Global Product Placement Spending Grew 12.3% in 2023 to $29.6B, Slowing from 14.3% in 2022 Due to Impact of Strikes; Spending to Post Strong, But Slower, Growth in 2024
Summary
While the overall TV platform still commanded the lions share of product placement spending globally at 70.1% in 2023 and movies remain the second-largest platform (11.9%), various digital media and recorded music channels have driven the multi-year streak of double-digit growth – both in the overall global market and the US, which remains the worlds largest market – including social media & blogs, influencer sites, virtual (artificial intelligence) placements, music videos and podcasts, among others. In the US, which accounted for 56.2% of the global market for product placement in all media, total spending rose 11.9% in 2023 to $16.54 billion, decelerating notably from the 15.1% growth posted in 2022. In broadcast TV, for example, the annual new episode premiums of programs with product placements for the 2023-24 season were limited to reality shows during the important September-to-November time period, such as "The Golden Bachelor." Production shutdowns also impacted the music video channel and actor commitments led to delays in the release of select videogame titles. While these key growth drivers will continue to favor product placement, some concerns have emerged, as expressed by PQ Medias Global Opinion Leader Panel, that the number of placement opportunities will decline going forward, as evidenced by the 14% drop in the number of scripted programs produced for the 2023-24 season – only the second decline since ad-supported cable networks began producing original programming in 2007," said PQ Media President & CEO Patrick Quinn.