Venture Insights expects total advertising spend to grow at a 2.7% CAGR to $17.4bn in 2022.

Digital will account for the majority of the growth in AdEx through our forecast horizon increasing from 49% of the market today to 66% by 2022.

While we see risks to TV audiences and hence ad revenues, we believe the TV model is far from dead. TV can continue to attract significant audience reach (and engagement) but it must evolve to stay relevant. Overall we forecast -3.7% CAGR (to FY22) for TV AdEx.