In late March 2021, respected Wall Street financial house MoffettNathanson published what it today describes as “a bullish tome” on the state of the U.S. digital advertising market. It called for a once-in-a generation rise in ad spending to GDP driven by three structural tailwinds.
What a difference a year makes. Senior Analyst Michael Nathanson now says, “While 2021 results showed, in aggregate, that the ratio of ad spend to GDP rose to 1.26%, the highest level since 2006, there is a growing sense of doubt about the sustainability of these trends in the long run.”
