue to expect a slight year-on-year increase in unemployment is at a seven-year low. Advertising is expected
direct mail ad spend of 0.5% from 2014 to 2015, primarily to increase 3.7% in 2015, 4.3% in 2016, and 3.7% in 2017.
driven by the exigent postal rate increase that went into Digital continues to grow at the expense of print media as
effect in 2014. Originally, the PRC (Postal Regulatory consumers shift their attention to consume content via mobile
Commission) set a $2,766 million cap on the surcharge; apps and other digital outlets. The popularity of tablets
however, this amount was just recently increased to $3,957 and smartphones continues to grow, and technology to
million. This decision, handed down by the DC Circuit measure and track engagement is evolving accordingly. As for
Court of Appeals, allows the USPS to keep the exigent television advertising, although broadcast adspend continues
rate increase in place for an additional eight months, until to account for a big chunk of spend dollars, we will start to see
approximately April 2016. other vehicles chip away its viewership over the next few years.

Newspapers 9.3%
6.0
Internet 28.4%
4.6 4.9
4.3 4.3
3.8 3.7 3.7
2.9 2.4 2.3
1.7
Magazines
12.8%
-4.0
Out-of-home
8.2%
Cinema 0.4%
Radio
6.1% -12.8
TV 34.8%
Advertising data: ZenithOptimedia
Notes:
1) After discounts
4) Classified advertising is inlcuded in internet and newspapers
5) Includes national and local media
6) Internet includes display, video (rich media), classified, search (paid), internet radio, podcast and other (online video, mobile and widgets/
gadgets)

'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Newspapers 46,227 48,538 50,237 51,493 49,948 43,954 32,966 29,669 27,147 24,975 22,977 21,369 19,873 18,482 17,188
Magazines
Consumer magazines 16,548 17,541 18,488 19,228 20,112 18,503 14,617 15,056 15,056 14,544 14,704 14,704 14,557 14,411 14,267
Business-to-business 5,164 5,216 5,414 5,576 5,576 5,130 3,950 3,713 3,565 3,440 3,234 3,040 2,857 2,686 2,551
Total magazines 21,712 22,757 23,902 24,804 25,688 23,633 18,568 18,769 18,621 17,984 17,938 17,744 17,414 17,097 16,819
Television
Network 16,273 17,412 17,587 18,202 18,020 18,020 16,578 17,407 17,059 17,571 17,220 17,392 16,522 16,192 15,706
National Cable 10,940 11,815 12,878 13,587 14,402 15,266 15,113 16,322 18,281 19,744 21,126 22,393 22,729 23,411 24,113
Spot 22,024 23,786 22,359 23,924 23,685 21,790 18,304 20,134 20,134 22,550 23,227 24,388 24,754 25,496 25,496
Syndication 2,372 2,491 2,566 2,643 2,616 2,773 2,634 2,661 2,554 2,682 2,776 2,831 2,831 2,803 2,775
Total television 51,610 55,504 55,390 58,355 58,723 57,849 52,630 56,525 58,029 62,547 64,348 67,004 66,837 67,902 68,091
Radio
Network radio 1,011 1,051 1,083 1,094 1,116 1,132 1,008 1,048 1,080 1,112 1,145 1,157 1,168 1,168 1,168
Local radio 18,570 19,313 19,506 19,799 20,095 18,086 15,463 15,000 15,300 15,606 15,918 16,236 16,398 16,398 16,398
Total radio 19,581 20,364 20,589 20,892 21,211 19,218 16,471 16,048 16,379 16,718 17,063 17,393 17,567 17,567 17,567
Cinema 303 339 400 460 529 608 638 670 690 725 761 799 839 881 925
Out-of-home
Billboards 2,476 2,575 2,678 2,839 3,009 2,979 2,592 2,644 2,723 2,805 2,903 2,990 3,109 3,234 3,363
Other out-of-home 2,617 2,722 3,048 3,506 4,031 4,152 4,107 4,259 4,557 4,784 5,024 5,275 5,486 5,705 5,934
Total out-of-home 5,093 5,297 5,726 6,344 7,040 7,131 6,698 6,902 7,279 7,589 7,926 8,265 8,595 8,939 9,297
Internet
Internet display - - - 2,778 3,676 4,321 4,603 5,082 5,439 6,429 7,642 9,225 11,338 13,152 14,993
Desktop display - - - - - - - - 4,656 5,192 5,737 6,311 6,236 6,346 6,070
Mobile display - - - - - - - - 783 1,237 1,905 2,914 5,102 6,806 8,923
Internet video/rich media - - - 1,224 1,319 1,854 2,206 2,735 3,134 4,043 5,216 6,765 8,524 10,058 11,768
Desktop video - - - - - - - - 3,028 3,703 4,557 4,397 5,029 5,522 5,930
Mobile video - - - - - - - - 107 340 659 2,368 3,495 4,536 5,838
Internet classified - - - 1,998 2,719 3,127 3,221 3,221 3,237 3,399 3,535 3,641 3,750 3,863 3,978
Desktop classified - - - - - - - - 3,204 3,334 3,406 2,184 1,463 1,389 1,303
Mobile classified - - - - - - - - 33 65 129 1,456 2,288 2,474 2,676
Paid search - - - 4,871 6,484 7,910 9,492 11,011 11,377 13,083 14,915 16,704 18,542 20,767 22,844
Desktop search - - - - - - - - 10,885 11,604 12,207 12,415 12,296 12,045 13,249
Mobile search - - - - - - - - 492 1,479 2,708 4,289 6,246 8,722 9,594
Internet radio - - - - - 550 633 708 786 873 969 1,066 1,194 1,361 1,578
Desktop radio - - - - - - - - 771 838 891 810 513 508 490
Mobile radio - - - - - - - - 16 35 78 256 680 853 1,089
Podcast - - - - 22 25 28 31 33 34 34 34 34 35 37
Desktop podcast - - - - - - - - 1 1 1 1 1 1 1
Mobile podcast - - - - - - - - 33 33 33 33 34 34 36
Social media - - - 215 293 386 558 744 2,494 3,417 4,613 6,227 8,220 10,439 12,527
Desktop social media - - - - - - - - 2,444 3,143 3,875 4,421 3,041 3,027 3,132
Mobile social media - - - - - - - - 50 273 738 1,806 5,178 7,412 9,395
Total internet 7,758 8,688 9,992 11,086 14,513 18,173 20,740 23,532 26,501 31,278 36,923 43,662 51,601 59,674 67,725
TOTAL MAJOR MEDIA 152,282 161,487 166,235 173,434 177,652 170,567 148,712 152,116 154,647 161,815 167,936 176,236 182,726 190,543 197,612
Direct mail
Addressed 34,894 35,582 36,489 38,575 40,875 42,715 40,835 41,652 42,902 43,502 42,197 43,336 43,553 43,227 42,708
Unaddressed 6,646 7,288 8,010 7,348 6,654 6,395 6,011 6,011 6,131 6,217 6,030 6,193 6,224 6,178 6,103
Total direct mail 41,540 42,869 44,498 45,922 47,530 49,109 46,846 47,663 49,033 49,719 48,228 49,530 49,777 49,404 48,811
Telemarketing 45,300 45,300 45,300 45,300 46,100 47,022 47,962 49,401 50,389 51,397 52,425 52,949 54,538 56,174 57,859
Sales promotion
Consumer 39,922 41,399 42,641 44,261 45,811 46,085 43,827 44,266 45,461 47,234 48,651 49,867 51,114 52,647 54,226
Business 27,648 28,450 29,502 30,742 32,340 30,303 24,000 21,336 20,461 20,829 21,662 22,637 23,543 24,602 25,709
Total sales promotion 67,570 69,849 72,144 75,003 78,151 76,388 67,827 65,601 65,922 68,063 70,313 72,504 74,656 77,249 79,936
Public relations 2,434 2,638 2,876 3,204 3,502 3,652 3,349 3,436 3,581 3,885 4,102 4,394 4,613 4,955 5,302
Event sponsorship 12,240 13,819 15,353 17,088 19,172 21,243 21,009 22,081 23,847 25,755 27,841 30,180 32,594 35,006 37,387
Directories 14,324 14,238 14,284 14,475 14,254 13,171 12,130 10,614 9,775 8,896 8,433 8,180 8,115 8,066 8,034
TOTAL MARKETING SERVICES 183,408 188,714 194,455 200,992 208,708 210,585 199,124 198,797 202,547 207,715 211,343 217,737 224,294 230,854 237,328
GRAND TOTAL 335,691 350,201 360,689 374,426 386,361 381,153 347,836 350,912 357,194 369,530 379,279 393,973 407,020 421,397 434,940

Uruguay

'03 61 15 1 24 11 - 8 2
'04 78 18 3 31 12 2 12 1
'05 87 20 5 38 11 1 10 2
'06 105 21 6 47 15 1 12 4
'07 123 22 7 60 15 2 13 2
'08 146 24 9 77 15 3 16 3
'09 134 21 7 72 13 1 16 4
'10 161 26 9 87 13 1 18 6
'11 148 25 9 81 11 1 16 5
'12 148 24 8 82 12 1 16 5
'13 149 20 8 83 15 2 15 7
'14 166 21 9 94 17 2 16 8
'15 178 20 9 103 18 2 18 10
'16 204 21 10 118 21 2 20 12
'17 228 23 11 133 23 2 23 14
Internet 4.8%
Newspapers 12.4%
29.4
Magazines
Cinema 1.0% 20.4
5.4% 19.3 19.9
16.9
Radio 14.4
10.3% 11.4 12.1
11.1
7.7
0.9
-0.1
-8.2 -8.2
TV 56.8%
Advertising Data: 2003-2010 Asociacin Uruguaya de Agencias de Publicidad, Ibope, Equipos Mori, 2011-2014 Agency estimates, 2015-2017
Agency forecasts
Notes:
1) Before discounts
2) Excludes production costs (approx. 10%)
5) Magazines included in newspapers until 2004
Uruguays economy grew an estimated 2.8% in 2014, and is The ad market bounced back with 11.1% growth in 2014 after three
expected to maintain this growth rate in 2015. years of disappointing performance, and is forecast to maintain
healthy growth for the rest of our forecast period, with growth
ranging from 8% in 2015 to 14% in 2016.

Uzbekistan

'03 2.3 - - 2.3 - - - -
'04 5.0 - - 5.0 - - - -
'05 6.8 1.0 - 3.7 0.8 - 1.3 -
'06 10.1 1.0 - 4.7 1.5 - 2.9 -
'07 15.3 2.0 - 7.1 2.2 - 4.0 -
'08 35.1 3.0 - 17.3 3.0 0.2 11.5 0.1
'09 37.1 1.8 0.5 20.2 2.8 0.1 11.5 0.2
'10 42.0 2.2 0.6 22.0 3.0 0.3 13.2 0.7
'11 45.7 2.5 0.6 23.6 3.5 0.3 14.1 1.1
'12 46.8 2.4 0.6 24.7 4.2 0.3 13.6 1.0
'13 46.3 2.5 0.6 23.2 4.5 0.3 14.0 1.2
'14 50.3 2.5 0.8 24.5 4.0 0.3 15.2 3.0
'15 56.3 2.5 0.8 26.0 4.8 0.3 18.3 3.6
'16 67.4 2.8 0.9 31.5 5.6 0.3 21.4 4.8
'17 78.4 3.1 1.0 37.0 6.5 0.3 24.5 6.0

'09 1.8 1.1 0.7 0.5 0.1 0.3 20.2 3.2 17.0
'10 2.2 1.3 0.9 0.6 0.1 0.4 22.0 3.5 18.5
'11 2.5 1.5 1.0 0.6 0.2 0.5 23.6 3.9 19.7
'12 2.4 1.4 1.0 0.6 0.2 0.5 24.7 4.2 20.5
'13 2.5 1.5 1.0 0.6 0.2 0.5 23.2 3.7 19.5
'14 2.5 1.5 1.0 0.8 0.2 0.6 24.5 4.0 20.5
'15 2.5 1.5 1.0 0.8 0.2 0.6 26.0 3.9 22.1
'16 2.8 1.7 1.1 0.9 0.3 0.7 31.5 4.5 27.0
'17 3.1 1.9 1.2 1.0 0.3 0.7 37.0 5.1 31.9

Uzbekistan
Newspapers 5.0%
Internet 6.0%
Magazines 1.6% 129.1
116.5
Outdoor/
transport 30.2%
51.6
48.3
36.6
TV 48.7% 19.7
13.2 16.3
8.7 11.9
5.8 8.5
2.5
Cinema 0.6% -1.0
Radio 8.0%
Advertising Data: 2003-2011 REG Research Agency (TV and outdoor), Agency estimates (all other media), 2012-2014 Agency estimates, 2015-2017 Agency
forecasts
Notes:
1) After discounts (estimated)
4) Newspapers include magazines before 2009
Television is the leading medium in Uzbekistan, accounting The ad market as a whole grew 8.5% in 2014, its best
for 49% of total adspend in 2014, followed by outdoor, performance since 2011, and is forecast to enjoy double-
which accounted for 30%. However, internet is growing at digit growth rates for the rest of our forecast period.
the fastest rate, with its share of the market jumping from
0.5% in 2009 to 6.0% in 2014 and we expect this to grow
to 7.7% by 2017.

Venezuela
Advertising Expenditure in local currency at current prices (Bolivar Fuerte million)

'03 954 88 8 776 20 22 39 -
'04 1,212 183 11 846 58 44 71 -
'05 1,419 212 13 950 91 57 96 -
'06 1,876 314 17 1,272 87 69 118 -
'07 1,964 425 25 1,217 77 76 144 1
'08 2,387 653 34 1,230 134 116 217 1
'09 2,678 689 35 1,405 159 122 266 2
'10 5,908 1,584 506 2,128 674 54 572 390
'11 6,237 1,670 401 2,310 725 105 600 425
'12 7,338 1,940 427 2,725 760 150 787 550
'13 7,451 1,696 369 3,082 678 179 818 629
'14 7,675 1,151 230 3,761 691 230 768 844
'15 8,443 1,266 253 4,137 760 253 844 929
'16 9,287 1,393 279 4,551 836 279 929 1,022
'17 10,215 1,532 306 5,006 919 306 1,022 1,124
Advertising Expenditure in US$ million at current prices. All years based on US$1 = BolivarFuerte15.28
'03 62 6 0 51 1 1 3 -
'04 79 12 1 55 4 3 5 -
'05 93 14 1 62 6 4 6 -
'06 123 21 1 83 6 4 8 -
'07 128 28 2 80 5 5 9 0
'08 156 43 2 80 9 8 14 0
'09 175 45 2 92 10 8 17 0
'10 387 104 33 139 44 4 37 26
'11 408 109 26 151 47 7 39 28
'12 480 127 28 178 50 10 52 36
'13 488 111 24 202 44 12 54 41
'14 502 75 15 246 45 15 50 55
'15 552 83 17 271 50 17 55 61
'16 608 91 18 298 55 18 61 67
'17 668 100 20 327 60 20 67 74
Advertising Expenditure in local currency at current prices (Bolivar Fuerte million)

'05 212 74 138 950 760 190

'06 314 110 204 1,272 1,018 254
'07 425 149 276 1,217 974 243
'08 653 261 392 1,230 923 308
'09 689 241 448 1,405 998 408
'10 1,584 634 951 2,128 1,489 638
'11 1,670 668 1,002 2,310 1,617 693
'12 1,940 776 1,164 2,725 1,907 817
'13 1,696 678 1,017 3,082 2,158 925
'14 1,151 461 691 3,761 2,444 1,316
'15 1,266 507 760 4,137 2,689 1,448
'16 1,393 557 836 4,551 2,958 1,593
'17 1,532 613 919 5,006 3,254 1,752

Venezuela

120.6
Outdoor/
transport 10.0% Magazines
3.0%
Cinema
3.0%
Radio 32.2
9.0% 27.1
21.5
17.1 17.7
12.2 10.0 10.0 10.0
4.7 5.6 3.0
1.5
TV 49.0%
Advertising data: 2003-2009 IVP, AGB, Agency figures, 2010-2013 ANDA/FEVAP, 2014 Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts (estimated by ZenithOptimedia before 2005)
4) Excludes classified advertising in print
5) Radio, outdoor and cinema for Caracas only
6) Includes display/classified/search in internet figures
7) Venezuela converted to a new currency the Bolivar Fuerte at the start of 2008. Each Bolivar Fuerte is worth 1,000 old Bolivars. All figures have been
restated in the new currency.
Readers should note that the figures for 2010 and probably be more tightly regulated than officials suggest.
afterwards are from a different source than for previous
figures, and are not comparable. In total, 29 newspapers have now reduced the size of their
print edition and at least twelve newspapers have stopped
According to the IMF, GDP contracted by 4.0% in 2014 as printing altogether, partly due to the difficulty of importing
the price of oil fell sharply, and further decline of 7.0% is newsprint. Many magazines have stopped printing in colour
expected this year. Oil exports account for as much as 95% to reduce costs. With dailies such as El Impulso, El Nuevo
of Venezuelas hard currency income. Food shortages have Pas, El Universal and El Nacional in danger of shutting
become an everyday reality and the inflation rate is running down because of a lack of newsprint, there is now a real
at around 50%. possibility the government will soon enjoy something like a
media hegemony.
The creation of a new alternative exchange rate in February
2015, which led to a 70% devaluation, has left foreign Three in ten Venezuelans now own a smartphone, with 37%
companies operating in Venezuela with a dilemma. Do they accessing a social networking site on their phone. Getting
try to pull their money out at the new weaker exchange rate political news and information is also quite popular among
or hold on, waiting for the stronger rate they were promised mobile phone owners in Venezuela (39%).
by the government? The new system allows greater access
to dollars, but at a far higher price than legally possible Nielsens Consumer Confidence Index in Venezuela fell to
before. The central bank president, Nelson Merentes, even 65 in the first quarter of 2015, a record low. Venezuelans
encouraged Venezuelans living outside the country to use spend an average of 5.6 hours a week queuing for scarce
the new system to send money back home. goods. Consumers tend to buy whatever they can get their
hands on and pay little attention to brands, so companies
Analysts called the new system an effective devaluation, which are spending much less on advertising in real terms. While
most economists agree is needed on a larger scale to right adspend grew an estimated 3% in 2014, that equates to a
the countrys economy, but also said the new system would 36% decline in real terms.

Vietnam

'03 214.7 66.2 - 131.5 0.7 0.1 16.0 0.3
'04 262.9 51.0 26.5 166.4 0.6 0.1 18.0 0.3
'05 248.1 43.3 20.9 162.5 0.6 0.2 20.2 0.4
'06 342.6 54.0 24.3 239.6 0.7 0.2 23.3 0.5
'07 400.2 62.9 27.2 284.4 1.1 0.2 23.9 0.5
'08 461.8 66.7 36.3 331.1 1.4 0.2 25.4 0.6
'09 521.0 62.1 37.9 398.2 1.6 0.3 20.3 0.8
'10 558.2 60.5 37.0 436.0 1.4 0.3 20.0 3.0
'11 601.8 60.1 41.7 469.0 1.4 0.6 23.0 6.0
'12 702.6 54.0 40.0 573.0 1.2 0.9 24.5 9.0
'13 895.9 55.0 38.0 762.0 1.7 1.2 26.0 12.0
'14 1,000.8 52.0 32.0 870.0 1.8 1.5 28.5 15.0
'15 1,107.6 52.0 32.0 969.0 1.9 1.7 31.0 20.0
'16 1,216.5 52.0 32.0 1,070.0 2.0 2.0 33.5 25.0
'17 1,331.4 52.0 32.0 1,177.0 2.1 2.3 36.0 30.0

'04 51.0 22.9 28.1 26.5 0.9 25.6 166.4 166.4 -
'05 43.3 21.6 21.6 20.9 2.3 18.6 162.5 162.5 -
'06 54.0 29.6 24.4 24.3 2.6 21.7 239.6 239.6 -
'07 62.9 37.4 25.5 27.2 3.0 24.2 284.4 284.4 -
'08 66.7 39.4 27.4 36.3 4.0 32.3 331.1 331.1 -
'09 62.1 40.4 21.7 37.9 3.4 34.5 398.2 358.3 39.8
'10 60.5 35.4 25.1 37.0 3.0 34.0 436.0 370.6 65.4
'11 60.1 35.0 25.1 41.7 4.7 37.0 469.0 375.2 93.8
'12 54.0 31.0 23.0 40.0 4.0 36.0 573.0 401.1 171.9
'13 55.0 28.0 27.0 38.0 3.0 35.0 762.0 457.2 304.8
'14 52.0 26.0 26.0 32.0 2.0 30.0 870.0 526.1 344.0
'15 52.0 26.0 26.0 32.0 2.0 30.0 969.0 568.1 400.9
'16 52.0 26.0 26.0 32.0 2.0 30.0 1,070.0 607.9 462.1
'17 52.0 26.0 26.0 32.0 2.0 30.0 1,177.0 644.4 532.6

Vietnam
Internet 1.5%
Cinema 0.1% Newspapers 5.2%
Radio 0.2% Magazines
38.1
3.2%
27.5
22.4
16.8 16.7
15.4
12.8 11.7 10.7
9.8 9.4
7.1 7.8
-5.6
TV 86.9%
Advertising Data: 2003-2014 Taylor Nelson Sofres, Kantar Media, Agency estimates, 2015-2017 Agency forecasts
Notes:
1) After discounts
5) Internet includes estimates for display, search and mobile
6) 6) OOH, Cinema & Internet figures are based on industry estimates
7) Reporting methodology changed in 2006
Vietnams recovery remains on track, with real GDP growth Vietnam devalued the dong for the third time this year on
improving to 6.3% year-on-year in the first half of 2015. 19th August, attempting to bolster a languid export sector
suffering from the surprise devaluation of the Chinese yuan.
We expect full-year growth to pick up from 6.0% in 2014 to The State Bank of Vietnam (SBV) said the intervention also
6.4% in 2015 and 6.5% in 2016, driven by stronger domestic anticipated rate rises from the US Federal Reserve raising
demand. rates. It widened the dollar/dong trading band for the
second time in a week, underscoring concerns a weaker
In 2016 the ruling Communist Party will hold its 12th yuan could further inflate the bloated trade deficit.
National Congress. Economic liberalisation will accelerate
and ties with the West will further strengthen if reformists Vietnams economy is closely tied to Chinas, with three
such as prime minister Nguyen Tan Dung secure more top quarters of its bilateral trade, worth $60 billion, accounted
positions. for by imports from China.

Advertising Expenditure Forecasts September 2015
Price: 495
Compiled and published by

ZenithOptimedia
24 Percy Street
London
W1T 2BS
United Kingdom
Telephone: +44 20 7961 1000

Email: publications@zenithoptimedia.com
Internet: www.zenithoptimedia.com
@zenithoptimedia
facebook.com/zenithoptimedia
ISSN 0968-2163 (Print)

ISSN 2053-4930 (Online)
ISBN 978-1-910969-05-2
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These forecasts and this compilation are the copyright of ZenithOptimedia.

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Advertising Expenditure Forecasts September 2015 1

Japan 2.5 The conflict in Ukraine severely disrupted the domestic ad

However, Greece, Portugal, Spain and Ireland all began

Meanwhile, France is lagging behind as business Advanced Asia

2 Advertising Expenditure Forecasts September 2015

previous figures substantially underestimated the scale of Japan 2.5

North America Source: ZenithOptimedia

North America was the first region to suffer the effects of

Latin Americas economies are more volatile than those

Advertising Expenditure Forecasts September 2015 3

6 Brazil 16,707 18.5 19.9

8 South Korea 12,732

Source: ZenithOptimedia Source: ZenithOptimedia/IMF

4 Advertising Expenditure Forecasts September 2015

We estimate global expenditure on mobile advertising 2014

a breakdown by medium). By 2017 we forecast this total

Since it began in the mid-1990s, internet advertising (both

advertising will increase its share of the ad market from

Television is still by some distance the dominant advertising Source: ZenithOptimedia

Advertising Expenditure Forecasts September 2015 5

*We define Mature Markets as North America, Western

6 Advertising Expenditure Forecasts September 2015

Advertising Expenditure Forecasts September 2015 7

World advertising expenditure summary (US$ million at current prices)

North America 164,468 171,970 178,138 186,543 193,095 201,182 208,529

Asia Pacific 131,897 142,115 153,059 164,100 173,461 184,116 195,151

World 467,130 485,899 506,704 532,378 553,648 581,404 606,709

Year-on-year growth at current prices (%)

North America 1.8 4.6 3.6 4.7 3.5 4.2 3.7

Western Europe 2.6 -2.2 -0.7 3.0 2.9 3.8 2.7

Asia Pacific 7.8 7.7 7.7 7.2 5.7 6.1 6.0

Latin America 12.0 7.7 6.8 4.5 8.7 8.5 4.1

Rest of world 6.3 5.5 7.8 9.1 7.0 9.3 8.9

World 4.4 4.0 4.3 5.1 4.0 5.0 4.4

Year-on-year growth at constant prices (%)

North America -1.3 2.5 2.1 3.0 3.4 2.6 1.3

Western Europe -0.3 -4.4 -2.2 2.2 2.8 2.6 1.2

Asia Pacific 4.5 5.5 5.4 4.6 4.0 4.1 3.5

Latin America 5.8 3.3 2.0 -0.3 4.2 4.6 0.4

Rest of world 3.0 3.3 6.2 7.4 6.9 7.7 6.4

World 1.1 1.7 2.3 3.0 2.8 3.1 1.9

10 Advertising Expenditure Forecasts September 2015

Contribution to total major-media ad expenditure Contribution to total major-media ad expenditure

MENA ROW MENA ROW

C & E Europe C & E Europe

Asia Pacific Asia Pacific

1 USA 161,487 USA 176,236 USA 197,612

2 Japan 41,278 China 68,372 China 85,062

3 Germany 21,511 Japan 41,557 Japan 44,695

4 UK 18,742 Germany 24,771 UK 29,622

5 China 16,062 UK 24,332 Germany 26,118

6 Italy 11,600 Brazil 14,232 Brazil 16,707

7 France 11,516 France 13,171 France 13,178

8 Australia 8,482 South Korea 11,843 South Korea 12,732

9 Spain 8,211 Australia 11,536 Australia 12,438

10 Canada 7,329 Canada 10,307 Canada 10,918

11 South Korea 7,306 Italy 9,138 Indonesia 10,099