The analysis of advertising expenditure in Cyprus, covering the period from 2010 to 2023, reveals significant trends and shifts across various media types, including traditional channels like TV, Radio, Press, Outdoor, and digital platforms such as Google Ads and Social Media. The report measures both book value (before discounts) and discounted value (after applying discounts) to provide a comprehensive view of the market.
Key Insights.
Steady Growth in Digital Media Spend: Digital channels, particularly Google Ads and Social Media, have seen a notable rise in expenditure over recent years. In 2023, the total advertising budget spent on Google Ads, Social Media and Local Websites reached a total of €35 million, almost as much as was spent on TV. These are actual amounts spent, after all discounts have been deducted.
Traditional Media Trends: Among traditional media, TV Advertising continues to dominate, with a discounted value of €36.37 million in 2023, representing a significant growth trend from the previous year. Other traditional categories like Radio, Press, and Outdoor saw varying levels of stability, with Radio spending at €16.13 million and Press at €4.56 million.
Overall Market Growth: The total net advertising expenditure across all media types in 2023 in Cyprus, amounted to €107.64 million. This growth is driven by the rapid growth of digital media, alongside steady investments in traditional media channels which continue to show relative strength.
Conclusion:
The data highlights the evolving landscape of advertising in Cyprus, with digital channels rapidly gaining a large share of the overall market. The total advertising spent on Google Ads and Social Media was estimated for the first time in 2023 and we estimate the growth in these media, was largely in the 20-23% range per year since 2020. Despite the surge in digital, traditional media channels such as TV, Radio, and Outdoor advertising remain strong and steady, particularly within categories like consumer goods, automotive, and retail. Television, in particular, continues to capture a significant portion of advertising budgets due to its broad reach and high impact, while Radio and Outdoor maintain their appeal for local and regional campaigns, offering consistent visibility and frequency in key geographic areas.
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