U.S. Advertising: ‘Re-Examining Our Wide-Eyed Optimism’


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.”

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