JPM - Advertising Factbook - 7-19-21

North America Equity Research
19 July 2021
Media
AdStats: Factbook on Advertising Expenditures
 We include comprehensive historical statistics and projections relevant to U.S. Media

and global advertising.
Alexia S. Quadrani AC
(1-212) 622-1896
 Advertising expenditures broken down by geographic region, media, industry, alexia.quadrani@jpmorgan.com
major advertisers, brands, and key events.
David Karnovsky, CFA
(1-212) 622-1206
 Data for each major medium, looking at spending by region, format, category,
david.karnovsky@jpmorgan.com
CPM data, and major advertiser.
Anna Lizzul
(1-212) 622-6139
 Detailed information on advertising companies, their agency networks, and
anna.lizzul@jpmorgan.com
diversified marketing specialists.
Zilu Pan
(1-212) 622-6522
 Expanded section on direct-to-consumer offerings, providing current statistics
zilu.pan@jpmorgan.com
of major OTT services, including price point and number of subscribers.
J.P. Morgan Securities LLC
See page 96 for analyst certification and important disclosures.

J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the
firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in
making their investment decision.
www.jpmorganmarkets.com
Alexia S. Quadrani North America Equity Research
(1-212) 622-1896 19 July 2021
alexia.quadrani@jpmorgan.com
Table of Contents
U.S. Advertising Expenditures ................................................3
Global Advertising Expenditures ..........................................10
Television Advertising Expenditures....................................16
Audio Advertising...................................................................24
Print Advertising Expenditures .............................................28
Digital Advertising Expenditures ..........................................34
Outdoor & Cinema Advertising Expenditures......................42
Event Advertising: Political & Sporting................................48
Hispanic Advertising Expenditures ......................................54
U.S. Advertisers......................................................................59
Global Advertisers..................................................................71
Advertising & Marketing Services Companies ....................77
Selected Sports Contracts.....................................................88
Fragmentation of Media .........................................................92
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U.S. Advertising Expenditures
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Table 1: Advertising & Marketing Services – U.S. Outlook Summary, 2020-2022E

MAGNA GroupM Zenith
Jun-21 Jun-21 Dec-20
2020 -1.7% -5.6% -5.4%
2021 17.4% 22.3% 3.2%
2022 6.5% 9.6% 4.5%
Notes: Major media only. MAGNA figures represent advertising revenues at the media property level. Magna excludes cyclical events; GroupM excludes political advertising.
Source: MAGNA; GroupM; Zenith.
Table 2: Advertising & Marketing Services – U.S. Advertising Revenues vs. Nominal GDP Growth, 1980-2022E
$ in billions
% change in Advertising Marketing
Advertising Marketing Total Nominal Advertising Marketing Nominal Expenditures Expenditures
Year Expenditure Expenditure Expenditure GDP Expenditure Expenditure GDP % of GDP % of GDP
1980 35.5 2857.3 1.24%
1981 39.8 3207.0 12.1% 12.2% 1.24%
1982 43.5 3343.8 9.3% 4.3% 1.30%
1983 49.8 3634.0 14.5% 8.7% 1.37%
1984 57.7 4037.7 15.9% 11.1% 1.43%
1985 61.6 4339.0 6.8% 7.5% 1.42%
1986 66.2 4579.6 7.4% 5.5% 1.45%
1987 70.6 4855.3 6.7% 6.0% 1.45%
1988 76.7 5236.4 8.7% 7.9% 1.47%
1989 81.0 5641.6 5.6% 7.7% 1.44%
1990 83.9 5963.1 3.5% 5.7% 1.41%
1991 82.2 6158.1 -1.9% 3.3% 1.34%
1992 84.2 6520.3 2.4% 5.9% 1.29%
1993 87.4 6858.6 3.8% 5.2% 1.27%
1994 92.1 7287.3 5.3% 6.3% 1.26%
1995 98.0 7639.8 6.5% 4.8% 1.28%
1996 104.9 8073.1 6.9% 5.7% 1.30%
1997 112.0 8577.6 6.9% 6.2% 1.31%
1998 120.7 9062.8 7.8% 5.7% 1.33%
1999 139.9 9630.7 15.9% 6.3% 1.45%
2000 156.7 187.8 344.5 10252.4 12.0% 6.5% 1.53% 3.4%
2001 147.2 186.8 334.1 10581.8 -6.0% -3.0% 3.2% 1.39% 3.2%
2002 149.8 189.3 339.0 10936.5 1.7% 1.5% 3.4% 1.37% 3.1%
2003 152.3 183.4 335.7 11458.3 1.7% -1.0% 4.8% 1.33% 2.9%
2004 161.5 188.7 350.2 12213.7 6.0% 4.3% 6.6% 1.32% 2.9%
2005 166.2 194.5 360.7 13036.6 2.9% 3.0% 6.7% 1.28% 2.8%
2006 173.4 201.0 374.4 13814.6 4.3% 3.8% 6.0% 1.26% 2.7%
2007 177.7 208.7 386.4 14451.9 2.4% 3.2% 4.6% 1.23% 2.7%
2008 171.8 210.6 382.4 14712.8 -3.3% -1.0% 1.8% 1.17% 2.6%
2009 150.5 199.1 349.6 14448.9 -12.4% -8.6% -1.8% 1.04% 2.4%
2010 154.4 198.8 353.2 14992.1 2.6% 1.0% 3.8% 1.03% 2.4%
2011 156.2 202.5 358.7 15542.6 1.1% 1.6% 3.7% 1.00% 2.3%
2012 163.9 207.7 371.6 16197.1 4.9% 3.6% 4.2% 1.01% 2.3%
2013 170.7 211.3 382.0 16784.8 4.2% 2.8% 3.6% 1.02% 2.3%
2014 179.9 217.7 397.6 17527.3 5.4% 4.1% 4.4% 1.03% 2.3%
2015 187.4 224.3 411.7 18238.3 4.2% 3.5% 4.1% 1.03% 2.3%
2016 197.2 230.7 427.9 18745.1 5.2% 3.9% 2.8% 1.05% 2.3%
2017 212.4 235.4 447.8 19543.0 7.7% 4.7% 4.3% 1.09% 2.3%
2018 229.7 243.6 473.3 20611.9 8.2% 5.7% 5.5% 1.11% 2.3%
2019 242.5 248.6 491.1 21433.2 5.6% 3.8% 4.0% 1.13% 2.3%
2020 229.5 244.7 474.2 20932.8 -5.4% -3.4% -2.3% 1.10% 2.3%
2021E 236.7 250.6 487.3 22675.3 3.2% 2.8% 8.3% 1.04% 2.1%
2022E 247.4 253.4 500.7 24003.7 4.5% 2.8% 5.9% 1.03% 2.1%
Source: Zenith, December 2020; IMF; J.P. Morgan. Note: Marketing Expenditure is Advertising Expenditure + direct mail, telemarketing, sales promotion, PR, sponsorship, and directories
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Figure 1: U.S. Advertising Revenue vs. Nominal GDP Growth, 1980-2021E

% change
20%
15%
10%
5%
0%
-5%
-10%
-15%
Recession Ad Spending % Change GDP % Change
Source: Zenith, IMF.
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Figure 2: Share of U.S. Ad Revenues by Medium, 1980-2021E

% share
1980 1990
Directories Outdoor Cable TV

6.2% 2.5% Cable TV Directories Outdoor 2.8%
0.2% 8.3% 2.8%
Radio
8.9%
Newspapers Newspapers
Radio 34.7%
36.4%
9.5%
Local TV
(ex. Cable)
10.4%
Local TV
(ex. Cable)
10.1%
Direct Mail
12.2%
Direct Mail National TV
National TV 10.3% (ex. Cable)
Magazines (ex. Cable) Magazines
10.0%
13.1% 10.1% 11.5%
2000 2010
Digital
(Internet &
Cable TV Mobile) Digital
Outdoor 7.1% 4.6% Cable TV
(Internet &
Directories 3.0% 14.2%
Mobile)
7.0%
15.5%
Outdoor
Newspapers 3.6%
Directories
27.8%
4.1%
Radio Newspapers
11.3% 13.7%
Radio
8.9%
Local TV
(ex. Cable) National TV
Local TV
9.1% National TV (ex. Cable)
(ex. Cable) 9.4%
(ex. Cable) 9.1% Direct Mail Magazines
Direct Mail Magazines
9.0% 12.1% 9.3%
10.3% 10.9%
2021E
Radio OOH
Print 4% 3%
3%
TV
22%
Digital
68%
Source: MAGNA, J.P. Morgan.
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Table 3: U.S. Advertising Expenditure by Medium, 2018-2022E

$ in millions
2018 2019 2020 2021E 2022E
$ in mm
Total TV 63,980.0 63,767.8 57,125.7 63,144.3 61,667.5
- Gro wth -3.0% -0.3% -10.4% 10.5% -2.3%
• National TV 42,992.3 42,855.8 39,895.6 43,368.9 43,368.9
- Gro wth 2.8% -0.3% -6.9% 8.7% 0.0%
• Local TV 20,987.8 20,912.1 17,230.1 19,775.4 18,298.6
- Gro wth -13.1% -0.4% -17.6% 14.8% -7.5%
Total Radio 16,143.5 16,482.1 11,998.0 15,034.2 15,713.5
- Gro wth -3.4% 2.1% -27.2% 25.3% 4.5%
Total Newspapers 14,046.0 12,445.8 8,693.9 8,320.5 7,436.8
- Gro wth -14.2% -11.4% -30.1% -4.3% -10.6%
Total Magazines 14,214.4 13,577.6 11,304.3 10,923.5 9,721.9
- Gro wth -5.7% -4.5% -16.7% -3.4% -11.0%
Out-of-Home 7,117.2 7,730.3 5,630.6 6,833.5 8,064.6
- Gro wth 4.7% 8.6% -27.2% 21.4% 18.0%
Cinema 781.2 809.7 149.4 415.0 645.0
- Gro wth 4.1% 3.7% -81.6% 177.8% 55.4%
Direct Mail 15,465.0 15,655.6 11,794.4 13,352.3 12,426.3
- Gro wth -4.2% 1.2% -24.7% 13.2% -6.9%
Directories 2,706.0 2,118.1 1,502.7 1,143.7 857.8
- Gro wth -19.0% -21.7% -29.1% -23.9% -25.0%
Pure-Play Internet 89,490.6 106,359.3 117,353.4 156,610.6 185,730.0
- Gro wth 22.6% 18.8% 10.3% 33.5% 18.6%
• Search 47,200.0 54,100.0 55,428.5 71,510.4 84,519.4
- Gro wth 17.1% 14.6% 2.5% 29.0% 18.2%
• Ex-Search 42,290.6 52,259.3 61,924.9 85,100.2 101,210.6
- Gro wth 29.4% 23.6% 18.5% 37.4% 18.9%
Media Total 223,943.9 238,946.3 225,552.4 275,777.5 302,263.3
- Gro wth 4.6% 6.7% -5.6% 22.3% 9.6%
Political Advertising 7,459.2 2,137.6 13,611.1 2,778.8 10,888.9
Total Advertising 231,403.1 241,083.9 239,163.5 278,556.3 313,152.3
- Gro wth 7.1% 4.2% -0.8% 16.5% 12.4%
Source: Group M, June 2021. Excludes political advertising.
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Table 4: Time Spent Using Media per Day with Major Media by U.S. Adults
In hours: minutes
2019 2020 2021E 2022E 2023E
Digital 6:49 7:50 7:59 8:09 8:20
—Mobile (nonvoice) 3:45 4:16 4:23 4:29 4:35
——Audio 1:07 1:10 1:16 1:19 1:22
——Social networks 0:52 1:03 1:03 1:03 1:04
——Video* 0:42 0:49 0:51 0:53 0:55
——Other 1:05 1:15 1:13 1:14 1:14
—Desktop/laptop** 1:54 2:03 1:59 1:56 1:56
——Video* 0:23 0:26 0:26 0:25 0:25
——Audio 0:16 0:20 0:20 0:20 0:20
——Social networks 0:07 0:07 0:07 0:06 0:06
——Other 1:08 1:09 1:06 1:04 1:04
—Other connected devices 1:10 1:30 1:38 1:44 1:49
TV*** 3:27 3:33 3:17 3:02 2:51
Radio*** 1:35 1:28 1:26 1:26 1:25
Print*** 0:19 0:19 0:19 0:18 0:17
—Newspapers 0:10 0:10 0:10 0:10 0:09
—Magazines 0:09 0:09 0:08 0:08 0:08
Other*** 0:12 0:11 0:11 0:11 0:11
Total 12:23 13:21 13:12 13:06 13:05
Source: eMarketer, April 2021.
Table 5: CPM Comparison

Adults Adults
18-34 25-54
2017-18 2016-17 % chg 2017-18 2016-17 % chg
TV (30-second ad unit)
Early AM $74.58 $68.17 9.4% $31.47 $28.77 9.4%
Daytime 25.56 24.43 4.6% 18.81 17.30 8.7%
Early News 72.90 67.25 8.4% 31.12 28.71 8.4%
Primetime 83.69 77.49 8.0% 53.03 49.10 8.0%
Late Evening 67.49 61.86 9.1% 47.24 43.30 9.1%
Syndication
Daytime 24.48 22.79 7.4% 15.67 14.59 7.4%
Early Fringe 48.9 45.36 7.8% 25.05 23.24 7.8%
Prime Access 117.6 108.79 8.1% 51.57 47.71 8.1%
Late Fringe 51.98 48.04 8.2% 27.21 25.15 8.2%
Cable TV (30-second ad unit)

Daytime 17.50 15.94 9.8% 10.51 9.57 9.8%
Late Evening/Early Morning 35.83 32.66 9.7% 21.95 20.01 9.7%
Primetime 59.18 54.24 9.1% 28.93 26.52 9.1%
Radio (30-second ad unit)

Spot 26.45 25.34 4.4% 15.78 15.35 2.8%
Source: Media Dynamics 2017.
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Table 6: Historical CPM Comparison, Adults 18+

2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-2018
Broadcast Networks
Early AM $6.39 $6.77 $7.49 $7.56 $8.17 $8.50 $8.20 $8.94 $10.74 $11.61 $12.47 $13.25 $13.92 $14.89 $16.29
Day 4.27 4.58 4.67 4.86 5.35 5.46 5.18 5.60 6.19 6.56 6.97 7.35 7.62 8.34 9.07
Early News 4.90 5.29 6.27 6.58 7.11 7.39 7.01 7.64 8.40 8.99 9.56 10.10 10.58 11.61 12.59
Prime 12.41 13.38 14.73 15.18 16.39 16.80 16.09 17.52 19.48 20.96 22.32 23.45 24.40 26.86 29.01
Late Eve. 11.69 12.16 13.65 13.01 14.21 14.61 14.07 15.20 16.42 17.70 19.08 20.11 21.26 23.49 26.63
Syndication
Day 3.25 3.47 3.67 3.86 4.09 4.29 4.18 4.50 4.88 5.20 5.51 5.77 5.97 6.56 7.05
Early Fringe 6.56 7.01 7.61 8.02 8.46 8.88 8.61 9.31 10.05 10.73 11.41 12.00 12.45 13.62 14.68
Late Fringe 7.77 8.25 8.82 9.31 9.92 10.42 10.07 10.92 11.05 11.85 12.70 13.35 13.87 15.27 16.52
Cable
Day 2.74 2.86 2.80 2.69 2.83 3.06 2.97 3.23 3.50 3.72 3.96 4.15 4.32 4.72 5.18
Prime 6.27 8.16 7.96 8.02 8.49 9.17 8.74 9.60 10.61 11.31 12.09 12.75 13.34 14.61 12.21
Early/Late Fringe 4.79 4.94 5.32 6.08 6.45 7.10 6.94 7.53 8.21 8.75 9.33 9.80 10.17 11.13 15.94
Radio
Network 3.27 3.40 3.28 3.22 3.28 3.18 3.10 3.42 3.60 3.73 3.75 3.75 3.86 3.98 4.57
Spot (100 Markets) 6.51 6.70 6.68 7.08 7.31 7.10 6.48 6.64 6.76 6.72 9.60 9.55 9.74 10.04 10.84
Magazines
Page 4-Color 8.48 8.76 8.89 8.94 9.02 8.74 8.58 8.70 8.62 NA NA NA 10.48 10.95 13.25
Digital
Network Display Ads -- -- -- -- -- -- -- -- -- -- -- 3.50 3.61 3.70 3.65
Premium Display Ads -- -- -- -- -- -- -- -- -- -- -- 11.75 12.22 12.59 13.70
Untargeted Video -- -- -- -- -- -- -- -- -- -- -- 25.75 26.27 26.66 19.40
Targeted Video -- -- -- -- -- -- -- -- -- -- -- 36.90 38.01 38.81 36.45
Mobile Average -- -- -- -- -- -- -- -- -- -- -- 3.95 4.06 4.15 4.35
Mobile Premium -- -- -- -- -- -- -- -- -- -- -- 12.10 12.83 13.21 14.02
Tablet Average -- -- -- -- -- -- -- -- -- -- -- 5.10 5.30 5.46 5.60
Out-of-Home -- -- -- -- -- -- -- -- -- -- -- 12.15 12.51 12.82 13.15
Table 7: Top 10 U.S. Advertising Categories

$ in billions
Measured Ad Spending
Rank Category 2019 % Change
1 Retail $15.5 -5.3
Telecommunications, internet services
2 13.7 12.5
and internet service providers
3 General services 12.2 0.2
4 Automotive 11.7 -8.4
5 Medicine and remedies 10.1 -6.1
6 Financial services 8.2 -0.3
7 Insurance 7.8 8.5
8 Airlines, hotels, car rental and travel 6.9 3.0
9 Food, beverages and candy 6.7 -9.9
10 Restaurants 6.2 -2.9
Source: AdAge and Kantar Media
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Global Advertising Expenditures
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Table 8: Worldwide Advertising Growth, 1998-2022E

$ in billions
North America Overseas Total World
Year $ Spend % Change $ Spend % Change $ Spend % Change
1998 $125.5 12.0% $140.5 -17.1% $266.0 -5.5%
1999 144.9 15.4% 148.7 5.9% 293.6 10.4%
2000 161.9 11.7% 165.1 11.0% 327.0 11.4%
2001 152.5 -5.8% 161.8 -2.0% 314.3 -3.9%
2002 155.2 1.7% 159.9 -1.2% 315.1 0.2%
2003 158.1 1.9% 166.7 4.2% 324.7 3.1%
2004 167.6 6.0% 178.6 7.2% 346.2 6.6%
2005 172.7 3.0% 191.5 7.2% 364.2 5.2%
2006 180.4 4.5% 207.5 8.4% 387.9 6.5%
2007 185.0 2.6% 224.1 8.0% 409.1 5.5%
2008 179.5 -3.0% 228.7 2.1% 408.2 -0.2%
2009 157.6 -12.2% 211.0 -7.7% 368.6 -9.7%
2010 162.2 2.9% 233.7 10.7% 395.9 7.4%
2011 164.2 1.3% 247.1 5.7% 411.3 3.9%
2012 172.2 4.9% 257.1 4.1% 429.4 4.4%
2013 179.0 3.9% 270.4 5.1% 449.4 4.7%
2014 188.3 5.2% 286.3 5.9% 474.6 5.6%
2015 196.1 4.1% 299.2 4.5% 495.3 4.4%
2016 206.4 5.3% 314.9 5.2% 521.3 5.2%
2017 222.3 7.7% 331.1 5.2% 553.4 6.2%
2018 240.2 8.1% 351.2 6.1% 591.4 6.9%
2019 253.6 5.6% 365.2 4.0% 618.8 4.6%
2020 240.2 -5.3% 332.6 -8.9% 572.8 -7.4%
2021E 248.0 3.3% 357.1 7.4% 605.0 5.6%
2022E 259.1 4.5% 376.5 5.5% 635.7 5.1%
Source: ZenithOptimedia, December 2020; J.P. Morgan. Note: In US dollars at current prices.
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Figure 3: Worldwide Ad Growth, 2000-2022E

% change
40%
30%
20%
10%
0%
-10%
-20%
-30%
% Change in North America Ad Spend % Change in WW Ad Spend
Source: ZenithOptimedia, December 2020; J.P. Morgan.
Table 9: Global Advertising Expenditures by Region, 2018-2022E

$ in millions, current prices
1
M ajor Media 2018 % Change 2019 % Change 2020 % Change 2021E % Change 2022E % Change
North America 240,173 8.1% 253,592 5.6% 240,171 -5.3% 247,987 3.3% 259,132 4.5%
Western Europe 107,338 5.4% 111,061 3.5% 97,411 -12.3% 104,725 7.5% 109,013 4.1%
Asia/Pacific 190,271 6.5% 198,550 4.4% 185,892 -6.4% 198,929 7.0% 210,004 5.6%
C & E Europe 17,987 9.6% 19,100 6.2% 17,959 -6.0% 19,180 6.8% 20,679 7.8%
Latin Am erica 28,138 6.5% 29,079 3.3% 25,073 -13.8% 27,644 10.3% 30,181 9.2%
M iddle East & North Africa 3,149 -11.6% 2,997 -4.8% 2,397 -20.0% 2,661 11.0% 2,689 1.0%
Rest of world 17,904 10.5% 19,804 10.6% 17,846 -9.9% 18,603 4.2% 19,989 7.4%
World 604,961 7.0% 634,184 4.8% 586,748 -7.5% 619,729 5.6% 651,686 5.2%
Note: 1. TV, Print, Radio, Cinema, Outdoor, Internet.
Source: ZenithOptimedia, December 2020; J.P. Morgan.
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Table 10: Global Advertising Expenditures by Medium, 2018-2022E

$ in millions, current prices
2018 2019 2020 2021E 2022E
TV / Pro. Video $170,407.5 $168,084.2 $143,948.2 $157,413.4 $160,690.1
• Gro wth -0.9% -1.4% -14.4% 9.4% 2.1%
• Share 28.4% 25.8% 22.9% 21.0% 19.7%
Audio 32,169.4 32,222.7 23,478.8 27,620.4 28,780.9

• Gro wth -1.6% 0.2% -27.1% 17.6% 4.2%
• Share 5.4% 4.9% 3.7% 3.7% 3.5%
Newspapers 48,080.5 44,020.2 31,782.6 31,593.4 30,091.8

• Gro wth -9.3% -8.4% -27.8% -0.6% -4.8%
• Share 8.0% 6.8% 5.1% 4.2% 3.7%
Magazines 26,646.0 25,093.6 19,719.7 19,279.7 17,778.8

• Gro wth -7.4% -5.8% -21.4% -2.2% -7.8%
• Share 4.4% 3.9% 3.1% 2.6% 2.2%
Outdoor 40,299.5 40,138.3 29,609.6 35,205.1 39,842.3

• Gro wth 7.7% -0.4% -26.2% 18.9% 13.2%
• Share 6.7% 6.2% 4.7% 4.7% 4.9%
Cinema 2,636.1 2,819.7 594.6 1,028.2 1,975.1

• Gro wth 18.4% 7.0% -78.9% 72.9% 92.1%
• Share 0.4% 0.4% 0.1% 0.1% 0.2%
Digital 279,271.5 338,866.2 379,421.6 477,307.2 536,146.1

• Gro wth 23.0% 21.3% 12.0% 25.8% 12.3%
• Share 46.6% 52.0% 60.4% 63.7% 65.8%
- Search 110,440.5 124,549.9 130,084.2 156,085.1 177,343.6
• Gro wth 15.8% 12.8% 4.4% 20.0% 13.6%
• Share 18.4% 19.1% 20.7% 20.8% 21.8%
- Ex-Search 168,830.9 214,316.3 249,337.5 321,222.1 358,802.5
• Gro wth 28.2% 26.9% 16.3% 28.8% 11.7%
• Share 28.2% 32.9% 39.7% 42.9% 44.0%
Total Advertising $599,510.4 $651,244.8 $628,555.0 $749,447.4 $815,305.3

• Gro wth 8.4% 8.6% -3.5% 19.2% 8.8%
Source: GroupM, June 2021.
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Table 11: Total Advertising Expenditure by Country, 2012-2022E

$ in millions
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E
Argentina 97.2 135.3 191.3 260.6 350.6 479.5 537.2 767.9 952.0 1,237.6 1,547.0
Australia 10,291.6 10,372.9 10,039.4 10,976.8 11,802.6 11,954.2 12,845.2 12,822.7 11,753.5 13,902.3 14,717.5
Austria 3,269.1 3,416.7 3,539.2 3,760.6 4,008.0 4,256.3 4,411.6 4,621.9 4,433.6 4,619.8 4,804.6
Bangladesh 227.1 266.9 302.7 334.4 307.5 336.8 362.9 347.3 298.7 346.5 388.0
Belgium 2,512.7 2,535.0 2,566.5 2,610.8 2,797.7 2,692.9 2,671.4 2,700.7 2,450.9 2,823.1 3,109.5
Brazil 6,314.1 7,042.6 7,766.2 8,368.5 8,857.9 9,743.6 10,339.0 10,675.0 9,650.2 11,971.8 13,169.0
Bulgaria 161.5 156.5 162.4 168.1 178.8 188.9 198.8 215.2 192.7 219.7 241.7
Canada 11,558.3 11,150.0 10,967.7 11,078.7 11,443.5 11,983.5 12,415.6 13,061.3 11,351.9 13,506.5 14,130.0
China 42,996.2 48,665.9 54,667.0 61,540.7 67,659.6 80,593.1 99,681.6 121,847.6 127,711.7 156,797.3 170,326.0
Colombia 1,007.1 1,134.9 1,245.3 1,311.3 1,364.0 1,474.3 1,394.2 1,415.1 1,061.3 1,188.7 1,343.2
Croatia 261.0 250.9 245.9 260.9 273.9 275.1 287.8 306.5 275.9 300.7 324.7
Czech Republic 964.0 934.5 972.6 1,015.2 1,043.7 1,100.5 1,154.2 1,206.5 1,119.7 1,169.2 1,206.7
Denmark 2,105.7 2,095.7 2,131.3 2,210.9 2,208.5 2,249.9 2,286.4 2,333.5 2,230.1 2,341.6 2,411.9
Ecuador 420.5 420.4 451.8 422.1 345.9 333.3 332.6 315.9 244.0 229.3 219.0
Estonia 88.7 93.5 98.1 103.4 105.1 113.3 116.4 119.6 96.4 97.8 100.3
Finland 1,604.7 1,474.2 1,435.0 1,407.6 1,422.4 1,423.3 1,446.6 1,482.8 1,378.2 1,474.7 1,511.6
France 14,333.3 14,218.9 14,212.0 14,343.2 14,749.5 15,348.5 16,325.5 17,225.4 15,898.1 17,540.9 18,256.0
Germany 21,995.0 22,134.8 22,683.8 23,071.2 23,594.7 24,415.0 24,776.7 25,121.6 24,229.7 26,778.8 28,731.1
Greece 1,421.5 1,481.0 1,589.3 1,143.6 1,055.5 1,091.0 1,008.9 1,022.3 861.0 923.0 997.1
Hong Kong 2,273.7 2,492.0 2,627.7 2,644.8 2,474.6 2,430.8 2,594.3 2,121.9 1,457.2 1,818.1 1,964.9
Hungary 501.0 511.7 558.9 578.3 645.5 728.7 789.0 871.8 847.7 911.3 1,020.7
India 4,940.4 5,511.9 6,270.0 7,181.7 8,023.6 8,952.1 10,419.0 11,372.1 8,923.5 10,725.1 12,699.9
Indonesia 1,380.3 1,562.7 1,740.4 1,804.8 1,862.2 1,947.8 2,083.5 2,308.5 2,445.0 2,684.7 2,851.1
Ireland 986.6 963.3 1,022.2 1,067.5 1,145.7 1,149.3 1,239.5 1,337.2 1,271.2 1,352.5 1,426.9
Israel 1,077.2 1,124.7 1,123.8 1,193.8 1,196.9 1,239.1 1,295.1 1,302.1 1,203.1 1,289.7 1,341.6
Italy 9,227.2 8,484.1 8,510.7 8,711.0 9,105.3 9,229.2 9,524.1 9,467.5 8,725.7 9,333.6 9,856.5
Japan 37,041.1 37,943.9 39,722.4 40,272.3 41,617.1 43,246.7 45,176.4 46,957.6 46,149.4 50,888.7 53,729.6
Keny a 388.3 411.1 448.2 462.5 508.6 584.0 614.6 688.4 626.4 751.7 1,052.4
Latv ia 87.6 91.1 93.5 96.1 97.2 101.8 108.9 112.5 95.2 98.9 102.4
Lithuania 121.7 121.0 121.4 123.8 131.1 136.2 142.0 146.9 128.6 135.9 140.3
Malay sia 1,139.4 1,205.0 1,181.4 1,187.5 1,178.8 1,118.4 1,132.6 1,081.2 891.0 950.7 986.8
Mex ico 3,423.5 3,681.7 3,630.4 3,797.1 4,103.7 4,291.8 4,393.9 4,597.7 4,158.1 4,730.9 5,189.0
MENA 5,195.3 5,854.7 6,571.6 5,539.7 5,451.3 4,394.9 3,932.4 3,793.2 3,349.8 3,865.3 4,314.2
Montenegro 11.3 10.7 10.8 10.9 11.2 11.4 11.5 11.6 10.3 10.3 10.6
Netherlands 4,199.2 4,085.8 4,162.1 4,220.6 4,401.2 4,553.3 4,701.6 5,158.8 5,029.8 5,960.3 6,198.8
New Zealand 1,203.7 1,287.2 1,255.3 1,326.8 1,365.6 1,414.3 1,318.6 1,321.4 1,482.0 1,788.0 1,914.0
Nigeria 420.6 437.0 353.6 326.9 303.8 299.0 340.5 372.5 374.4 402.0 439.9
Norw ay 2,085.0 2,156.2 2,106.4 2,125.6 2,085.7 2,191.7 2,304.3 2,386.3 2,270.2 2,572.7 2,701.4
Pakistan 331.5 437.6 472.4 527.1 568.7 569.3 569.1 550.1 524.4 560.9 584.4
Peru 540.6 610.1 687.8 717.9 754.6 780.9 853.3 829.8 623.9 708.0 747.9
Philippines 695.2 792.6 772.5 874.8 1,003.8 950.7 948.5 971.9 913.6 1,005.0 1,125.5
Poland 2,294.1 2,119.2 2,193.3 2,388.2 2,554.2 2,691.8 2,958.2 3,076.6 2,944.8 3,282.4 3,515.2
Portugal 800.9 756.0 834.3 848.9 892.5 910.0 946.4 986.1 797.6 757.5 774.4
Romania 328.3 332.3 348.0 376.5 430.7 494.3 557.7 627.4 652.4 701.3 764.4
Russia 4,052.9 4,459.6 4,627.4 4,388.2 4,949.5 5,669.8 6,377.2 6,728.4 6,441.5 7,309.8 7,687.0
Serbia 173.0 152.5 156.0 161.7 170.0 175.0 193.3 204.9 180.3 191.3 205.7
Singapore 1,793.0 1,915.1 1,944.7 2,021.9 2,224.5 1,987.2 2,070.2 2,210.1 2,097.2 2,541.4 2,766.2
Slov ak Republic 315.9 320.8 325.2 369.0 390.1 412.1 432.1 525.4 524.9 590.2 630.6
Slov enia 190.0 175.9 168.1 168.7 179.8 193.7 207.3 223.4 209.9 224.5 238.1
South Africa 1,306.3 1,436.4 1,581.1 1,792.9 1,891.5 2,145.1 2,299.2 2,429.1 2,373.0 2,848.8 3,312.5
South Korea 8,028.1 8,149.5 8,500.5 8,933.0 9,281.9 9,809.7 10,394.5 11,010.3 10,229.0 10,382.7 10,544.8
Spain 5,794.2 5,441.4 5,902.5 6,392.2 6,744.1 7,434.9 7,971.4 8,144.8 7,197.3 8,656.8 9,615.0
Sri Lanka 95.3 103.5 115.8 132.2 150.5 161.0 177.6 187.4 162.8 175.1 193.4
Sw eden 3,355.9 3,353.8 3,503.5 3,671.9 3,976.8 4,360.6 4,696.0 4,906.8 4,743.0 5,691.7 6,317.7
Sw itzerland 4,309.0 4,217.8 4,095.7 4,142.0 4,111.1 4,258.9 4,064.8 3,987.6 3,668.6 4,145.5 4,518.6
Taiw an 2,110.8 2,180.8 2,218.7 2,218.0 2,268.8 2,403.5 2,585.0 2,756.5 2,304.4 2,696.2 2,822.9
Thailand 3,124.8 3,397.5 3,768.6 3,727.0 3,505.9 3,469.6 3,999.6 3,961.2 3,764.3 4,178.3 4,596.2
Turkey 733.5 855.3 896.2 999.1 1,115.9 1,212.5 1,275.8 1,392.9 1,730.5 2,074.3 2,435.4
Ukraine 331.1 396.4 317.0 293.3 369.2 512.1 639.0 903.5 894.3 1,037.9 1,248.7
United Kingdom 19,008.3 20,548.1 21,968.6 24,296.6 27,002.0 29,787.9 33,420.2 37,638.3 36,700.5 45,609.5 49,126.1
United States 161,650.3 163,577.0 169,916.3 174,123.6 188,733.4 196,421.1 212,600.1 223,078.2 224,939.4 263,785.3 298,868.2
Uruguay 238.9 244.0 255.0 268.0 236.0 247.0 255.9 269.8 242.9 230.7 236.5
Vietnam 834.7 1,119.1 1,437.6 1,824.7 2,145.8 2,214.3 2,385.4 2,981.7 2,713.0 3,153.1 3,593.0
TOTAL 434,061.6 447,747.0 468,633.9 487,260.4 521,555.8 554,823.1 606,337.7 653,150.4 641,239.2 751,951.2 825,194.2
• Gro wth 3.1% 3.2% 4.7% 4.0% 7.0% 6.4% 9.3% 7.7% -1.8% 17.3% 9.7%
• M edian Gro wth 3.0% 4.0% 3.7% 3.9% 6.2% 4.7% 6.2% 4.8% -4.4% 14.9% 7.5%
TOTAL EX -US 430,019.6 447,104.3 464,899.0 486,314.4 515,814.5 553,079.7 599,510.4 651,244.8 628,555.0 749,447.4 815,305.3
• Gro wth 2.4% 4.0% 4.0% 4.6% 6.1% 7.2% 8.4% 8.6% -3.5% 19.2% 8.8%
14
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Table 12: China Advertising Expenditure by Medium, 2012-2022E

$ in millions
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E
TV $18,866.5 $19,526.8 $19,136.2 $17,490.5 $15,759.0 $14,426.8 $13,533.7 $12,891.7 $7,013.2 $7,392.5 $7,689.7
• Growth 6.2% 3.5% -2.0% -8.6% -9.9% -8.5% -6.2% -4.7% -45.6% 5.4% 4.0%
• Share 43.9% 40.1% 35.0% 28.4% 23.3% 17.9% 13.6% 10.6% 5.5% 4.7% 4.5%
Audio 2,501.8 2,586.9 2,664.5 2,555.3 2,287.0 2,439.6 2,201.4 2,020.2 788.9 813.7 830.0
• Growth 10.7% 3.4% 3.0% -4.1% -10.5% 6.7% -9.8% -8.2% -61.0% 3.1% 2.0%
• Share 5.8% 5.3% 4.9% 4.2% 3.4% 3.0% 2.2% 1.7% 0.6% 0.5% 0.5%
New spapers 5,932.4 5,635.8 4,542.5 3,107.1 1,690.2 1,202.8 980.4 878.7 646.2 648.2 648.9
• Growth -6.7% -5.0% -19.4% -31.6% -45.6% -28.8% -18.5% -10.4% -26.5% 0.3% 0.1%
• Share 13.8% 11.6% 8.3% 5.0% 2.5% 1.5% 1.0% 0.7% 0.5% 0.4% 0.4%
Magazines 1,565.7 1,565.8 1,332.5 1,020.7 709.4 560.2 507.1 476.9 358.8 363.6 366.8
• Growth 7.9% 0.0% -14.9% -23.4% -30.5% -21.0% -9.5% -5.9% -24.8% 1.4% 0.9%
• Share 3.6% 3.2% 2.4% 1.7% 1.0% 0.7% 0.5% 0.4% 0.3% 0.2% 0.2%
Outdoor + Cinema 5,448.6 5,810.9 6,136.3 6,596.5 7,809.6 9,722.5 11,292.3 10,002.8 8,255.6 10,469.2 11,728.8
• Growth 17.5% 6.6% 5.6% 7.5% 18.4% 24.5% 16.1% -11.4% -17.5% 26.8% 12.0%
• Share 12.7% 11.9% 11.2% 10.7% 11.5% 12.1% 11.3% 8.2% 6.5% 6.7% 6.9%
Digital 8,681.1 13,539.7 20,854.9 30,770.6 39,404.4 52,241.2 71,166.8 95,577.2 110,649.1 137,110.0 149,061.8
• Growth 46.8% 56.0% 54.0% 47.5% 28.1% 32.6% 36.2% 34.3% 15.8% 23.9% 8.7%
• Share 20.2% 27.8% 38.1% 50.0% 58.2% 64.8% 71.4% 78.4% 86.6% 87.4% 87.5%
Total $42,996.2 $48,665.9 $54,667.0 $61,540.7 $67,659.6 $80,593.1 $99,681.6 $121,847.6 $127,711.7 $156,797.3 $170,326.0
• Growth 12.0% 13.2% 12.3% 12.6% 9.9% 19.1% 23.7% 22.2% 4.8% 22.8% 8.6%
15
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Television Advertising Expenditures
16
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Table 13: Television Advertising Expenditure by Region and Country, 2012-2022E

$ in millions
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E
Argentina 34.8 47.4 67.8 90.0 126.3 184.1 199.3 279.6 357.1 466.6 578.3
Australia 3,017.5 3,100.1 3,046.5 3,029.1 2,944.9 2,885.4 3,145.1 2,995.2 2,675.2 2,993.1 3,049.6
Austria 620.6 679.4 753.5 799.8 869.4 920.7 938.5 967.8 937.4 1,011.4 1,057.4
Bangladesh 96.2 110.6 130.3 136.8 143.4 163.5 176.5 169.5 167.2 196.9 221.4
Belgium 830.4 829.9 803.5 853.8 950.1 908.0 873.0 834.2 742.5 851.0 887.5
Brazil 4,085.3 4,509.1 4,983.7 5,095.4 5,240.2 5,306.0 5,385.6 5,429.5 3,890.0 4,771.7 5,130.9
Bulgaria 95.3 97.2 101.4 106.1 117.4 121.3 127.3 138.9 120.8 129.6 144.0
Canada 2,972.8 2,942.8 2,921.2 2,783.1 2,768.1 2,659.1 2,610.0 2,616.7 2,221.6 2,568.1 2,595.0
China 18,866.5 19,526.8 19,136.2 17,490.5 15,759.0 14,426.8 13,533.7 12,891.7 7,013.2 7,392.5 7,689.7
Colombia 565.9 654.8 731.2 768.8 844.5 935.4 890.8 900.8 603.5 644.0 689.6
Croatia 121.3 123.7 126.4 127.1 130.5 127.4 130.5 138.4 123.6 129.9 136.8
Czech Republic 399.0 359.2 386.1 421.0 445.0 491.5 531.5 567.5 520.8 544.0 554.6
Denmark 387.1 363.9 357.3 362.7 359.6 362.6 363.8 389.1 363.3 403.5 443.7
Ecuador 247.3 251.8 260.7 225.8 171.8 157.9 149.7 144.7 118.6 112.8 108.9
Estonia 27.4 29.6 30.8 31.4 31.3 31.8 32.8 32.9 27.3 26.5 27.5
Finland 349.8 345.9 336.9 328.9 328.5 317.5 324.2 314.9 290.3 316.1 323.3
France 4,065.8 3,941.3 3,964.3 4,008.4 4,042.8 4,102.3 4,193.7 4,166.8 3,706.4 3,972.3 4,095.6
Germany 4,993.4 5,152.0 5,409.4 5,630.9 5,862.2 6,127.5 6,290.1 6,342.7 5,993.6 6,012.1 6,338.4
Greece 521.6 636.7 727.3 551.0 394.3 410.2 440.8 442.0 396.9 406.1 452.6
Hong Kong 712.4 739.5 776.7 708.6 603.5 566.6 595.9 458.0 245.5 328.5 356.6
Hungary 172.1 161.2 176.7 182.3 198.2 212.3 214.6 235.2 226.1 236.9 260.3
India 2,035.2 2,317.5 2,670.2 3,180.6 3,519.4 3,925.1 4,744.2 5,056.3 4,331.4 5,081.9 5,968.8
Indonesia 864.6 975.9 1,081.2 1,113.9 1,113.7 1,124.6 1,180.9 1,228.2 1,217.1 1,338.9 1,434.1
Ireland 227.6 222.7 233.9 240.7 244.5 229.4 234.4 243.2 224.7 235.0 247.1
Israel 480.6 533.4 524.3 522.6 531.3 550.5 550.9 564.5 549.1 635.8 649.8
Italy 4,356.1 3,960.6 3,970.3 3,979.8 4,198.4 4,140.9 4,189.2 3,978.6 3,623.8 3,878.4 4,011.3
Japan 17,496.4 17,732.2 18,236.5 18,029.8 18,404.7 18,246.0 17,923.3 17,492.6 15,596.6 16,384.6 16,556.6
Keny a 89.5 97.3 130.1 150.1 156.1 208.5 218.3 262.3 214.9 260.1 369.4
Latv ia 39.1 40.4 41.0 41.5 41.3 42.6 43.8 43.4 38.7 40.3 41.8
Lithuania 58.3 57.7 56.4 56.9 60.5 62.1 64.1 65.1 61.1 62.4 64.5
Malay sia 281.9 294.8 272.6 261.6 247.3 226.5 206.6 190.2 168.0 177.8 178.5
Mex ico 2,158.2 2,272.6 2,297.4 2,372.0 2,347.5 2,252.6 2,117.9 2,016.2 1,665.9 1,758.2 1,810.2
MENA 2,693.4 3,068.0 3,405.7 2,219.8 1,890.7 1,297.6 1,020.1 903.5 679.6 706.9 910.9
Montenegro 6.8 6.8 6.8 6.8 7.0 7.1 7.2 7.4 6.6 6.6 6.6
Netherlands 1,028.8 1,003.2 1,018.7 1,018.7 1,040.8 975.9 1,005.3 1,015.1 918.0 996.5 1,047.0
New Zealand 407.1 423.8 391.9 375.2 349.1 337.4 319.3 309.1 280.7 328.1 308.1
Nigeria 264.0 251.4 179.0 168.3 112.4 99.0 110.9 124.2 120.9 124.9 132.6
Norw ay 442.4 461.6 459.0 466.0 479.0 480.0 467.0 447.0 411.7 428.7 429.7
Pakistan 247.7 330.9 357.0 407.1 437.4 413.8 398.2 386.1 374.6 408.4 428.8
Peru 270.8 310.2 343.1 357.3 370.7 343.2 371.2 323.7 278.6 310.4 319.1
Philippines 470.2 531.6 505.7 575.8 705.6 640.3 621.1 655.8 539.5 588.4 648.6
Poland 1,012.7 932.7 996.4 1,048.9 1,091.2 1,139.4 1,271.2 1,299.9 1,203.9 1,272.6 1,368.5
Portugal 358.5 330.9 356.3 361.1 377.9 382.5 383.6 381.3 347.0 339.7 345.0
Romania 213.7 209.9 213.8 227.6 263.9 304.1 337.5 372.7 390.7 407.8 436.7
Russia 1,951.9 2,129.7 2,179.2 1,866.9 2,058.9 2,333.6 2,557.9 2,397.5 2,313.5 2,531.4 2,641.8
Serbia 97.5 83.6 84.3 88.6 94.9 100.1 109.3 112.7 103.0 105.7 111.4
Singapore 504.1 535.7 500.7 478.0 576.0 526.3 534.5 303.6 319.4 345.0 330.9
Slov ak Republic 144.1 135.9 142.0 160.4 166.5 178.8 188.6 193.5 189.4 197.0 200.9
Slov enia 75.8 75.0 74.1 73.3 76.8 80.5 92.2 89.6 82.4 86.5 93.5
South Africa 375.9 416.7 462.9 509.2 530.7 537.5 520.8 501.4 418.4 454.1 483.8
South Korea 3,376.3 3,339.9 3,108.5 3,353.0 3,104.6 2,944.1 2,745.9 2,606.8 2,126.1 2,171.8 2,270.0
Spain 2,244.8 2,113.9 2,345.3 2,499.4 2,642.2 2,673.1 2,657.3 2,519.5 2,076.0 2,261.6 2,341.1
Sri Lanka 43.6 46.5 51.5 61.9 72.3 77.5 89.2 100.4 95.5 100.4 108.2
Sw eden 734.9 744.0 727.0 702.4 699.7 721.8 793.9 788.1 667.6 746.2 806.1
Sw itzerland 810.8 836.5 863.9 839.0 869.9 896.3 898.3 929.9 834.1 925.1 1,014.1
Taiw an 870.5 897.7 889.6 883.1 831.7 796.0 785.2 742.7 681.0 728.0 707.7
Thailand 1,754.7 1,822.6 2,052.4 2,198.6 1,897.8 1,774.5 1,920.2 1,934.8 1,763.8 1,808.8 1,898.2
Turkey 329.4 370.4 389.7 417.9 467.1 486.7 491.8 515.5 639.0 738.0 834.8
Ukraine 141.1 162.0 129.7 151.9 207.0 267.3 338.1 420.5 444.1 488.5 586.2
United Kingdom 5,396.8 5,526.2 5,776.8 6,194.4 6,282.0 6,081.0 6,230.0 6,078.7 5,425.3 6,128.6 6,320.2
United States 64,206.4 63,304.4 67,161.5 65,874.6 71,257.7 66,990.2 68,287.3 64,536.3 64,122.8 64,143.3 67,265.2
Uruguay 110.0 110.0 114.0 118.0 109.0 113.0 115.0 121.3 116.4 93.3 90.5
Vietnam 535.8 612.1 728.9 748.1 759.6 783.9 775.3 782.5 601.9 702.2 737.4
TOTAL 168,485.4 170,633.4 177,327.5 174,316.9 179,086.6 172,943.5 174,714.7 168,852.7 150,945.3 158,412.4 166,287.8
• Gro wth 4.0% 1.3% 3.9% -1.7% 2.7% -3.4% 1.0% -3.4% -10.6% 4.9% 5.0%
• M edian Gro wth 1.2% 3.1% 3.4% 2.1% 3.5% 1.2% 2.2% 0.3% -9.1% 7.0% 4.9%
TOTAL EX-US POLITICAL 165,193.8 170,224.8 174,567.6 173,824.4 175,585.9 171,927.4 170,407.5 168,084.2 143,948.2 157,413.4 160,690.1
• Gro wth 2.3% 3.0% 2.6% -0.4% 1.0% -2.1% -0.9% -1.4% -14.4% 9.4% 2.1%
17
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Table 14: Net Advertising Revenue on Broadcast and Cable Networks

$ in billions
Rank Network 2019 2018 % chg
Broadcast TV
1 CBS (CBS) $5.68 $4.15 36.9%
2 NBC (CMCSA) 4.69 4.64 1.1%
3 ABC (DIS) 3.98 2.96 34.6%
4 FOX (FOXA) 3.42 2.60 31.6%
Total U.S. Network TV $17.03 15.83 7.6%
Cable TV
1 ESPN (DIS) $2.78 $2.29 21.4%
2 TNT (T) 1.77 1.02 73.0%
3 TBS (T) 1.72 0.98 75.2%
4 HGTV (DISCA) 1.59 0.86 84.7%
5 Food Network (DISCA) 1.51 0.71 113.2%
Source: AdAge 2021.
Figure 4: U.S. Digital Video Ad Spend, 2019-2024E

$ in billions
$80.0
69.4
$70.0
61.5
$60.0 53.1
$50.0 44.9
$40.0 35.5
31.9
$30.0
$20.0
$10.0
$0.0
2019 2020E 2021E 2022E 2023E 2024E
Source: eMarketer, March 2021.
Table 15: Top US Online Video Sites by Unique Viewers

Unique Viewers
Rank Video Brand (millions)
1 Google Sites 206.185
2 Verizon Media 72.196
3 Microsoft Sites 62.458
4 Twitch.tv 55.236
5 Amazon Sites 49.718
6 Facebook 45.162
7 WarmerMedia 42.884
8 The Walt Disney Company 41.543
9 UPROXX 39.769
10 Comcast NBCUniversal 39.304
Note: Data for the month of April 2021. Source: comScore, J.P. Morgan.
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Figure 5: U.S. DVR Penetration
Note: Based on July of each year.

Source: Cabletelevision Advertising Bureau (CAB) analysis of Nielsen data, as of Q1 2021
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Table 16: Top 50 Basic Cable Networks Affiliate Fee/Avg Sub/Month, 2011-2022E
Network Name 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E
1 ESPN $4.77 $5.04 $5.54 $6.10 $6.61 $7.04 $7.54 $8.14 $8.79 $9.50 $10.25 $11.08
2 TNT 1.22 1.31 1.39 1.59 1.62 1.84 2.12 2.38 2.57 2.75 2.92 3.09
3 NFL Network 0.68 0.85 1.13 1.22 1.31 1.39 1.48 1.58 1.68 1.79 1.91 2.03
4 FOX News Channel 0.79 0.90 0.96 1.04 1.20 1.35 1.49 1.57 1.65 1.72 1.79 1.86
5 USA 0.76 0.81 0.88 0.97 1.00 1.15 1.19 1.24 1.29 1.34 1.40 1.45
6 TBS 0.60 0.66 0.70 0.75 0.77 0.85 0.98 1.10 1.19 1.26 1.31 1.35
7 Disney Channel 0.78 0.81 0.85 0.89 0.92 0.94 0.99 1.04 1.09 1.15 1.20 1.26
8 ESPN2 0.64 0.67 0.70 0.77 0.83 0.85 0.88 0.94 1.01 1.08 1.15 1.23
9 CNN 0.55 0.57 0.59 0.62 0.66 0.72 0.83 0.89 0.96 1.01 1.06 1.11
10 SEC Network 0.64 0.67 0.71 0.74 0.78 0.82 0.87 0.91 0.96
11 Nickelodeon/Nick At Nite 0.51 0.55 0.62 0.68 0.71 0.70 0.72 0.75 0.79 0.83 0.87 0.91
12 FX Network 0.45 0.48 0.53 0.58 0.62 0.66 0.69 0.73 0.77 0.81 0.85 0.89
13 FOX Sports 1 0.22 0.22 0.24 0.35 0.48 0.60 0.64 0.67 0.71 0.79 0.84 0.89
14 MTV 0.37 0.40 0.44 0.47 0.51 0.50 0.51 0.54 0.57 0.59 0.62 0.66
15 FOX College Sports 0.37 0.39 0.41 0.43 0.45 0.48 0.50 0.53 0.55 0.58 0.61 0.64
16 AMC 0.26 0.34 0.35 0.38 0.44 0.49 0.50 0.52 0.54 0.56 0.58 0.60
17 Paramount Network 0.23 0.25 0.32 0.39 0.44 0.44 0.44 0.52 0.54 0.57 0.59 0.62
18 Discovery Channel 0.36 0.38 0.40 0.40 0.41 0.46 0.51 0.51 0.52 0.52 0.53 0.53
19 BTN 0.37 0.37 0.37 0.40 0.44 0.46 0.48 0.50 0.55 0.59 0.63 0.67
20 MGM HD 0.52 0.49 0.47 0.45 0.46 0.47 0.49 0.50 0.52 0.53 0.55 0.56
21 CNBC 0.31 0.31 0.34 0.37 0.39 0.43 0.45 0.47 0.49 0.51 0.53 0.55
22 Golf Channel 0.29 0.30 0.31 0.34 0.35 0.40 0.41 0.43 0.45 0.46 0.48 0.50
23 Cine Latino 0.39 0.39 0.39 0.40 0.40 0.40 0.40 0.41 0.42 0.43 0.44 0.44
24 Syfy 0.27 0.27 0.28 0.31 0.32 0.36 0.38 0.39 0.41 0.42 0.44 0.46
25 Lifetime Television 0.30 0.31 0.32 0.33 0.34 0.35 0.36 0.37 0.38 0.39 0.40 0.41
26 TCM 0.27 0.28 0.28 0.29 0.30 0.33 0.35 0.37 0.38 0.39 0.40 0.42
27 NBCSN 0.25 0.25 0.26 0.29 0.30 0.33 0.34 0.36 0.38 0.40 0.42 0.44
28 NHL Network 0.27 0.28 0.29 0.31 0.32 0.33 0.34 0.36 0.37 0.39 0.40 0.42
29 Antena 3 0.30 0.31 0.32 0.33 0.33 0.34 0.35 0.36 0.37 0.38 0.39 0.40
30 Bravo 0.23 0.24 0.25 0.28 0.29 0.32 0.34 0.35 0.36 0.38 0.39 0.41
31 Freeform 0.24 0.26 0.27 0.28 0.29 0.30 0.32 0.34 0.36 0.39 0.41 0.43
32 A&E 0.27 0.28 0.29 0.30 0.31 0.32 0.33 0.34 0.35 0.36 0.37 0.38
33 E! 0.22 0.23 0.24 0.26 0.27 0.31 0.32 0.33 0.35 0.36 0.37 0.39
34 HDNet Movies 0.28 0.28 0.29 0.30 0.30 0.31 0.32 0.33 0.34 0.34 0.35 0.36
35 NBA TV 0.26 0.26 0.27 0.28 0.29 0.30 0.31 0.32 0.33 0.34 0.35 0.36
36 Cartoon Network / Adult Swim 0.20 0.21 0.22 0.22 0.23 0.25 0.29 0.31 0.33 0.35 0.36 0.38
37 History 0.24 0.25 0.26 0.27 0.28 0.29 0.30 0.31 0.32 0.33 0.34 0.35
38 TyC Sports International Channel 0.26 0.27 0.27 0.28 0.29 0.29 0.30 0.31 0.31 0.32 0.33 0.33
39 ESPNews 0.19 0.20 0.21 0.23 0.25 0.27 0.29 0.31 0.33 0.35 0.37 0.40
40 MLB Network 0.26 0.24 0.24 0.25 0.26 0.28 0.29 0.30 0.31 0.33 0.34 0.36
41 National Geographic Channel 0.22 0.23 0.24 0.25 0.26 0.27 0.28 0.29 0.30 0.31 0.32 0.33
42 MSNBC 0.20 0.21 0.23 0.24 0.25 0.28 0.28 0.29 0.29 0.30 0.31 0.31
43 FXX 0.17 0.17 0.19 0.21 0.23 0.25 0.26 0.28 0.29 0.31 0.33 0.35
44 ESPNU 0.18 0.19 0.20 0.21 0.23 0.24 0.25 0.27 0.28 0.30 0.31 0.33
45 ESPN Deportes 0.17 0.18 0.18 0.20 0.22 0.23 0.25 0.26 0.28 0.30 0.32 0.35
46 WAPA América 0.22 0.22 0.23 0.24 0.25 0.25 0.26 0.26 0.27 0.28 0.28 0.29
47 OWN: Oprah Winfrey Network 0.02 0.01 0.18 0.20 0.22 0.24 0.24 0.26 0.28 0.30 0.32 0.34
48 FOX Life 0.22 0.22 0.22 0.23 0.24 0.25 0.25 0.26 0.27 0.28 0.29 0.30
49 ESPN Classic 0.19 0.20 0.20 0.22 0.23 0.24 0.25 0.26 0.27 0.28 0.29 0.30
50 BET 0.18 0.19 0.21 0.23 0.25 0.24 0.25 0.26 0.27 0.28 0.30 0.31
Source: SNL Kagan 2019.
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Table 17: U.S. TV Ad Revenues by Format, 1980-2022E

$ in millions
Network Broadcast National National National TV Local Local Cable Total TV
TV (a) % chg % share Cable TV % chg % share Syndication % chg % share Spanish Language % chg % share Broadcast TV(b) % chg % share TV (b) % chg % share Advertising % chg
1980 $4,078.0 48.5% $63.2 0.8% $46.6 0.6% - - $4,210.7 50.1% $9.5 0.1% $8,408.0
1981 4,432.8 8.7% 46.0% 141.2 123.3% 1.5% 70.0 50.0% 0.7% - - 4,978.8 18.2% 51.6% 20.5 116.7% 0.2% 9,643.2 14.7%
1982 4,917.3 10.9% 45.7% 255.0 80.6% 2.4% 139.9 100.0% 1.3% - - 5,407.1 8.6% 50.3% 37.9 84.6% 0.4% 10,757.1 11.6%
1983 5,565.8 13.2% 43.7% 396.2 55.4% 3.1% 279.9 100.0% 2.2% - - 6,421.1 18.8% 50.5% 60.0 58.3% 0.5% 12,722.9 18.3%
1984 6,557.9 17.8% 44.2% 644.8 62.8% 4.3% 391.8 40.0% 2.6% - - 7,159.8 11.5% 48.2% 95.5 59.2% 0.6% 14,849.8 16.7%
1985 6,453.2 -1.6% 40.0% 835.5 29.6% 5.2% 485.1 23.8% 3.0% - - 8,216.8 14.8% 50.9% 154.7 62.0% 1.0% 16,145.3 8.7%
1986 6,676.8 3.5% 38.8% 951.4 13.9% 5.5% 559.8 15.4% 3.3% - - 8,796.9 7.1% 51.2% 213.0 37.8% 1.2% 17,197.9 6.5%
1987 6,805.9 1.9% 36.8% 1,069.4 12.4% 5.8% 761.3 36.0% 4.1% 14.4 0.1% 9,594.2 9.1% 51.9% 241.4 13.3% 1.3% 18,486.6 7.5%
1988 7,098.5 4.3% 36.7% 1,325.5 23.9% 6.9% 898.3 18.0% 4.7% 28.8 100.0% 0.1% 9,662.8 0.7% 50.0% 302.2 25.2% 1.6% 19,316.0 4.5%
1989 7,422.5 4.6% 34.9% 1,683.7 27.0% 7.9% 1,284.6 43.0% 6.0% 48.9 70.0% 0.2% 10,460.1 8.3% 49.1% 392.2 29.8% 1.8% 21,291.9 10.2%
1990 8,020.5 8.1% 37.7% 2,153.0 27.9% 10.1% 1,156.1 -10.0% 5.4% 73.3 50.0% 0.3% 9,369.5 -10.4% 44.0% 497.9 27.0% 2.3% 21,270.3 -0.1%
1991 7,584.1 -5.4% 36.0% 2,402.4 11.6% 11.4% 1,143.8 -1.1% 5.4% 97.1 32.5% 0.5% 9,259.6 -1.2% 43.9% 587.8 18.1% 2.8% 21,074.9 -0.9%
1992 7,576.3 -0.1% 35.2% 2,849.7 18.6% 13.3% 995.5 -13.0% 4.6% 123.4 27.0% 0.6% 9,140.1 -1.3% 42.5% 812.7 38.3% 3.8% 21,497.6 2.0%
1993 8,230.4 8.6% 35.2% 3,286.7 15.3% 14.1% 1,052.2 5.7% 4.5% 138.3 12.1% 0.6% 9,738.1 6.5% 41.6% 937.3 15.3% 4.0% 23,382.9 8.8%
1994 8,603.3 4.5% 34.2% 3,965.9 20.7% 15.7% 1,157.4 10.0% 4.6% 153.6 11.1% 0.6% 10,170.9 4.4% 40.4% 1,131.0 20.7% 4.5% 25,182.2 7.7%
1995 9,357.5 8.8% 32.0% 4,928.0 24.3% 16.8% 1,327.8 14.7% 4.5% 177.4 15.5% 0.6% 12,079.1 18.8% 41.3% 1,404.3 24.2% 4.8% 29,274.1 16.2%
1996 10,075.3 7.7% 32.6% 5,526.4 12.1% 17.9% 1,429.5 7.7% 4.6% 209.8 18.3% 0.7% 12,066.6 -0.1% 39.1% 1,574.4 12.1% 5.1% 30,882.1 5.5%
1997 10,668.8 5.9% 31.6% 6,212.0 12.4% 18.4% 1,669.8 16.8% 5.0% 247.0 17.7% 0.7% 13,159.8 9.1% 39.0% 1,769.3 12.4% 5.2% 33,726.8 9.2%
1998 11,189.4 4.9% 30.9% 7,354.2 18.4% 20.3% 2,049.7 22.8% 5.7% 285.1 15.4% 0.8% 13,290.9 1.0% 36.7% 2,088.8 18.1% 5.8% 36,258.2 7.5%
1999 12,033.9 7.5% 29.2% 8,959.1 21.8% 21.8% 2,098.4 2.4% 5.1% 333.7 17.0% 0.8% 15,218.1 14.5% 37.0% 2,539.4 21.6% 6.2% 41,182.7 13.6%
2000 13,160.9 9.4% 29.8% 9,829.4 9.7% 22.2% 2,162.0 3.0% 4.9% 421.7 26.4% 1.0% 15,897.5 4.5% 35.9% 2,754.9 8.5% 6.2% 44,226.4 7.4%
2001 12,803.6 -2.7% 29.5% 10,042.8 2.2% 23.1% 2,070.6 -4.2% 4.8% 541.3 28.4% 1.2% 14,984.6 -5.7% 34.5% 3,029.4 10.0% 7.0% 43,472.3 -1.7%
2002 13,416.0 4.8% 29.0% 11,386.4 13.4% 24.6% 1,643.6 -20.6% 3.6% 697.0 28.8% 1.5% 15,789.3 5.4% 34.1% 3,343.2 10.4% 7.2% 46,275.5 6.4%
2003 13,617.4 1.5% 27.9% 12,692.1 11.5% 26.0% 1,951.8 18.8% 4.0% 787.6 13.0% 1.6% 16,515.7 4.6% 33.9% 3,178.6 -4.9% 6.5% 48,743.1 5.3%
2004 14,285.7 4.9% 27.6% 14,080.4 10.9% 27.2% 2,233.5 14.4% 4.3% 852.7 8.3% 1.7% 16,719.7 1.2% 32.4% 3,499.4 10.1% 6.8% 51,671.4 6.0%
2005 14,617.2 2.3% 26.7% 15,554.9 10.5% 28.4% 2,152.0 -3.6% 3.9% 906.7 6.3% 1.7% 17,754.0 6.2% 32.5% 3,714.8 6.2% 6.8% 54,699.8 5.9%
2006 14,521.8 -0.7% 26.4% 16,247.1 4.5% 29.6% 1,969.3 -8.5% 3.6% 974.1 7.4% 1.8% 17,254.8 -2.8% 31.4% 3,974.4 7.0% 7.2% 54,941.6 0.4%
2007 14,433.4 -0.6% 25.3% 17,337.0 6.7% 30.4% 1,974.2 0.2% 3.5% 1,075.1 10.4% 1.9% 18,100.7 4.9% 31.7% 4,132.9 4.0% 7.2% 57,053.3 3.8%
2008 13,622.9 -5.6% 24.7% 18,587.5 7.2% 33.7% 1,934.8 -2.0% 3.5% 1,056.3 -1.7% 1.9% 16,179.6 -10.6% 29.3% 3,820.5 -7.6% 6.9% 55,201.5 -3.2%
2009 12,930.3 -5.1% 25.3% 18,158.0 -2.3% 35.5% 1,774.5 -8.3% 3.5% 1,009.9 -4.4% 2.0% 13,904.9 -14.1% 27.2% 3,378.3 -11.6% 6.6% 51,155.9 -7.3%
2010 13,094.9 1.3% 23.7% 20,424.4 12.5% 36.9% 1,867.6 5.2% 3.4% 1,093.4 8.3% 2.0% 14,977.9 7.7% 27.1% 3,854.2 14.1% 7.0% 55,312.3 8.1%
2011 13,691.6 4.6% 23.4% 22,137.8 8.4% 37.8% 1,938.6 3.8% 3.3% 1,171.7 7.2% 2.0% 15,433.3 3.0% 26.4% 4,182.7 8.5% 7.1% 58,555.6 5.9%
2012 13,692.4 0.0% 22.5% 23,307.6 5.3% 38.4% 1,992.0 2.8% 3.3% 1,259.1 7.5% 2.1% 16,082.4 4.2% 26.5% 4,399.2 5.2% 7.2% 60,732.9 3.7%
2013 14,120.7 3.1% 22.3% 24,670.1 5.8% 38.9% 2,001.9 0.5% 3.2% 1,381.6 9.7% 2.2% 16,650.6 3.5% 26.3% 4,522.6 2.8% 7.1% 63,347.6 4.3%
2014 13,627.4 -3.5% 21.7% 24,957.8 1.2% 39.7% 2,014.2 0.6% 3.2% 1,420.5 2.8% 2.3% 16,210.9 -2.6% 25.8% 4,566.5 1.0% 7.3% 62,797.2 -0.9%
2015 14,031.6 3.0% 22.1% 25,428.8 1.9% 40.1% 1,951.8 -3.1% 3.1% 1,413.0 -0.5% 2.2% 15,855.3 -2.2% 25.0% 4,721.7 3.4% 7.4% 63,402.2 1.0%
2016 14,127.3 0.7% 22.3% 25,801.3 1.5% 40.7% 1,887.8 -3.3% 3.0% 1,465.4 3.7% 2.3% 15,366.7 -3.1% 24.2% 4,788.8 1.4% 7.5% 63,437.3 0.1%
2017 13,632.6 -3.5% 22.2% 25,454.9 -1.3% 41.4% 1,829.4 -3.1% 3.0% 1,409.5 -3.8% 2.3% 14,482.3 -5.8% 23.6% 4,679.4 -2.3% 7.6% 61,488.1 -3.1%
2018E 13,205.7 -3.1% 21.9% 25,395.4 -0.2% 42.1% 1,743.9 -4.7% 2.9% 1,367.3 -3.0% 2.3% 13,807.0 -4.7% 22.9% 4,755.9 1.6% 7.9% 60,275.2 -2.0%
2019E 12,764.1 -3.3% 21.5% 25,396.3 0.0% 42.8% 1,679.7 -3.7% 2.8% 1,322.6 -3.3% 2.2% 13,308.1 -3.6% 22.4% 4,865.0 2.3% 8.2% 59,335.9 -1.6%
2020E 12,273.8 -3.8% 21.1% 25,414.9 0.1% 43.6% 1,594.4 -5.1% 2.7% 1,279.4 -3.3% 2.2% 12,777.9 -4.0% 21.9% 4,961.9 2.0% 8.5% 58,302.3 -1.7%
2021E 11,783.0 -4.0% 20.6% 25,327.8 -0.3% 44.4% 1,511.1 -5.2% 2.6% 1,241.0 -3.0% 2.2% 12,132.3 -5.1% 21.3% 5,069.4 2.2% 8.9% 57,064.5 -2.1%
2022E 11,300.4 -4.1% 20.3% 25,228.1 -0.4% 45.3% 1,429.5 -5.4% 2.6% 1,199.4 -3.3% 2.2% 11,411 -5.9% 20.5% 5,168 1.9% 9.3% 55,735.9 -2.3%
Notes: (a) Excludes Olympics advertising. (b) Excludes political advertising.

Source: MAGNA, J.P. Morgan.
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Table 18: Distribution of Channels Receivable per TV Home, Early-1950s to Mid-2010s

% Channels per Home Avg Number % Bcast only
1-3 4-6 7-10 11-20 21-60 61-100 101+ Channels / HH TV HH
Early-1950s 68 11 21 -- -- -- -- 3.2 100
Early-1960s 21 55 24 -- -- -- -- 6.3 99
Early-1970s 13 42 35 9 1 -- -- 7.6 98
Early-1980s 3 25 40 27 5 -- -- 11.0 77
Early-1990s -- 4 9 18 61 7 3 32.2 35
Early-2000s -- 1 3 22 16 60 75.4 21
Early-2010s -- -- 3 1 4 14 78 161.0 10
Mid-2010s -- -- 4 -- 4 12 80 187.2 10
Table 19: Trends in Weekly Viewing, Channels Viewed, and Time Spent per Channel, Early 1950s to Mid-2010s
Time Spent
1
TV Set Usage Persons per Avg Viewers Avg Hrs Viewed Channels Viewed per Channel
1,2 1,2 2 2
(Hrs) TV HH Per Set Per Person per Person (Hrs/Weekly)
Early-1950s 32.5 3.4 2.65 25.0 3.2 8.3
Early-1960s 36.5 3.3 1.90 24.0 4.9 4.9
Early-1970s 43.0 3.1 1.80 24.5 5.4 4.5
Early-1980s 47.0 2.7 1.65 26.5 6.7 4.0
Early-1990s 49.5 2.6 1.45 28.0 11.2 2.5
Early-2000s 53.7 2.5 1.31 30.4 13.0 2.3
Early-2010s 57.6 2.5 1.26 31.9 13.9 2.3
Mid-2010s 58.0 2.5 1.20 32.4 14.0 2.3
1. Live and delayed in-home TV only.
2. Base is all persons aged 2+.
Table 20: Average Adult Exposure to TV Program Sources over Extended Time Frames, All Dayparts, 2014
Program Source Avg. Day Avg. Week Avg. Month Avg. Quarter Total Year
ABC/CBS/NBC Network Fare 0.60 1.75 2.55 2.85 2.95
1
Local Station / Syndicated Program 0.45 1.45 2.40 3.60 3.95
PBS Station 0.15 0.40 0.65 0.80 0.95
Pay Cable 0.20 0.45 0.65 0.90 1.05
Basic Cable 1.95 10.25 17.05 24.15 36.05
All Sources 3.35 14.30 23.30 32.30 44.95
No. of Telecasts Viewed 6 39 165 495 2,008
1. Includes Fox and CW network shows.
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Table 21: Share of Primetime Upfront Ad Dollars by Network Type

Broadcast Cable
1990-91 86.7% 13.3%
1994-95 79.4% 20.6%
1999-2000 65.0% 35.0%
2004-05 60.3% 39.7%
2010-11 52.1% 47.9%
2016-17 47.0% 53.0%
2017-18 46.1% 53.9%
2018-19 46.4% 53.6%
2019-20 46.5% 53.5%
2020-21 46.8% 53.2%
Source: Media Dynamics and J.P. Morgan estimates.
Table 22: Primetime TV Upfront Spending, 2006-2019

$ in millions
Season Broadcast Cable Total Season Broadcast Cable Total
2006-2007 $9,140 $7,070 $16,210 2006-2007
2007-2008 $9,280 $7,250 $16,530 2007-2008 1.5% 2.5% 2.0%
2008-2009 $9,160 $7,600 $16,760 2008-2009 -1.3% 4.8% 1.4%
2009-2010 $7,745 $6,920 $14,665 2009-2010 -15.4% -8.9% -12.5%
2010-2011 $8,630 $7,950 $16,580 2010-2011 11.4% 14.9% 13.1%
2011-2012 $9,220 $8,690 $17,910 2011-2012 6.8% 9.3% 8.0%
2012-2013 $9,390 $9,275 $18,665 2012-2013 1.8% 6.7% 4.2%
2013-2014 $9,085 $10,110 $19,195 2013-2014 -3.2% 9.0% 2.8%
2014-2015 $8,680 $9,675 $18,355 2014-2015 -4.5% -4.3% -4.4%
2015-2016 $8,360 $9,450 $17,810 2015-2016 -3.7% -2.3% -3.0%
2016-2017 $8,750 $9,875 $18,625 2016-2017 4.7% 4.5% 4.6%
2017-2018 $9,105 $10,625 $19,730 2017-2018 4.1% 7.6% 5.9%
2018-2019 $9,630 $11,125 $20,755 2018-2019 5.8% 4.7% 5.2%
2019-2020 $10,180 $11,690 $21,870 2019-2020 5.7% 5.1% 5.4%
2020-2021 $8,710 $9,920 $18,630 2020-2021 -14.4% -15.1% -14.8%
Source: Media Dynamics and J.P. Morgan estimates.
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Audio Advertising
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Table 23: Audio Ad Spending by Country and Region, 2012-2022E

$ in millions
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E
Argentina 4.8 6.7 11.7 17.4 26.2 34.7 40.5 63.5 67.7 93.3 117.3
Australia 784.8 796.4 817.4 874.6 918.6 953.8 1,002.9 963.4 758.0 904.1 938.9
Austria 171.4 173.6 180.4 187.3 201.6 209.9 220.0 235.7 256.5 274.7 287.1
Bangladesh 11.8 23.5 30.6 35.2 35.7 39.2 38.9 23.6 4.5 3.5 3.5
Belgium 346.8 351.3 371.4 355.9 374.3 388.4 390.5 399.5 339.3 368.9 396.9
Brazil 229.7 253.8 258.4 265.1 251.0 310.0 334.2 340.8 97.0 108.7 135.6
Bulgaria 11.4 9.1 9.4 9.9 11.8 11.5 11.3 11.7 10.1 10.0 10.7
Canada 1,318.7 1,331.2 1,335.4 1,380.3 1,409.8 1,492.7 1,511.3 1,462.2 984.1 1,178.9 1,164.8
China 2,501.8 2,586.9 2,664.5 2,555.3 2,287.0 2,439.6 2,201.4 2,020.2 788.9 813.7 830.0
Colombia 102.1 117.3 134.7 148.3 147.3 149.4 151.5 152.7 116.7 130.6 148.3
Croatia 26.6 20.4 21.5 21.2 20.9 20.7 21.0 21.7 20.7 24.1 26.0
Czech Republic 49.3 45.4 42.9 41.1 40.3 38.8 38.0 38.3 34.6 36.3 36.5
Denmark 43.6 47.4 50.5 54.2 61.1 63.9 68.5 66.4 65.0 67.4 69.2
Ecuador 21.2 20.5 29.8 52.2 41.6 39.9 35.6 32.4 23.0 21.6 21.0
Estonia 9.0 9.2 10.5 10.8 11.4 12.7 13.9 13.7 11.1 11.3 11.8
Finland 67.8 64.0 70.2 73.1 75.6 78.9 83.3 87.5 70.0 73.3 75.5
France 900.5 896.9 886.5 882.1 875.4 857.5 859.6 874.3 762.8 815.5 805.4
Germany 881.2 913.6 906.7 916.4 953.6 959.8 1,021.5 1,033.4 952.6 959.4 997.1
Greece 68.3 71.0 91.8 91.8 104.1 105.3 106.5 109.0 66.0 77.2 80.8
Hong Kong 43.8 46.2 49.0 50.3 50.3 50.3 50.3 41.2 36.3 38.0 39.2
Hungary 24.1 31.2 33.0 32.0 33.8 35.2 38.6 39.9 35.7 42.8 47.3
India 209.9 239.8 266.6 294.5 326.9 353.0 371.6 387.4 197.0 216.9 229.9
Indonesia 39.9 44.5 47.6 48.3 49.7 48.7 49.0 49.2 46.8 53.7 57.0
Ireland 162.2 159.9 157.7 161.3 164.6 159.4 145.8 139.7 127.4 130.1 132.5
Israel 70.0 75.6 77.7 80.8 83.9 80.2 101.1 106.1 76.4 80.2 86.8
Italy 542.7 470.4 460.2 500.6 516.7 549.2 583.2 599.8 449.8 473.5 513.2
Japan 912.6 910.8 932.5 919.9 943.4 948.1 940.4 928.7 787.6 795.8 796.2
Keny a 178.8 180.1 150.1 170.6 171.8 168.0 168.6 180.4 156.6 174.4 212.6
Latv ia 9.1 9.9 12.4 12.4 12.5 12.6 13.9 13.9 10.8 11.3 11.7
Lithuania 9.6 9.6 10.3 10.4 10.9 12.0 12.9 13.8 12.4 12.7 12.9
Malay sia 85.4 94.2 96.4 96.7 106.6 101.9 88.9 84.3 43.9 56.1 54.6
Mex ico 297.2 309.1 306.0 321.3 331.0 341.2 321.3 300.7 241.1 270.3 310.0
MENA 140.8 179.2 225.3 195.7 123.9 110.4 111.6 95.8 23.8 53.9 59.1
Montenegro 0.1 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Netherlands 231.7 241.3 246.7 238.3 239.0 238.0 240.1 251.7 206.7 227.2 231.1
New Zealand 141.8 172.2 183.2 220.3 199.6 202.3 195.9 205.4 167.8 200.7 194.7
Nigeria 73.6 70.8 54.2 40.8 46.5 35.9 40.2 45.1 44.7 52.5 60.0
Norw ay 82.5 82.5 87.9 89.5 86.2 82.9 74.5 66.6 61.5 65.3 65.2
Pakistan 5.6 4.3 5.2 6.6 6.7 10.2 9.3 7.9 5.2 4.4 4.0
Peru 63.6 72.4 82.3 89.7 96.7 103.8 118.1 110.4 66.5 102.5 106.0
Philippines 87.7 99.2 94.4 107.4 83.0 74.6 72.4 76.4 64.6 71.1 85.3
Poland 154.2 146.6 151.2 165.2 179.8 187.9 194.0 189.2 173.7 184.8 190.6
Portugal 51.4 45.0 49.7 49.7 53.0 56.0 57.3 62.3 44.7 39.8 40.2
Romania 23.6 24.4 24.9 26.2 26.9 30.9 34.4 34.9 30.2 36.4 40.6
Russia 198.6 224.5 229.9 193.2 223.2 232.0 236.2 227.2 162.2 174.8 181.8
Serbia 9.0 7.5 7.1 7.0 7.0 7.0 8.3 10.4 7.6 8.0 8.8
Singapore 127.2 137.4 141.6 148.9 163.6 140.5 156.6 158.3 133.3 144.3 140.2
Slov ak Republic 21.9 20.2 19.6 17.2 18.3 19.6 19.6 20.2 16.1 18.0 19.9
Slov enia 13.5 12.2 11.0 12.2 13.5 14.7 15.9 16.2 14.6 14.9 14.5
South Africa 224.6 249.0 270.4 292.1 287.7 295.4 300.7 285.5 231.8 258.9 270.8
South Korea 235.8 224.5 201.9 206.1 192.5 203.0 166.3 159.5 143.8 135.4 130.3
Spain 555.3 494.8 515.7 558.8 568.1 583.8 609.9 626.2 491.0 533.4 580.4
Sri Lanka 17.3 19.4 22.2 24.4 28.1 29.8 33.1 29.7 20.6 21.3 22.8
Sw eden 81.3 73.8 85.5 92.5 105.5 121.7 134.5 128.7 118.0 138.8 129.5
Sw itzerland 164.2 175.3 167.5 161.3 166.6 154.9 162.4 149.0 119.3 122.2 124.9
Taiw an 128.6 112.9 113.0 98.8 75.3 62.9 67.8 67.1 54.1 55.9 50.4
Thailand 142.3 143.8 133.6 136.1 129.0 111.8 122.8 121.1 105.8 115.3 113.1
Turkey 23.5 25.1 27.0 29.9 33.6 36.4 41.7 45.3 42.4 46.2 48.3
Ukraine 11.4 12.4 10.6 11.2 14.7 17.7 21.3 26.4 26.4 30.4 34.2
United Kingdom 671.6 645.2 690.0 727.9 783.9 829.0 828.2 810.2 701.5 784.1 808.9
United States 16,578.0 16,675.5 16,565.6 16,478.7 17,027.4 16,814.0 16,543.5 16,699.2 12,485.0 15,284.2 16,113.5
Uruguay 32.0 32.0 33.0 34.0 33.0 33.0 33.0 32.9 26.7 24.3 20.6
Vietnam 11.7 14.5 15.8 16.4 19.3 22.1 19.1 26.1 23.4 24.1 25.1
TOTAL 31,238.5 31,607.1 31,859.4 32,023.2 32,512.6 32,793.4 32,569.4 32,439.8 23,965.8 27,870.4 29,180.9
• Gro wth 2.3% 1.2% 0.8% 0.5% 1.5% 0.9% -0.7% -0.4% -26.1% 16.3% 4.7%
• M edian Gro wth 1.0% 2.3% 3.1% 3.2% 3.1% 2.9% 1.8% 0.9% -18.1% 8.0% 3.7%
• Gro wth 1.8% 1.6% 0.2% 1.1% 0.8% 1.5% -1.6% 0.2% -27.1% 17.6% 4.2%
25
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Table 24: Historical U.S. Radio Advertising Revenues, 1960-2017

$ in millions
Spot Network Digital Total
Year $ Million Change Share $ Million Change Share $ Million Change Share $ Million Change
1960 $610 N/A 93.1% $45 N/A 6.9% $655 N/A
1961 604 -1.0% 92.6% 48 6.7% 7.4% 652 -0.5%
1962 652 7.9% 93.5% 45 -6.3% 6.5% 697 6.9%
1963 696 6.7% 93.0% 52 15.6% 7.0% 748 7.3%
1964 748 7.5% 93.3% 54 3.8% 6.7% 802 7.2%
1965 814 8.8% 93.8% 54 0.0% 6.2% 868 8.2%
1966 901 10.7% 94.1% 57 5.6% 5.9% 958 10.4%
1967 939 4.2% 94.2% 58 1.8% 5.8% 997 4.1%
1968 1,075 14.5% 95.1% 55 -5.2% 4.9% 1,130 13.3%
1969 1,150 7.0% 95.8% 51 -7.3% 4.2% 1,201 6.3%
1970 1,208 5.0% 96.1% 49 -3.9% 3.9% 1,257 4.7%
1971 1,333 10.3% 96.0% 55 12.2% 4.0% 1,388 10.4%
1972 1,482 11.2% 95.8% 65 18.2% 4.2% 1,547 11.5%
1973 1,587 7.1% 96.4% 59 -9.2% 3.6% 1,646 6.4%
1974 1,696 6.9% 96.6% 60 1.7% 3.4% 1,756 6.7%
1975 1,819 7.3% 96.1% 73 21.7% 3.9% 1,892 7.7%
1976 2,134 17.3% 95.9% 92 26.0% 4.1% 2,226 17.7%
1977 2,394 12.2% 95.3% 118 28.3% 4.7% 2,512 12.8%
1978 2,769 15.7% 95.6% 126 6.8% 4.4% 2,895 15.2%
1979 3,034 9.6% 95.6% 139 10.3% 4.4% 3,173 9.6%
1980 3,389 11.7% 95.5% 158 13.7% 4.5% 3,547 11.8%
1981 3,861 13.9% 95.2% 196 24.1% 4.8% 4,057 14.4%
1982 4,274 10.7% 95.1% 218 11.2% 4.9% 4,492 10.7%
1983 4,762 11.4% 94.9% 254 16.5% 5.1% 5,016 11.7%
1984 5,596 17.5% 95.1% 288 13.4% 4.9% 5,884 17.3%
1985 6,234 11.4% 95.0% 329 14.2% 5.0% 6,563 11.5%
1986 6,646 6.6% 94.6% 380 15.5% 5.4% 7,026 7.1%
1987 6,920 4.1% 94.9% 371 -2.4% 5.1% 7,291 3.8%
1988 7,511 8.5% 95.2% 382 3.0% 4.8% 7,893 8.3%
1989 7,993 6.4% 94.9% 427 11.8% 5.1% 8,420 6.7%
1990 8,406 5.2% 95.1% 433 1.4% 4.9% 8,839 5.0%
1991 8,151 -3.0% 94.9% 440 1.6% 5.1% 8,591 -2.8%
1992 8,230 1.0% 95.1% 424 -3.6% 4.9% 8,654 0.7%
1993 8,999 9.3% 95.2% 458 8.0% 4.8% 9,457 9.3%
1994 10,066 11.9% 95.6% 463 1.1% 4.4% 10,529 11.3%
1995 11,044 9.7% 96.3% 426 -8.0% 3.7% 11,470 8.9%
1996 11,947 8.2% 96.3% 465 9.2% 3.7% 12,412 8.2%
1997 13,148 10.1% 95.3% 646 38.9% 4.7% 13,794 11.1%
1998 14,691 11.7% 95.2% 739 14.4% 4.8% 15,430 11.9%
1999 16,803 14.4% 95.0% 878 18.8% 5.0% 17,681 14.6%
2000 18,819 12.0% 94.8% 1,029 17.2% 5.2% 19,848 12.3%
2001 17,450 -7.3% 95.0% 919 -10.7% 5.0% 18,369 -7.5%
2002 18,409 5.5% 94.8% 1,000 8.8% 5.2% 19,409 5.7%
2003 18,570 0.9% 94.7% 1,032 3.2% 5.3% 19,602 1.0%
2004 18,932 1.9% 94.6% 1,081 4.7% 5.4% 20,013 2.1%
2005 19,018 0.5% 94.4% 1,135 5.0% 5.6% 20,153 0.7%
2006 19,031 0.1% 94.5% 1,112 -2.0% 5.5% 20,143 0.0%
2007 18,476 -2.9% 94.1% 1,153 3.7% 5.9% 19,629 -2.6%
2008 16,537 -10.5% 93.5% 1,150 -0.3% 6.5% 17,687 -9.9%
2009 13,203 -20.2% 89.6% 1,048 -8.9% 7.1% 480 3.3% 14,731 -16.7%
2010 14,181 7.4% 89.2% 1,102 5.2% 6.9% 615 28.1% 3.9% 15,898 7.9%
2011 14,060 -0.9% 88.4% 1,136 3.1% 7.1% 709 15.3% 4.5% 15,905 0.0%
2012 14,205 1.0% 88.0% 1,163 2.4% 7.2% 767 8.2% 4.8% 16,135 1.4%
2013 14,054 -1.1% 87.5% 1,122 -3.5% 7.0% 889 15.9% 5.5% 16,065 -0.4%
2014 13,633 -3.0% 87.0% 1,072 -4.5% 6.8% 973 9.4% 6.2% 15,678 -2.4%
2015 13,231 -2.9% 86.3% 1,086 1.3% 7.1% 1,019 4.7% 6.6% 15,336 -2.2%
2016 12,826 -3.1% 84.4% 1,196 10.1% 7.9% 1,177 15.5% 7.7% 15,199 -0.9%
2017 12,479 -2.7% 83.8% 1,221 2.1% 8.2% 1,182 0.5% 7.9% 14,882 -2.1%
Note: Digital breakout began in 2009. Radio Network data not available for 2012.
Source: FCC (1960-1980); Radio Advertising Bureau (1981-2015); Magna (2016-2017); J.P. Morgan.
26
(1-212) 622-1896 19 July 2021
Table 25: US Monthly Digital Audio Listeners and Penetration

in millions
2021E 2022E 2023E 2024E 2025E
Monthly listeners 218.6 221.5 224.7 227.7 230.8
% change 1.5% 1.3% 1.4% 1.3% 1.3%
% of internet users 74.2% 74.4% 74.7% 74.8% 75.0%
% of population 65.3% 65.7% 66.2% 66.6% 67.1%
Note: internet users of any age who have listened to digital broadcasts of terrestrial radio stations, digital-only radio stations or audio podcasts via any device at least once per month
Source: eMarketer, February 2021.
Table 26: US Monthly Podcast Listeners and Penetration

in millions
2021E 2022E 2023E 2024E 2025E
Podcast listeners 117.8 126.2 133.2 138.6 144.6
% change 10.1% 7.2% 5.5% 4.0% 4.3%
% of internet users 40.0% 42.4% 44.3% 45.5% 47.0%
% of population 35.2% 37.4% 39.2% 40.5% 42.0%
Note: internet users of any age who listen to a podcast via direct download or live stream on any device at least once per month
Table 27: US Average Time Spent per Day with Digital Audio, by Device
in minutes
2019 2020 2021E 2022E 2023E
Desktop/Laptop 15.7 20.0 19.6 19.8 19.9
Mobile 66.8 69.7 76.0 79.3 81.6
Total 82.4 89.7 95.6 99.1 101.5
27
(1-212) 622-1896 19 July 2021
Print Advertising Expenditures
28
(1-212) 622-1896 19 July 2021
Table 28: Historical Newspaper Advertising Revenues, 1950-2017

$ in millions
PRINT AND ONLINE
NATIONAL RETAIL CLASSIFIED PRINT TOTAL ONLINE TOTAL TOTAL
$ % Share $ % Share $ % Share $ % $ % Share $ %
1950 $518 11.9% 25.0% $1,175 6.3% 56.8% $377 9.9% 18.2% 2,070 8.3% — — — $2,070 8.3%
1951 529 2.1% 23.5% 1,259 7.1% 55.9% 463 22.8% 20.6% 2,251 8.7% — — — 2,251 8.7%
1952 537 1.5% 21.8% 1,411 12.1% 57.3% 516 11.4% 20.9% 2,464 9.5% — — — 2,464 9.5%
1953 606 12.8% 23.0% 1,455 3.1% 55.3% 571 10.7% 21.7% 2,632 6.8% — — — 2,632 6.8%
1954 607 0.2% 22.6% 1,539 5.8% 57.3% 539 -5.6% 20.1% 2,685 2.0% — — — 2,685 2.0%
1955 712 17.3% 23.1% 1,755 14.0% 57.0% 610 13.2% 19.8% 3,077 14.6% — — — 3,077 14.6%
1956 768 5.9% 23.7% 1,808 3.0% 55.9% 661 8.4% 20.4% 3,237 4.7% — — — 3,237 4.7%
1957 738 0.8% 22.8% 1,835 1.5% 56.7% 665 0.6% 20.5% 3,238 1.4% — — — 3,238 1.4%
1958 724 -4.7% 22.8% 1,802 -1.8% 56.7% 650 -2.3% 20.5% 3,176 -2.8% — — — 3,176 -2.8%
1959 774 6.9% 22.0% 2,014 11.8% 57.1% 738 13.5% 20.9% 3,526 11.0% — — — 3,526 11.0%
1960 778 0.5% 21.1% 2,100 4.3% 57.0% 803 8.8% 21.8% 3,681 4.4% — — — 3,681 4.4%
1961 744 -4.4% 20.7% 2,053 -2.2% 57.0% 804 0.1% 22.3% 3,601 -2.2% — — — 3,601 -2.2%
1962 722 -3.0% 19.7% 2,103 2.4% 57.5% 834 3.7% 22.8% 3,659 1.6% — — — 3,659 1.6%
1963 702 -2.8% 18.6% 2,211 5.1% 58.5% 867 4.7% 22.9% 3,780 3.3% — — — 3,780 3.3%
1964 773 10.1% 18.8% 2,344 6.0% 56.9% 1,003 15.7% 24.3% 4,120 9.0% — — — 4,120 9.0%
1965 783 1.3% 17.7% 2,429 3.6% 54.9% 1,214 21.0% 27.4% 4,426 7.4% — — — 4,426 7.4%
1966 887 13.3% 18.2% 2,645 8.9% 54.4% 1,333 9.8% 27.4% 4,865 9.9% — — — 4,865 9.9%
1967 846 -4.6% 17.2% 2,760 4.3% 56.2% 1,304 -2.2% 26.6% 4,910 0.9% — — — 4,910 0.9%
1968 889 5.1% 17.0% 2,919 5.8% 55.8% 1,424 9.2% 27.2% 5,232 6.6% — — — 5,232 6.6%
1969 943 6.1% 16.5% 3,166 8.5% 55.4% 1,605 12.7% 28.1% 5,714 9.2% — — — 5,714 9.2%
1970 891 -5.5% 15.6% 3,292 4.0% 57.7% 1,521 -5.2% 26.7% 5,704 -0.2% — — — 5,704 -0.2%
1971 972 9.1% 15.8% 3,565 8.3% 57.8% 1,630 7.2% 26.4% 6,167 8.1% — — — 6,167 8.1%
1972 1,062 9.3% 15.3% 3,964 11.2% 57.1% 1,913 17.4% 27.6% 6,939 12.5% — — — 6,939 12.5%
1973 1,049 -1.2% 14.0% 4,245 7.1% 56.7% 2,187 14.3% 29.2% 7,481 7.8% — — — 7,481 7.8%
1974 1,105 5.3% 14.1% 4,563 7.5% 58.2% 2,174 -0.6% 27.7% 7,842 4.8% — — — 7,842 4.8%
1975 1,109 0.4% 13.5% 4,966 8.8% 60.3% 2,159 -0.7% 26.2% 8,234 5.0% — — — 8,234 5.0%
1976 1,342 21.0% 14.0% 5,668 14.1% 58.9% 2,608 20.8% 27.1% 9,618 16.8% — — — 9,618 16.8%
1977 1,472 9.7% 13.7% 6,241 10.1% 58.1% 3,038 16.5% 28.3% 10,751 11.8% — — — 10,751 11.8%
1978 1,541 4.7% 12.6% 7,023 12.5% 57.5% 3,649 20.1% 29.9% 12,213 13.6% — — — 12,213 13.6%
1979 1,770 14.9% 12.8% 7,845 11.7% 56.6% 4,248 16.4% 30.6% 13,863 13.5% — — — 13,863 13.5%
1980 1,963 10.9% 13.3% 8,609 9.7% 58.2% 4,222 -0.6% 28.5% 14,794 6.7% — — — 14,794 6.7%
1981 2,258 15.0% 13.7% 9,686 12.5% 58.6% 4,583 8.6% 27.7% 16,527 11.7% — — — 16,527 11.7%
1982 2,452 8.6% 13.9% 10,390 7.3% 58.7% 4,852 5.9% 27.4% 17,694 7.1% — — — 17,694 7.1%
1983 2,734 11.5% 13.3% 11,841 14.0% 57.5% 6,006 23.8% 29.2% 20,581 16.3% — — — 20,581 16.3%
1984 3,081 12.7% 13.1% 12,784 8.0% 54.3% 7,657 27.5% 32.6% 23,522 14.3% — — — 23,522 14.3%
1985 3,352 8.8% 13.3% 13,443 5.2% 53.4% 8,375 9.4% 33.3% 25,170 7.0% — — — 25,170 7.0%
1986 3,376 0.7% 12.5% 14,311 6.5% 53.0% 9,303 11.1% 34.5% 26,990 7.2% — — — 26,990 7.2%
1987 3,494 3.5% 11.9% 15,227 6.4% 51.8% 10,691 14.9% 36.3% 29,412 9.0% — — — 29,412 9.0%
1988 3,821 2.6% 12.2% 15,790 4.0% 50.6% 11,586 10.1% 37.1% 31,197 6.1% — — — 31,197 6.1%
1989 3,948 3.3% 12.2% 16,504 4.5% 51.0% 11,916 2.9% 36.8% 32,368 3.8% — — — 32,368 3.8%
1990 4,122 4.4% 12.8% 16,652 0.9% 51.6% 11,506 -3.5% 35.6% 32,280 -0.3% — — — 32,280 -0.3%
1991 3,924 -4.8% 12.9% 15,839 -4.9% 52.2% 10,587 -8.0% 34.9% 30,350 -6.0% — — — 30,350 -6.0%
1992 3,834 -2.3% 12.5% 16,041 1.3% 52.4% 10,764 1.7% 35.1% 30,639 1.0% — — — 30,639 1.0%
1993 3,853 0.5% 12.1% 16,859 5.1% 52.9% 11,157 3.7% 35.0% 31,869 4.0% — — — 31,869 4.0%
1994 4,149 7.7% 12.2% 17,496 3.8% 51.3% 12,464 11.7% 36.5% 34,109 7.0% — — — 34,109 7.0%
1995 4,251 2.5% 11.8% 18,099 3.4% 50.1% 13,742 10.3% 38.1% 36,092 5.8% — — — 36,092 5.8%
1996 4,667 9.8% 12.3% 18,344 1.4% 48.2% 15,065 9.6% 39.6% 38,076 5.5% — — — 38,076 5.5%
1997 5,315 13.9% 12.9% 19,242 4.9% 46.6% 16,773 11.3% 40.6% 41,330 8.5% — — — 41,330 8.5%
1998 5,721 7.7% 13.0% 20,331 5.7% 46.3% 17,873 6.6% 40.7% 43,925 6.3% — — — 43,925 6.3%
1999 6,732 17.7% 14.5% 20,907 2.8% 45.2% 18,650 4.3% 40.3% 46,289 5.4% — — — 46,289 5.4%
2000 7,653 13.7% 15.7% 21,409 2.4% 44.0% 19,608 5.1% 40.3% 48,670 5.1% — — — 48,670 5.1%
2001 7,004 -8.5% 15.8% 20,679 -3.4% 46.7% 16,622 -15.2% 37.5% 44,305 -9.0% — — — 44,305 -9.0%
2002 7,210 2.9% 16.3% 20,994 1.5% 47.6% 15,898 -4.3% 36.0% 44,102 -0.5% — — — 44,102 -0.5%
2003 7,797 8.1% 16.9% 21,341 1.7% 46.2% 15,801 -0.6% 34.2% 44,939 1.9% 1,216 — 2.6% 46,155 —
2004 8,083 3.7% 16.8% 22,012 3.1% 45.6% 16,608 5.1% 34.4% 46,703 3.9% 1,541 26.7% 3.2% 48,244 4.5%
2005 7,910 -2.2% 16.0% 22,187 0.8% 44.9% 17,312 4.2% 35.0% 47,409 1.5% 2,027 31.5% 4.1% 49,436 2.5%
2006 7,505 -5.1% 15.2% 22,121 -0.3% 44.9% 16,986 -1.9% 34.5% 46,611 -1.7% 2,664 31.5% 5.4% 49,275 -0.3%
2007 7,005 -6.7% 15.4% 21,018 -5.0% 46.3% 14,186 -16.5% 31.3% 42,209 -9.4% 3,166 18.8% 7.0% 45,375 -7.9%
2008 5,996 -14.4% 15.8% 18,769 -10.7% 49.6% 9,975 -29.7% 26.4% 34,740 -17.7% 3,109 -1.8% 8.2% 37,848 -16.6%
2009 4,424 -26.2% 16.0% 14,218 -24.2% 51.6% 6,179 -38.1% 22.4% 24,821 -28.6% 2,743 -11.8% 10.0% 27,564 -27.2%
2010 4,221 -4.6% 16.3% 12,926 -9.1% 50.0% 5,648 -8.6% 21.9% 22,795 -8.2% 3,042 10.9% 11.8% 25,837 -6.3%
2011 3,777 -10.5% 15.8% 11,887 -8.0% 49.7% 5,028 -11.0% 21.0% 20,692 -9.2% 3,249 6.8% 13.6% 23,941 -7.3%
2012 3,335 -11.7% 14.9% 10,984 -7.6% 49.2% 4,626 -8.0% 20.7% 18,944 -8.4% 3,370 3.7% 15.1% 22,314 -6.8%
2013 3,000 -10.0% 14.4% 10,275 -6.5% 49.2% 4,188 -9.5% 20.1% 17,462 -7.8% 3,420 1.5% 16.4% 20,882 -6.4%
2014 2,630 -12.3% 13.8% 9,090 -11.5% 47.7% 3,681 -12.1% 19.3% 15,401 -11.8% 3,662 7.1% 19.2% 19,063 -8.7%
2015 2,278 -13.4% 13.1% 8,108 -10.8% 46.6% 3,064 -16.8% 17.6% 13,450 -12.7% 3,945 7.7% 22.7% 17,394 -8.8%
2016 2,133 -6.3% 13.3% 7,258 -10.5% 45.1% 2,445 -20.2% 15.2% 11,836 -12.0% 4,244 7.6% 26.4% 16,080 -7.6%
2017 1,848 -13.4% 12.6% 6,010 -17.2% 41.0% 2,146 -12.2% 14.6% 10,005 -15.5% 4,668 10.0% 31.8% 14,673 -8.8%
Note: 2013 latest available from NAA. The NAA began disclosing online advertising expenditures in 2003. Magna estimates (2014-2017).
Source: Newspaper Association of America. MAGNA.
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Table 29: Historical Newspaper Classified Advertising Expenditures, 1975-2012

$ in millions
Real Estate Automotive Employment Other Total
Year $Millions Change $Millions Change $Millions Change $Millions Change $Millions Change
1975 $723.3 NA $572.1 NA $347.6 NA $516.0 NA $2,159.0 NA
1976 853.0 17.9% 719.9 25.8% 448.7 29.1% 586.9 13.7% 2,608.5 20.8%
1977 972.3 14.0% 814.3 13.0% 589.4 31.4% 662.4 12.9% 3,038.3 16.5%
1978 1,047.4 7.7% 963.5 18.3% 894.1 51.7% 744.5 12.4% 3,649.5 20.1%
1979 1,219.1 16.4% 1,074.6 11.5% 1,117.1 24.9% 836.8 12.4% 4,247.6 16.4%
1980 1,140.0 -6.5% 937.3 -12.8% 1,178.0 5.4% 966.9 15.5% 4,222.2 -0.6%
1981 1,177.9 3.3% 1,109.1 18.3% 1,214.5 3.1% 1,081.6 11.9% 4,583.2 8.5%
1982 1,208.2 2.6% 1,552.7 40.0% 936.4 -22.9% 1,154.8 6.8% 4,852.0 5.9%
1983 1,505.8 24.6% 2,004.3 29.1% 1,174.3 25.4% 1,322.0 14.5% 6,006.4 23.8%
1984 1,730.5 14.9% 2,634.1 31.4% 1,837.7 56.5% 1,454.9 10.0% 7,657.2 27.5%
1985 1,851.0 7.0% 2,956.6 12.2% 2,018.5 9.8% 1,549.5 6.5% 8,375.6 9.4%
1986 2,046.7 10.6% 3,375.6 14.2% 2,171.6 7.6% 1,708.6 10.3% 9,302.5 11.1%
1987 2,234.4 9.2% 3,848.8 14.0% 2,736.9 26.0% 1,870.9 9.5% 10,691.0 14.9%
1988 2,251.2 0.7% 4,305.4 11.9% 3,018.2 10.3% 2,011.3 7.5% 11,586.0 8.4%
1989 2,299.1 2.1% 4,502.1 4.6% 3,023.5 0.2% 2,091.5 4.0% 11,916.1 2.8%
1990 2,132.8 -7.2% 4,609.7 2.4% 2,618.5 -13.4% 2,145.5 2.6% 11,506.4 -3.4%
1991 1,887.4 -11.5% 4,574.3 -0.8% 1,934.5 -2612.0% 2,190.8 2.1% 10,587.0 -8.0%
1992 data unavailable - - - - - - - - -
1993 data unavailable - - - - - - - - -
1994 2,293.4 NA 4,449.7 NA 3,726.7 NA 1,994.2 NA 12,464.0 NA
1995 2,557.1 11.5% 3,929.3 -11.7% 5,020.8 34.7% 2,234.3 12.0% 13,741.6 10.3%
1996 2,809.2 9.9% 4,036.0 2.7% 5,775.1 15.0% 2,444.3 9.4% 15,064.6 9.6%
1997 2,932.5 4.4% 4,314.6 6.9% 6,997.0 21.2% 2,528.8 3.5% 16,772.9 11.3%
1998 3,094.3 5.5% 4,505.3 4.4% 7,702.1 10.1% 2,571.8 1.7% 17,873.5 6.6%
1999 3,116.3 0.7% 4,911.6 9.0% 8,026.0 4.2% 2,595.7 0.9% 18,649.5 4.3%
2000 3,116.8 1.6% 5,026.3 2.3% 8,712.6 8.6% 2,702.9 4.1% 19,608.7 5.1%
2001 3,511.8 10.9% 4,889.5 -2.7% 5,704.7 -4.5% 2,515.2 -6.9% 16,621.2 -15.2%
2002 3,668.4 4.5% 5,156.0 5.5% 4,387.8 -23.1% 2,686.3 6.8% 15,898.2 -4.3%
2003 3,953.7 7.8% 5,192.4 0.7% 3,977.4 -9.3% 2,677.8 -0.3% 15,801.3 -0.6%
2004 4,221.5 6.8% 5,023.8 -3.2% 4,576.3 15.1% 2,795.1 4.4% 16,607.8 5.1%
2005 4,639.4 9.90% 4,589.0 -8.49% 5,126.5 12.02% 2,956.0 5.78% 17,311.6 4.24%
2006 5,155.2 11.1% 3,999.5 -12.8% 4,741.1 -7.5% 3,089.3 4.5% 16,985.5 -1.9%
2007 3,990.9 -22.6% 3,266.0 -18.3% 3,804.6 -19.8% 3,124.3 1.1% 14,185.7 -16.5%
2008 2,481.4 -37.8% 2,316.5 -29.1% 2,186.4 -42.5% 2,990.8 -4.3% 9,975.0 -29.7%
2009 1,374.2 -44.6% 1,354.3 -41.5% 786.8 -64.0% 2,663.7 -10.9% 6,179.0 -38.1%
2010 1,103.2 -19.7% 1,238.8 -8.5% 755.7 -4.0% 2,550.3 -4.3% 5,648.1 -8.6%
2011 884.8 -19.8% 1,103.0 -11.0% 743.4 -1.6% 2,294.1 -10.0% 5,025.2 -11.0%
2012* 542.2 -17.3% 758.0 -5.6% 516.3 -3.8% 1,500.8 -6.0% 3,317.2 -7.7%
Note: Due to changes in methodology and measurement, no data are available for 1992 and 1993, and 1991-1994 are not comparable years. *Through Q3,12, latest available data.
Source: NAA; J.P. Morgan.
30
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Table 30: Newspaper Advertising Expenditure by Country, 2012-2022E

$ in millions
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E
Argentina 27.7 35.9 52.9 66.5 70.1 71.2 79.1 105.6 83.9 132.6 160.4
Australia 3,069.4 2,748.1 1,815.3 1,794.8 1,612.2 1,565.1 1,473.0 1,340.4 1,024.6 981.5 889.7
Austria 1,284.8 1,319.4 1,303.0 1,364.4 1,443.5 1,532.3 1,563.9 1,589.4 1,469.9 1,308.5 1,331.9
Bangladesh 89.2 98.1 103.7 119.3 88.8 93.6 106.2 107.3 55.0 61.3 64.6
Belgium 587.3 596.9 581.5 510.5 531.3 466.3 447.0 418.6 327.9 355.7 372.8
Brazil 742.7 727.5 670.9 660.1 597.6 617.1 468.8 422.0 47.9 21.9 14.7
Bulgaria 15.9 13.9 14.3 14.5 9.0 8.8 7.4 7.4 5.9 4.6 5.4
Canada 3,492.1 2,883.5 2,536.8 2,242.1 1,955.3 1,623.3 1,519.9 1,337.9 802.7 802.7 724.9
China 5,932.4 5,635.8 4,542.5 3,107.1 1,690.2 1,202.8 980.4 878.7 646.2 648.2 648.9
Colombia 224.1 240.2 253.5 246.5 225.1 228.4 176.8 124.5 73.9 80.7 82.7
Croatia 46.9 41.8 33.5 29.0 25.0 21.7 19.6 20.4 17.6 17.4 15.1
Czech Republic 85.3 80.9 73.6 72.8 69.7 68.5 67.1 64.4 54.4 53.5 59.5
Denmark 729.8 680.0 632.4 583.6 523.7 467.8 408.8 373.5 288.3 278.5 269.4
Ecuador 112.6 105.4 106.7 84.4 67.5 66.0 72.4 54.9 26.1 24.6 21.7
Estonia 23.7 22.7 21.9 21.9 20.6 20.5 20.4 19.9 12.5 11.3 11.0
Finland 767.0 658.2 618.2 589.9 577.5 536.2 499.9 477.9 375.9 342.1 317.4
France 1,984.4 1,847.3 1,715.5 1,564.1 1,489.2 1,434.5 1,465.7 1,400.8 1,081.2 1,173.1 1,114.7
Germany 6,327.5 5,758.0 5,550.7 5,201.0 4,960.2 4,662.6 4,350.2 4,010.9 3,200.7 2,800.6 2,604.6
Greece 275.0 271.8 249.8 146.9 208.2 195.9 116.3 115.1 86.1 92.3 99.7
Hong Kong 567.7 620.6 646.8 670.2 624.5 541.1 534.5 405.4 205.4 232.1 248.8
Hungary 64.6 63.2 60.0 53.5 52.6 58.2 60.2 59.7 41.7 29.9 36.2
India 1,939.9 2,033.0 2,193.2 2,310.4 2,421.0 2,469.9 2,508.6 2,479.7 1,406.4 1,663.7 1,781.5
Indonesia 306.5 333.0 351.9 341.4 339.6 332.8 299.6 269.6 80.9 83.2 85.5
Ireland 306.8 262.6 252.8 220.9 215.9 187.4 155.9 128.4 101.7 79.5 74.4
Israel 334.8 313.2 296.7 290.2 263.4 213.5 189.5 180.6 126.3 124.4 113.0
Italy 1,492.3 1,215.8 1,119.8 1,045.1 975.4 916.3 869.7 805.1 707.7 688.6 677.4
Japan 4,920.9 4,872.0 4,791.3 4,501.1 4,314.0 4,098.3 3,819.6 3,646.3 2,999.9 3,091.3 3,092.8
Keny a 64.0 64.8 81.7 46.7 63.4 74.0 81.7 68.8 12.5 22.6 33.7
Latv ia 9.4 8.4 7.8 7.5 5.6 4.9 5.0 4.3 2.3 2.4 2.5
Lithuania 19.9 17.7 14.5 12.4 11.1 10.4 10.5 9.9 7.5 7.3 7.2
Malay sia 494.6 521.3 461.7 413.3 357.4 278.3 238.0 190.4 117.6 94.8 81.3
Mex ico 291.5 302.4 154.7 137.1 137.0 125.3 90.7 86.2 46.7 56.7 66.4
MENA 1,176.4 1,145.2 1,124.8 675.5 765.2 478.1 349.7 301.1 84.0 118.0 126.0
Montenegro 2.0 1.1 1.1 1.0 1.1 1.1 0.8 0.8 0.8 0.7 0.7
Netherlands 942.1 800.2 712.8 641.3 580.1 534.9 514.5 478.6 436.4 477.4 496.2
New Zealand 331.1 304.8 245.1 204.1 177.1 170.6 132.1 118.3 146.1 119.3 95.5
Nigeria 13.3 22.3 28.8 26.0 25.6 32.2 36.0 64.6 71.9 80.9 91.4
Norw ay 893.7 889.2 816.9 720.1 605.6 573.3 569.7 546.4 415.7 409.9 374.8
Pakistan 35.2 45.8 43.7 43.7 45.8 49.0 46.0 41.4 37.6 37.6 35.8
Peru 107.8 114.5 119.7 115.3 111.8 114.1 118.7 122.8 51.0 63.8 54.5
Philippines 43.3 45.2 47.1 49.0 50.9 52.8 54.6 14.4 9.1 5.0 5.1
Poland 137.9 76.0 57.1 50.4 43.7 40.2 37.9 33.4 26.8 25.4 25.1
Portugal 74.0 60.9 62.6 58.1 47.7 43.5 38.9 35.8 27.8 26.3 27.3
Romania 10.0 9.3 9.1 9.1 9.1 8.1 7.1 6.3 5.3 5.6 6.2
Russia 140.3 130.7 122.0 116.6 173.0 161.0 143.7 114.3 65.8 58.5 47.5
Serbia 25.5 21.6 22.3 22.1 21.2 19.3 15.3 14.3 10.4 10.3 10.2
Singapore 625.4 642.8 616.5 591.4 652.3 483.6 410.6 365.0 239.3 267.9 243.1
Slov ak Republic 24.5 20.8 17.1 16.9 16.0 15.2 14.9 14.4 11.9 11.8 14.2
Slov enia 28.5 26.1 22.6 21.6 21.5 21.8 21.7 22.1 18.8 19.1 18.6
South Africa 163.2 164.4 162.1 153.4 130.2 113.1 104.4 94.9 67.7 72.5 72.4
South Korea 1,348.6 1,259.6 1,423.2 1,440.4 1,449.3 1,457.0 1,492.0 1,412.1 1,261.2 1,170.2 1,140.4
Spain 1,159.9 1,041.5 1,055.5 1,096.7 1,097.3 1,076.8 1,073.5 1,051.5 856.9 926.5 908.9
Sri Lanka 19.7 21.8 23.5 25.8 28.2 29.7 28.7 25.3 16.1 17.2 18.2
Sw eden 1,245.8 1,154.0 1,119.8 1,049.9 990.6 912.4 854.6 734.7 556.3 573.7 573.3
Sw itzerland 1,288.8 1,152.6 1,092.2 1,002.9 874.5 876.5 698.7 630.0 518.0 528.6 510.1
Taiw an 442.4 412.8 384.5 319.2 261.3 219.5 194.2 161.9 75.6 127.2 114.8
Thailand 412.4 423.1 374.3 351.7 286.3 225.8 182.2 145.0 88.8 96.1 100.4
Turkey 142.6 148.5 146.4 146.3 144.3 134.4 114.0 91.1 77.6 70.1 65.8
Ukraine 19.3 18.2 12.2 9.1 7.1 6.4 7.1 8.1 6.4 6.7 7.1
United Kingdom 3,537.9 3,297.0 3,160.6 2,889.6 2,547.1 2,325.0 2,175.4 2,066.7 1,475.6 1,692.4 1,536.1
United States 25,201.0 23,587.1 22,077.8 20,362.2 18,274.9 16,476.5 14,346.0 12,545.8 8,943.9 8,400.5 7,636.8
Uruguay 29.9 29.9 30.9 31.9 15.5 16.5 15.5 13.6 4.8 4.3 3.7
Vietnam 87.6 90.6 89.1 80.3 68.7 50.9 40.6 14.6 7.6 9.0 8.5
TOTAL 79,780.9 74,893.5 69,533.9 63,358.8 57,905.0 53,087.0 48,380.5 44,120.2 32,032.6 31,673.4 30,291.8
• Gro wth -6.0% -6.1% -7.2% -8.9% -8.6% -8.3% -8.9% -8.8% -27.4% -1.1% -4.4%
• M edian Gro wth -6.0% -6.0% -4.1% -5.7% -5.3% -5.9% -6.4% -7.9% -24.5% 0.1% -1.5%
• Gro wth -6.3% -5.9% -7.6% -8.5% -9.2% -7.7% -9.3% -8.4% -27.8% -0.6% -4.8%
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Figure 6: Composition of Newspaper Media Total Revenue Stream

2011 2013
Non- "New" Non- "New"
Daily/Niche/ Revenue Daily/Niche/ Revenue
Direct Mktg 7% Direct Mktg 8%
8% 8%
Digital Digital
Advertising Print
Print Advertising Newspaper
10% Newspaper 9% Advertising
Advertising 46%
49%
Circulation Circulation
26% 29%
Source: Newspaper Association of America.

Note: 2013 latest available.
32
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Table 31: Magazine Advertising Expenditures by Country, 2012-2022E

$ in millions
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E
Argentina 8.3 10.5 14.2 16.8 18.0 20.4 22.2 26.9 19.6 29.5 31.1
Australia 369.3 334.5 292.2 281.0 231.8 197.2 158.7 132.8 88.0 78.5 69.9
Austria 318.1 309.6 284.5 289.7 283.9 270.5 260.2 251.4 213.7 191.9 199.1
Bangladesh 1.3 1.4 1.4 1.4 1.5 1.5 1.5 1.4 0.6 0.3 0.4
Belgium 177.9 164.6 175.4 203.6 203.5 172.1 161.4 146.8 98.9 105.6 114.5
Brazil 440.7 431.7 401.2 381.8 363.2 383.3 302.5 323.7 52.3 24.2 9.5
Bulgaria 9.1 7.8 7.8 7.8 4.9 4.8 4.4 4.3 2.8 2.6 2.0
Canada 1,060.6 964.4 852.6 764.7 649.0 575.3 506.2 445.1 244.8 232.6 207.9
China 1,565.7 1,565.8 1,332.5 1,020.7 709.4 560.2 507.1 476.9 358.8 363.6 366.8
Colombia 67.4 71.9 71.6 70.9 65.2 64.5 35.2 31.7 12.2 15.7 16.3
Croatia 25.4 23.1 20.6 19.0 18.1 15.9 13.9 14.5 12.7 12.3 13.2
Czech Republic 104.7 102.3 97.1 96.5 95.9 94.9 93.7 91.6 78.6 78.5 81.8
Denmark 120.7 108.7 103.6 90.9 77.6 67.2 48.2 41.8 37.7 35.3 34.1
Ecuador 19.5 17.5 14.2 12.7 11.5 11.2 10.6 8.9 4.4 4.1 2.4
Estonia 5.8 6.3 6.8 7.0 6.4 5.4 5.2 5.3 4.2 4.3 4.7
Finland 177.0 148.6 128.2 112.0 103.9 101.5 101.7 95.7 79.6 78.7 72.7
France 1,841.7 1,656.4 1,546.6 1,489.9 1,414.3 1,301.7 1,181.6 1,105.7 830.2 906.4 838.6
Germany 2,719.4 2,697.8 2,617.7 2,468.3 2,398.5 2,337.2 2,276.0 2,144.0 1,822.4 1,640.2 1,558.2
Greece 404.2 330.6 342.8 159.2 146.9 156.7 109.0 110.2 77.5 83.1 89.7
Hong Kong 350.5 360.9 323.4 261.8 164.0 114.3 108.0 74.5 46.3 49.1 41.3
Hungary 67.2 63.2 62.4 60.3 61.7 77.2 79.9 85.9 88.6 69.7 59.1
India 112.5 113.6 109.3 95.6 82.9 66.8 57.7 51.9 28.7 30.5 29.0
Indonesia 55.5 57.1 57.8 50.4 48.0 47.0 42.3 33.8 6.8 5.4 4.3
Ireland 23.2 22.2 22.3 22.6 22.6 22.5 21.0 19.4 15.7 11.8 11.4
Israel 31.5 29.0 26.4 24.8 21.8 19.2 16.9 15.6 4.7 3.8 3.4
Italy 784.6 599.8 564.7 543.8 523.1 492.6 454.3 398.0 258.0 239.8 228.3
Japan 1,955.0 1,937.0 1,965.2 1,953.9 1,816.0 1,696.0 1,592.7 1,521.0 1,220.5 1,251.4 1,251.9
Keny a 15.5 16.7 20.4 20.0 27.2 13.1 8.1 11.3 3.1 3.8 4.2
Latv ia 9.1 9.9 10.3 11.0 8.0 7.2 7.3 5.8 4.4 4.2 4.8
Lithuania 12.4 12.8 13.1 13.3 13.6 11.8 10.3 10.4 7.6 8.2 8.5
Malay sia 46.8 41.4 39.6 41.5 32.7 24.0 18.0 11.7 6.8 6.3 5.4
Mex ico 99.0 110.5 121.5 124.4 127.0 114.7 81.7 71.3 31.4 37.6 45.4
MENA 202.5 233.2 205.8 279.9 207.1 170.7 99.1 68.4 22.0 29.5 30.0
Montenegro 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1
Netherlands 496.1 432.6 391.7 362.5 352.0 334.5 314.4 275.5 218.0 215.3 210.6
New Zealand 76.9 70.7 62.9 54.4 49.3 43.9 34.8 31.2 16.2 15.6 14.5
Nigeria 6.7 12.8 16.6 14.9 16.0 16.2 16.2 24.8 28.0 31.0 35.4
Norw ay 131.4 123.9 109.8 99.6 102.8 97.5 94.9 88.4 79.1 80.3 71.7
Pakistan 4.2 4.7 4.9 4.9 5.2 6.8 6.5 5.9 5.0 4.5 4.0
Peru 16.3 17.3 17.0 16.7 14.6 12.1 10.1 9.5 3.4 4.6 4.4
Philippines 4.8 5.0 5.2 5.4 5.7 5.9 6.1 1.0 0.9 1.0 1.1
Poland 183.4 141.5 117.7 105.0 92.3 85.1 81.0 70.0 59.6 57.7 57.2
Portugal 50.1 47.5 49.9 48.6 44.4 41.1 35.4 32.4 18.4 16.4 17.0
Romania 11.4 10.8 10.6 10.7 11.1 10.1 8.6 8.1 7.1 7.8 7.8
Russia 447.1 402.5 356.7 275.7 219.4 217.0 208.1 199.6 108.2 99.3 89.3
Serbia 11.3 10.4 10.5 10.5 10.6 9.6 7.6 7.1 5.1 4.7 4.8
Singapore 83.7 74.1 63.3 60.8 68.2 59.8 45.1 31.8 19.6 22.6 20.4
Slov ak Republic 39.2 36.7 30.6 31.0 30.1 29.3 27.9 27.2 20.2 22.9 24.6
Slov enia 13.7 10.3 8.2 7.5 7.5 7.5 7.5 7.6 6.1 6.2 6.3
South Africa 114.8 112.8 100.2 90.5 87.1 82.1 72.6 63.9 41.7 43.2 44.3
South Korea 461.9 423.1 380.7 368.0 351.1 354.1 348.7 364.3 336.2 325.6 315.0
Spain 418.4 347.6 352.9 357.8 359.0 350.3 340.1 305.9 200.0 227.2 223.4
Sri Lanka 0.6 0.7 0.7 0.8 0.8 0.9 0.9 0.9 0.4 0.5 0.5
Sw eden 307.1 281.8 275.3 262.2 243.1 232.2 221.1 201.1 168.1 168.7 172.9
Sw itzerland 702.5 651.1 622.1 600.8 536.1 524.9 428.2 362.9 319.9 319.2 318.6
Taiw an 199.0 201.1 187.6 163.4 125.1 94.4 81.9 70.3 49.4 54.8 48.1
Thailand 142.0 146.9 130.8 112.9 79.0 53.5 36.2 30.4 17.9 19.2 18.5
Turkey 13.6 13.7 14.0 13.7 13.4 12.0 11.4 11.0 8.2 6.8 5.9
Ukraine 77.2 74.4 49.7 39.8 35.9 44.8 54.5 62.5 49.5 52.1 56.0
United Kingdom 1,326.3 1,250.5 1,196.3 1,134.1 1,056.7 934.9 864.6 788.3 556.3 618.6 566.0
United States 20,313.9 20,085.5 18,734.7 17,451.6 16,156.0 15,095.8 14,334.4 13,597.6 11,454.3 10,941.0 9,846.9
Uruguay 12.2 13.3 14.3 15.3 14.3 12.2 12.0 11.0 5.0 5.2 3.6
Vietnam 46.7 45.9 43.1 40.1 34.3 26.6 21.5 11.6 8.4 10.0 10.0
TOTAL 40,025.4 38,706.7 36,231.4 33,749.5 30,958.1 28,808.1 26,766.0 25,113.6 19,869.7 19,297.2 17,903.8
• Growth -7.0% -3.3% -6.4% -6.9% -8.3% -6.9% -7.1% -6.2% -20.9% -2.9% -7.2%
• M edian Gro wth -5.4% -4.9% -4.4% -3.5% -5.0% -6.2% -6.4% -7.2% -27.4% 0.2% -2.7%
• Growth -7.1% -3.2% -6.6% -6.7% -8.6% -6.7% -7.4% -5.8% -21.4% -2.2% -7.8%
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Digital Advertising Expenditures
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Table 32: Internet Advertising Expenditure, 2012-2022E

$ in millions
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E
Argentina 4.8 13.1 16.8 36.1 72.5 118.8 142.3 203.4 348.1 411.6 536.5
Australia 2,592.1 2,893.1 3,527.0 4,382.4 5,388.8 5,603.2 6,250.2 6,565.9 6,728.0 8,313.1 8,979.4
Austria 646.0 708.9 780.7 855.2 936.9 1,028.3 1,137.1 1,255.1 1,252.4 1,538.9 1,618.5
Bangladesh 1.2 1.5 3.1 7.7 13.9 19.7 20.5 26.4 57.7 72.2 84.5
Belgium 376.3 390.7 433.7 476.0 530.7 571.7 608.5 707.5 799.2 960.2 1,130.2
Brazil 693.5 985.7 1,285.0 1,653.5 1,924.1 2,470.2 2,762.8 2,998.0 5,006.7 6,257.9 6,936.6
Bulgaria 8.5 8.5 9.3 9.6 26.1 32.0 37.9 41.8 44.2 63.2 68.6
Canada 2,165.6 2,450.6 2,735.8 3,281.6 4,004.5 4,918.9 5,523.5 6,422.0 6,691.7 8,190.7 8,821.3
China 8,681.1 13,539.7 20,854.9 30,770.6 39,404.4 52,241.2 71,166.8 95,577.2 110,649.1 137,110.0 149,061.8
Colombia 25.0 26.5 22.8 42.2 48.5 61.3 103.8 166.8 235.9 289.3 351.7
Croatia 22.9 22.4 23.4 43.8 58.5 68.6 80.5 88.3 82.0 93.0 104.4
Czech Republic 254.3 279.8 305.4 314.3 321.3 333.1 353.6 375.4 372.1 397.0 408.8
Denmark 736.2 815.2 908.6 1,036.9 1,106.2 1,204.4 1,301.3 1,357.8 1,397.4 1,466.1 1,498.1
Ecuador 7.9 12.1 16.4 21.5 30.1 34.7 38.3 52.0 46.8 42.6 44.3
Estonia 14.6 16.1 18.0 20.9 22.7 24.2 24.3 27.0 20.9 22.3 22.5
Finland 187.4 202.9 223.7 240.1 270.0 311.0 347.9 376.0 470.9 574.9 607.5
France 3,908.2 4,286.5 4,493.2 4,798.0 5,270.8 6,021.1 6,975.6 7,951.5 8,380.1 9,376.7 9,867.2
Germany 5,902.7 6,424.1 6,966.5 7,507.0 8,095.5 8,805.0 9,318.0 9,979.1 11,027.3 14,139.3 15,859.0
Greece 120.0 133.5 144.5 151.8 171.4 186.1 197.1 205.7 215.3 240.0 244.8
Hong Kong 213.6 285.2 365.9 484.4 608.2 766.7 894.6 828.8 720.2 866.6 960.3
Hungary 118.8 138.1 167.0 191.1 233.0 271.1 309.0 359.6 379.0 439.0 502.4
India 314.6 457.6 643.4 890.4 1,219.4 1,632.7 2,170.4 2,765.9 2,805.4 3,592.3 4,353.1
Indonesia 61.5 91.4 135.8 181.9 238.6 318.8 429.2 640.9 1,019.8 1,128.3 1,190.4
Ireland 184.4 219.4 272.8 334.6 406.5 454.2 580.9 701.0 750.9 837.7 891.7
Israel 94.2 102.9 124.6 172.7 202.4 274.2 330.7 345.1 404.4 414.9 458.1
Italy 1,492.7 1,752.4 1,955.9 2,175.6 2,437.2 2,702.5 3,002.5 3,291.7 3,519.6 3,907.4 4,243.4
Japan 7,629.6 8,276.9 9,466.6 10,529.5 11,828.4 13,936.6 16,567.2 18,986.5 21,998.1 25,747.1 28,375.5
Keny a 8.9 9.7 13.0 15.0 15.6 20.9 33.7 77.4 218.6 265.4 376.8
Latv ia 12.3 12.8 12.2 13.7 19.6 23.6 26.7 32.3 30.8 32.2 32.7
Lithuania 11.9 13.5 16.0 18.3 21.2 23.8 24.7 27.1 25.2 27.8 29.4
Malay sia 65.7 98.9 148.3 191.3 230.2 261.4 342.0 384.0 395.3 423.0 452.0
Mex ico 231.9 321.9 373.8 443.0 739.4 1,015.2 1,214.9 1,576.8 1,848.9 2,199.2 2,404.4
MENA 584.9 829.8 1,146.2 1,421.0 1,787.4 1,858.5 1,956.8 2,011.6 2,297.5 2,548.8 2,751.0
Montenegro 0.3 0.3 0.4 0.7 0.7 0.8 0.9 0.8 0.8 0.7 1.0
Netherlands 1,319.5 1,433.9 1,615.0 1,762.8 1,992.6 2,275.5 2,400.3 2,898.8 3,096.9 3,861.9 3,942.4
New Zealand 199.6 259.9 312.0 407.2 511.8 565.0 542.8 547.2 799.6 1,034.9 1,204.3
Nigeria 14.1 18.9 23.6 32.1 43.4 54.7 68.8 46.3 43.8 39.9 37.7
Norw ay 434.0 493.1 529.0 637.9 678.9 797.2 930.5 1,042.3 1,183.4 1,424.5 1,556.7
Pakistan 3.9 3.9 7.8 9.7 10.0 22.7 39.0 45.7 50.2 54.2 57.4
Peru 38.3 49.4 66.0 74.0 79.0 105.0 109.0 132.0 140.0 158.6 169.8
Philippines 36.8 57.1 63.6 77.5 96.9 112.3 127.4 171.4 281.0 319.3 362.8
Poland 625.5 654.6 699.5 842.8 965.2 1,049.9 1,179.3 1,288.1 1,358.3 1,608.6 1,726.8
Portugal 65.2 72.6 85.7 109.1 132.7 149.3 175.6 192.5 178.2 184.4 191.7
Romania 38.4 49.1 59.9 71.2 84.6 103.1 129.7 162.4 185.7 205.4 227.8
Russia 735.4 941.2 1,118.3 1,445.0 1,758.2 2,164.5 2,650.7 3,187.9 3,353.7 3,927.2 4,192.6
Serbia 10.7 12.4 13.9 15.6 18.3 21.0 29.9 34.9 34.4 40.6 45.8
Singapore 275.5 317.3 398.6 483.3 542.8 595.7 714.8 1,158.1 1,269.5 1,614.0 1,865.0
Slov ak Republic 50.2 73.5 83.3 102.6 118.8 129.8 140.8 231.6 259.9 309.2 337.1
Slov enia 38.9 37.1 37.4 40.0 45.3 52.0 52.8 69.9 75.4 81.9 88.7
South Africa 298.4 366.9 460.9 629.3 722.0 980.4 1,165.1 1,351.7 1,528.3 1,924.9 2,341.9
South Korea 1,912.0 2,186.1 2,422.6 2,693.2 3,289.7 3,767.4 4,537.7 5,324.5 5,426.7 5,610.2 5,711.6
Spain 988.8 1,073.6 1,227.9 1,451.6 1,647.7 2,210.6 2,735.2 3,078.7 3,290.7 4,346.5 5,100.4
Sri Lanka 3.3 3.8 4.3 5.1 5.8 6.7 8.0 11.4 16.0 18.9 23.3
Sw eden 838.3 962.7 1,126.4 1,381.6 1,729.5 2,137.5 2,433.4 2,791.5 3,056.3 3,844.7 4,380.6
Sw itzerland 676.0 742.3 843.0 998.5 1,129.7 1,265.2 1,323.0 1,326.9 1,487.3 1,777.8 2,027.0
Taiw an 340.2 405.5 489.0 599.9 835.4 1,099.0 1,302.2 1,556.2 1,295.6 1,598.0 1,760.8
Thailand 254.3 479.7 730.3 580.5 691.5 823.0 1,198.2 1,121.9 1,327.6 1,650.0 1,914.4
Turkey 155.3 224.4 238.7 303.5 361.7 438.5 511.3 621.2 877.6 1,110.0 1,341.4
Ukraine 24.8 73.3 76.2 45.6 57.9 76.3 89.0 229.3 251.9 324.5 405.1
United Kingdom 6,695.0 8,484.3 9,749.7 11,894.4 14,786.2 18,048.9 21,685.3 26,118.6 27,693.9 35,251.7 38,214.7
United States 28,697.0 32,992.6 38,370.6 46,627.5 58,461.3 73,394.6 90,990.6 107,109.3 121,853.4 157,717.9 189,096.2
Uruguay 10.9 14.9 17.8 20.8 29.3 34.3 42.3 50.5 65.3 75.9 85.0
Vietnam 117.7 305.5 497.4 857.6 1,169.4 1,235.6 1,431.2 2,026.5 2,006.4 2,307.4 2,699.6
TOTAL 83,821.4 100,354.1 121,028.5 149,295.2 184,451.2 227,434.1 280,771.5 339,616.2 383,921.6 478,414.5 539,512.3
• Growth 17.6% 19.7% 20.6% 23.4% 23.5% 23.3% 23.5% 21.0% 13.0% 24.6% 12.8%
• M edian Growth 14.8% 15.3% 16.2% 20.5% 19.0% 17.2% 16.7% 16.3% 7.5% 18.3% 9.3%
• Growth 17.5% 19.9% 20.6% 23.3% 23.0% 23.9% 23.0% 21.3% 12.0% 25.8% 12.3%
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Figure 7: Internet Ad Revenues by Quarter, 1Q97-4Q20

$ in millions
Source: Internet Advertising Bureau/PricewaterhouseCoopers.
Figure 8: Online Advertising Expenditures by Ad Type, 2000-2019

% share
2020
Other
8%
Video
17% Search
44%
Display
31%
Source: Internet Advertising Bureau; PricewaterhouseCoopers; J.P. Morgan.

Note: Display-related formats include: Banners (Banners, Rich Media, and Sponsorship) and Video; Other includes: Classifieds, Lead Generation, Audio, and Unspecified Other (“Unspecified
Other” category was not specified by respondents).
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Table 33: US Digital Video Ad Spending, 2019-2024E

$ in billions
Digital
Video Ad
Year Spend %Chg
2019 31.86 24.1%
2020 41.44 30.1%
2021E 55.34 33.6%
2022E 67.16 21.4%
2023E 78.45 16.8%
2024E 88.95 13.4%
Table 34: Global Mobile Ad Spending by Region

$ in billions
Region 2019 2020E 2021E 2022E 2023E 2024E 2025E
Asia-Pacific 95.34 114.80 138.67 160.79 179.71 199.15 217.12
Central & Eastern Europe 4.03 4.75 6.10 7.24 8.23 9.20 10.10
Latin America 5.41 6.43 7.82 9.23 10.16 10.96 11.73
Middle East & Africa 2.90 3.91 5.45 6.87 8.17 9.32 10.34
North America 91.73 107.39 135.32 156.45 177.27 197.35 215.58
Western Europe 34.09 38.92 47.81 55.38 62.60 68.98 75.09
Worldwide 233.50 276.21 341.18 395.96 446.14 494.95 539.96
Table 35: Mobile Smartphone Market Penetration

% of mobile users
Region 2018 2019 2020E 2021E 2022E 2023E 2024E
Asia-Pacific 56.0% 59.3% 62.1% 64.8% 66.8% 68.5% 69.7%
Central & Eastern Europe 68.1% 71.1% 73.2% 74.9% 76.5% 77.8% 79.1%
Latin America 62.4% 65.7% 68.0% 70.3% 72.0% 73.4% 74.4%
Middle East & Africa 30.6% 32.2% 33.5% 35.2% 36.8% 38.1% 38.9%
North America 85.0% 87.3% 88.4% 89.2% 89.8% 90.3% 90.9%
Western Europe 81.3% 83.4% 84.5% 85.3% 86.0% 86.5% 86.9%
Worldwide 58.2% 61.1% 63.3% 65.4% 67.0% 68.4% 69.4%
Table 36: US Mobile Smartphone Penetration, by Age

% of mobile phone users
Age 2019 2020 2021E 2022E 2023E 2024E 2025E
0-11 55.90% 60.30% 62.00% 63.10% 63.70% 64.20% 64.60%
12-17 92.00% 94.30% 94.90% 95.20% 95.50% 96.00% 96.30%
18-24 98.01% 98.41% 98.60% 98.70% 98.80% 98.90% 98.99%
25-34 96.23% 96.50% 96.83% 97.38% 98.00% 98.55% 99.27%
35-44 94.84% 95.30% 95.40% 95.50% 95.60% 95.70% 95.70%
45-54 93.00% 94.00% 94.60% 94.89% 94.89% 95.00% 95.02%
55-64 84.00% 86.50% 88.00% 89.70% 91.30% 92.70% 94.10%
65+ 62.30% 66.60% 68.00% 69.00% 70.00% 71.30% 72.70%
Total 86.36% 87.86% 88.49% 89.02% 89.49% 90.01% 90.50%
Source: eMarketer, Feb. 2021.
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Table 37: US Digital Ad Spending, by Industry, 2018-2021E

$ in billions
Industry 2018 2019 2020 2021E
Automotive 11.72 13.38 10.94 13.29
Computing & consumer electronics 7.94 9.87 11.64 14.93
CPG & consumer products 16.11 18.44 19.40 22.58
Entertainment 5.89 7.55 7.03 8.48
Financial services 14.04 17.88 19.62 23.56
Healthcare & pharma 7.23 8.34 9.53 11.25
Media 6.03 6.93 6.28 7.18
Retail 23.55 27.38 28.23 35.48
Telecom 9.89 12.49 13.99 17.21
Travel 4.69 5.50 3.24 3.74
Other 3.99 4.70 4.75 5.42
Total $111.07 $132.46 $134.66 $163.10
Source: eMarketer, July 2020.
Table 38: US Digital Ad Spending Share, by Industry, 2018-2021E

Industry 2018 2019 2020 2021E
Automotive 10.6% 10.1% 8.1% 8.2%
Computing & consumer electronics 7.2% 7.5% 8.7% 9.2%
CPG & consumer products 14.5% 13.9% 14.4% 13.8%
Entertainment 5.3% 5.7% 5.2% 5.2%
Financial services 12.6% 13.5% 14.6% 14.4%
Healthcare & pharma 6.5% 6.3% 7.1% 6.9%
Media 5.4% 5.2% 4.7% 4.4%
Retail 21.2% 20.7% 21.0% 21.8%
Telecom 8.9% 9.4% 10.4% 10.6%
Travel 4.2% 4.2% 2.4% 2.3%
Other 3.6% 3.6% 3.5% 3.3%
Note: includes advertising that appears on desktop and laptop computers as well as mobile phones, tablets and other internet-connected devices, and includes all the various formats of advertising
on those platforms; excludes SMS, MMS and P2P messaging-based advertising
Table 39: US Digital Ad Spending Growth, by Industry, 2018-2021E

Industry 2018 2019 2020 2021E
Automotive 16.96% 14.16% -18.20% 21.40%
Computing & consumer electronics 29.07% 24.25% 18.00% 28.20%
CPG & consumer products 22.65% 14.48% 5.20% 16.40%
Entertainment 36.09% 28.25% -6.90% 20.70%
Financial services 29.37% 27.36% 9.70% 20.10%
Healthcare & pharma 21.72% 15.40% 14.20% 18.00%
Media 21.47% 14.86% -9.30% 14.20%
Retail 23.82% 16.27% 3.10% 25.70%
Telecom 32.73% 26.35% 12.00% 23.00%
Travel 29.10% 17.13% -41.00% 15.30%
Other 25.77% 17.76% 1.09% 13.95%
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Table 40: Ad Spending Share of US Automotive Dealerships, by Media, 2013-2020

2013 2014 2015 2016 2017 2018 2019 2020
Internet 33.0% 0.0% 27.8% 33.6% 55.4% 56.3% 56.0% 60.7%
TV 20.8% 0.0% 23.7% 24.2% 14.0% 17.6% 14.5% 15.4%
Newspapers 15.5% 0.0% 13.9% 8.2% 6.3% 6.0% 5.9% 4.8%
Radio 14.5% 0.0% 16.1% 15.4% 10.0% 10.1% 10.3% 9.2%
Direct mail 11.0% 0.0% 9.8% 10.3% 7.2% 6.9% 8.5% 7.2%
Other 5.3% 0.0% 8.7% 8.3% 6.1% 3.1% 4.9% 2.7%
Note: new-vehicle franchised dealerships; numbers may not add up to 100% due to rounding.
Source: National Automobile Dealers Association (NADA), "Annual Financial Profile of America's Franchised New-Car Dealerships,"
2021.
Figure 9: US Programmatic Digital Display Ad Spending, 2019-2023E

$ billions, %
140%
$140.0 $133.0
$115.2 120%
$120.0
$96.9 90% 91% 100%

$100.0 88%
86%
89% 80%
$80.0 $75.1
$61.4
$60.0 60%
$40.0 40%
27%
$20.0 29% 20%

22%
19%
16%
$0.0 0%
2019 2020 2021E 2022E 2023E
Programmatic digital display ad spending % chg % of total digital display ad spending
Source: eMarketer, May 2021.
Figure 10: US Mobile Programmatic Display Ad Spending, 2019-2023E

$ billions, %
93% 94% 94% 95% 100%
91%
$99.0 90%
$100.0
$86.3 80%
$80.0 70%
$73.0
60%
$60.0 $56.9 50%
$45.7
40%
$40.0 68%
42% 30%
28%
20%
$20.0
18% 10%
15%
$0.0 0%
2019 2020 2021E 2022E 2023E
Mobile programmatic display ad spending % chg % of total mobile display ad spending
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Table 41: Top 20 U.S. Digital Agencies

$ in millions
Rank U.S. Revenue
2019 2018 Agency [Parent] 2019 % Chg
1 2 Accenture Interactive [Accenture] $4,349.0 23%
2 3 Deloitte Digital [Deloitte] 4,102.0 46%
3 4 IBM iX* [IBM Corp.] 1,958.0 12%
4 5 PwC Digital Services [PwC] 1,855.0 21%
5 7 Publicis Sapient* [Publicis] 1,375.0 20%
6 6 Epsilon [Alliance Data Systems Corp.] 1,140.0 -2%
7 8 Wunderman Thopson* [WPP] 1,070.0 10%
8 9 Rapp* [Omnicom] 578.0 5%
9 12 Merkle* [Dentsu] 495.0 26%
10 11 Digitas* [Publicis] 426.0 -10%
11 NR FCB network excluding R/GA * [Interpublic] 395.0
12 13 Havas* [Vivendi] 388.0 0.3%
13 10 Ogilvy* [WPP] 385.0 -24%
14 15 VMLY&R* [WPP] 380.0 21%
15 14 R/GA* [Interpublic] 367.0 7%
Note: *Ad Age estimate.
Source: Advertising Age, 2020.
Table 42: Top 15 U.S. Search Agencies

$ in thousands
Rank U.S. Revenue
2017 2016 Agency [Parent] 2017 % Chg
1 1 Performics* [Publicis] $218,000 21.0
2 2 iProspect* [Dentsu] 149,400 18.5
3 5 Merkle* [Dentsu] 137,800 29.4
4 6 Resolution Media* [Omnicom] 129,400 23.9
5 4 GroupM Search* [WPP] 120,400 7.0
6 3 iCrossing* [Hearst Corp.] 120,000 (3.1)
7 7 360i* [Dentsu] 94,300 0.0
8 8 SapientRazorfish* [Publicis] 77,900 0.0
9 9 Acronym 66,200 20.1
10 13 Wpromote 49,500 52.8
11 11 Elite SEM* 43,400 26.9
12 17 PMX Agency [Stagwell Group] 37,700 34.2
13 19 The Search Agency* 36,100 32.2
14 12 Jellyfish 35,900 5.6
15 18 3Q Digital 35,800 31.1
Note: *Ad Age estimate.
Source: Advertising Age.
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Table 43: Top 25 Web Sites (Desktop and Mobile) by Unique Visitor
Unique visitors in millions
Apr-21
Rank Property Unique Visitors
1 Google Sites 272.29
2 Microsoft Sites 221.13
3 Facebook 218.52
4 Verizon Media 216.02
5 Amazon Sites 212.43
6 WarnerMedia 199.91
7 Comcast NBCUniversal 191.62
8 The Walt Disney Company 174.26
9 Apple Inc. 173.87
10 ViacomCBS Digital 173.66
11 CafeMedia 162.65
12 Hearst 155.76
13 Weather Company, The 149.06
14 UPROXX 148.34
15 Meredith Corporation 144.85
16 USA TODAY Network 142.67
17 Red Ventures 133.29
18 Wikimedia Foundation Sites 120.28
19 Mediavine 119.42
20 Freestar 118.33
21 Penske Media Corp (PMC) 116.60
22 Fox Corporation 115.49
23 Wal-Mart 114.47
24 VEVO 113.99
25 PayPal 112.35
4,021.3
Source: comScore; J.P. Morgan.
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Outdoor & Cinema Advertising Expenditures
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Table 44a: Outdoor Advertising Expenditure, 2012-2022E

$ in millions
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E
Argentina 16.9 21.8 27.9 33.8 34.1 44.8 47.8 82.2 74.8 100.3 117.3
Australia 389.3 421.7 467.1 525.7 612.3 649.2 714.7 725.5 439.3 587.4 700.4
Austria 216.1 212.7 224.1 252.2 260.5 280.9 279.6 307.7 301.0 289.9 305.8
Bangladesh 26.5 30.7 32.4 32.9 23.2 18.2 18.2 18.0 13.4 12.1 13.6
Belgium 173.1 177.3 177.9 188.2 189.1 169.0 174.4 178.1 137.5 173.8 195.5
Brazil 88.3 94.5 110.3 235.1 427.4 601.5 706.7 756.2 530.1 749.5 678.2
Bulgaria 21.3 20.0 20.2 20.3 9.7 10.4 10.5 11.0 8.8 9.7 10.9
Canada 475.9 502.5 509.2 530.0 557.5 611.5 639.8 668.9 385.3 500.9 551.0
China 5,448.6 5,810.9 6,136.3 6,596.5 7,809.6 9,722.5 11,292.3 10,002.8 8,255.6 10,469.2 11,728.8
Colombia 22.6 24.1 31.5 34.5 33.3 35.3 36.0 38.6 18.0 23.6 45.1
Croatia 17.9 19.6 20.5 20.9 20.9 20.9 22.3 23.1 19.3 24.1 29.2
Czech Republic 66.8 62.4 63.1 65.1 67.0 69.3 65.9 64.8 55.3 55.9 61.8
Denmark 77.6 67.3 64.9 66.7 65.4 69.5 80.4 86.3 69.0 76.1 80.7
Ecuador 11.9 13.1 23.9 25.6 23.4 23.6 25.8 23.0 25.0 23.5 20.8
Estonia 7.7 9.0 9.7 10.7 11.5 17.4 18.4 19.3 19.7 21.5 22.3
Finland 53.2 51.3 54.3 58.7 61.5 71.1 82.7 121.2 88.2 88.3 110.7
France 1,498.6 1,474.2 1,502.4 1,496.0 1,542.1 1,510.1 1,536.7 1,604.0 1,106.9 1,251.3 1,430.5
Germany 1,068.6 1,097.5 1,142.4 1,247.1 1,234.5 1,409.1 1,424.2 1,501.2 1,209.7 1,203.9 1,343.7
Greece 32.3 37.3 33.1 42.9 30.6 36.7 39.2 40.4 19.3 24.4 29.4
Hong Kong 380.9 434.7 460.8 464.4 419.4 387.4 406.8 310.9 202.7 302.9 317.8
Hungary 50.4 50.7 55.1 53.5 57.8 65.9 76.6 80.2 72.1 86.6 107.2
India 295.2 313.1 340.7 354.2 377.2 412.5 455.9 492.8 130.6 115.4 249.7
Indonesia 52.3 60.9 66.0 68.9 72.7 75.9 82.6 86.7 73.7 75.2 79.8
Ireland 76.1 69.6 75.1 79.6 83.0 88.6 93.7 97.7 48.7 55.7 66.5
Israel 59.2 63.4 66.4 92.2 84.4 91.1 95.1 80.8 40.4 28.3 28.2
Italy 518.7 454.8 419.2 446.8 433.8 406.0 402.1 367.9 162.7 141.6 169.9
Japan 4,088.7 4,177.5 4,298.4 4,304.2 4,275.4 4,286.1 4,297.6 4,344.5 3,523.5 3,594.0 3,629.9
Keny a 31.3 38.9 52.0 60.0 70.2 93.8 98.3 83.0 18.8 24.1 53.7
Latv ia 8.3 9.4 9.4 9.4 9.9 10.4 11.6 12.3 8.0 8.3 8.6
Lithuania 9.1 9.0 10.5 11.8 12.6 14.7 17.5 18.4 14.4 16.7 16.8
Malay sia 158.9 148.1 155.6 172.3 191.2 208.5 211.0 184.4 153.8 182.7 190.2
Mex ico 290.2 301.9 310.9 326.6 346.3 363.5 484.4 468.2 290.6 369.2 504.6
MENA 385.9 385.2 441.3 673.1 609.5 431.7 355.8 371.7 224.8 388.5 416.1
Montenegro 1.9 2.1 2.0 2.0 2.0 2.0 2.1 2.0 1.8 1.8 1.9
Netherlands 174.4 167.6 170.0 187.6 188.2 183.8 217.1 225.6 147.8 173.5 259.0
New Zealand 43.5 51.5 55.2 61.0 73.3 88.6 87.8 103.8 68.9 86.5 93.6
Nigeria 35.5 46.5 40.1 34.2 48.7 49.2 55.1 55.2 56.0 62.1 71.4
Norw ay 82.1 88.1 88.2 95.9 113.8 140.0 143.2 168.9 107.5 147.6 176.4
Pakistan 35.0 48.0 53.8 55.1 63.5 66.7 70.0 63.0 51.8 51.8 54.4
Peru 43.8 46.3 59.7 64.9 81.8 102.6 126.2 131.5 84.4 68.1 94.1
Philippines 50.2 52.3 54.4 56.5 58.6 60.7 62.8 48.6 18.4 20.2 22.6
Poland 151.9 136.5 139.3 143.4 149.1 155.4 160.2 161.6 112.8 120.2 127.8
Portugal 199.8 197.6 228.5 220.0 233.7 234.8 252.4 278.2 180.6 150.8 153.1
Romania 31.1 28.9 29.7 31.7 35.0 38.0 40.5 43.0 33.4 38.4 45.4
Russia 564.5 613.3 607.1 478.5 503.1 547.7 565.7 586.9 434.3 512.9 522.0
Serbia 19.0 17.0 18.0 18.0 18.0 18.0 23.0 25.5 19.8 22.0 24.7
Singapore 177.1 207.8 224.0 259.5 221.7 181.4 208.6 193.3 116.0 147.6 166.5
Slovak Republic 34.3 31.8 30.6 39.2 38.1 37.2 37.9 36.2 26.8 30.0 32.0
Slovenia 19.6 15.3 14.7 14.1 15.3 17.1 17.1 18.0 12.6 15.8 16.6
South Af rica 129.3 126.7 124.6 118.5 133.8 136.6 135.6 131.6 85.0 95.3 99.3
South Korea 693.4 716.3 963.6 872.3 894.7 1,084.0 1,103.9 1,143.1 935.0 969.6 977.5
Spain 399.5 345.3 385.3 400.9 393.0 499.1 512.9 518.3 271.0 345.2 432.8
Sri Lanka 10.8 11.4 13.6 14.2 15.4 16.4 17.7 19.7 14.2 16.8 20.3
Sw eden 134.7 123.4 153.1 166.3 190.4 213.6 236.4 240.9 169.9 208.2 236.3
Sw itzerland 633.2 631.0 475.8 501.5 502.0 504.6 518.6 547.9 383.0 440.3 494.0
Taiw an 130.0 150.8 155.1 153.6 140.1 131.7 153.8 158.4 148.8 132.4 141.2
Thailand 419.1 381.4 347.2 347.2 422.4 481.1 540.0 608.0 460.5 488.9 551.5
Turkey 62.8 66.6 73.2 79.6 86.3 94.5 95.2 97.6 82.5 100.8 131.1
Ukraine 56.1 54.7 37.6 34.8 45.2 98.2 127.4 154.7 115.2 134.8 159.0
United Kingdom 1,099.9 1,122.1 1,155.3 1,199.5 1,278.5 1,297.5 1,370.9 1,474.8 792.7 1,039.0 1,467.0
United States 6,017.6 6,254.0 6,374.1 6,612.6 6,797.7 6,899.3 7,317.2 7,780.3 5,930.6 6,883.5 8,264.6
Uruguay 44.0 44.0 45.0 48.0 35.0 38.0 38.1 40.5 24.6 27.7 33.1
Vietnam 35.1 50.4 63.3 82.1 94.4 95.2 97.8 120.4 65.2 100.3 112.4
TOTAL 28,890.8 29,740.1 30,863.5 32,416.2 34,475.3 37,531.5 40,499.5 40,188.3 29,909.6 35,255.1 40,042.3
• Growth 6.2% 2.9% 3.8% 5.0% 6.4% 8.9% 7.9% -0.8% -25.6% 17.9% 13.6%
• M edian Growth 1.7% 3.6% 4.9% 4.7% 4.1% 6.5% 5.2% 4.2% -27.6% 14.6% 12.2%
TOTAL EX-US 28,805.0 29,713.8 30,738.5 32,387.2 34,325.3 37,431.5 40,299.5 40,138.3 29,609.6 35,205.1 39,842.3
• Growth 6.0% 3.2% 3.4% 5.4% 6.0% 9.0% 7.7% -0.4% -26.2% 18.9% 13.2%
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Table 45b: Cinema Advertising Expenditure, 2012-2022E

$ in millions
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E
Argentina 0.0 0.0 0.0 0.0 3.4 5.5 5.9 6.7 0.8 3.7 6.2
Australia 69.0 79.0 73.9 89.2 94.1 100.4 100.6 99.5 40.4 44.4 89.6
Austria 12.1 13.0 13.0 12.1 12.3 13.6 12.2 14.8 2.6 4.6 4.8
Bangladesh 1.1 1.1 1.2 1.3 1.2 1.1 1.1 1.1 0.3 0.0 0.0
Belgium 20.8 24.3 23.0 22.9 18.8 17.3 16.5 16.0 5.6 8.0 12.0
Brazil 33.9 40.2 56.6 77.4 54.4 55.6 378.4 404.9 26.2 38.0 263.4
Bulgaria 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Canada 72.6 74.9 76.7 96.9 99.4 102.7 104.8 108.5 21.7 32.5 65.1
China 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Colombia 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 4.8 9.4
Croatia 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Czech Republic 4.6 4.5 4.4 4.4 4.4 4.5 4.5 4.5 3.9 4.0 3.6
Denmark 10.7 13.2 14.0 16.0 15.0 14.5 15.3 18.6 9.4 14.8 16.6
Ecuador 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Estonia 0.4 0.6 0.5 0.7 1.1 1.2 1.4 1.6 0.7 0.7 0.6
Finland 2.4 3.2 3.5 5.0 5.5 7.0 6.9 9.6 3.4 1.5 4.5
France 134.1 116.2 103.5 104.7 114.9 121.3 112.6 122.4 30.6 45.6 104.1
Germany 102.3 91.8 90.5 100.5 90.2 113.9 96.7 110.2 23.3 23.3 30.2
Greece 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Hong Kong 4.9 5.0 5.1 5.1 4.6 4.4 4.3 3.1 0.8 0.9 0.9
Hungary 3.8 4.0 4.7 5.6 8.4 8.8 10.1 11.2 4.6 6.4 8.2
India 33.2 37.2 46.6 56.0 76.8 92.2 110.6 138.2 24.0 24.4 87.9
Indonesia 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ireland 6.2 6.9 7.6 7.8 8.6 7.9 7.7 7.8 2.2 2.8 3.3
Israel 6.8 7.3 7.6 10.6 9.7 10.4 10.9 9.3 1.9 2.4 2.4
Italy 40.1 30.3 20.6 19.4 20.7 21.8 23.2 26.4 4.2 4.3 13.0
Japan 37.9 37.4 31.9 33.7 35.2 35.6 35.7 37.9 23.3 24.4 26.6
Keny a 0.2 3.6 0.9 0.0 4.4 5.8 6.0 5.1 1.8 1.5 2.1
Latv ia 0.4 0.4 0.6 0.6 0.4 0.5 0.6 0.5 0.2 0.2 0.2
Lithuania 0.5 0.6 0.6 0.7 1.2 1.3 2.0 2.2 0.4 0.9 1.1
Malay sia 6.1 6.2 7.2 10.8 13.4 17.7 28.2 36.1 5.6 9.9 24.7
Mex ico 55.5 63.3 66.0 72.6 75.5 79.3 82.9 78.3 33.5 39.6 48.0
MENA 11.5 14.0 22.4 74.8 67.5 47.8 39.3 41.1 18.0 19.8 21.0
Montenegro 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Netherlands 6.6 7.1 7.2 9.4 8.6 10.7 9.9 13.5 6.1 8.5 12.4
New Zealand 3.6 4.4 5.1 4.7 5.5 6.5 5.8 6.5 2.6 3.0 3.4
Nigeria 13.2 14.1 11.3 10.6 11.1 11.8 13.2 12.3 9.2 10.6 11.4
Norw ay 18.9 17.8 15.7 16.6 19.3 20.9 24.6 26.7 11.2 16.4 27.0
Pakistan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Peru 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Philippines 2.1 2.1 2.1 3.1 3.1 4.2 4.2 4.2 0.0 0.0 0.0
Poland 28.7 31.3 32.3 32.6 32.9 33.9 34.6 34.5 9.6 13.2 19.2
Portugal 1.9 1.4 1.6 2.3 3.0 2.7 3.2 3.5 0.7 0.2 0.2
Romania 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Russia 15.1 17.7 14.1 12.3 13.6 13.9 15.0 15.0 3.8 5.7 12.0
Serbia 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Singapore 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Slov ak Republic 1.8 1.8 2.0 1.7 2.2 2.2 2.4 2.3 0.6 1.2 1.8
Slov enia 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
South Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
South Korea 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Spain 27.5 24.7 19.8 26.9 36.6 41.3 42.5 44.7 11.8 16.4 27.9
Sri Lanka 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Sw eden 13.7 14.2 16.4 17.1 18.1 21.4 22.1 21.9 6.8 11.4 19.0
Sw itzerland 33.5 29.0 31.3 38.0 32.4 36.6 35.7 41.0 7.0 32.3 29.8
Taiw an 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Thailand 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Turkey 6.4 6.7 7.3 8.3 9.5 10.0 10.4 11.2 3.3 2.3 8.2
Ukraine 1.3 1.5 1.1 0.9 1.3 1.5 1.8 2.1 0.7 0.9 1.0
United Kingdom 280.7 222.7 239.7 256.7 267.5 271.6 266.0 301.0 55.2 95.1 213.2
United States 636.4 678.0 631.9 716.4 758.3 750.7 781.2 809.7 149.4 415.0 645.0
Uruguay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Vietnam 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
TOTAL 1,819.3 1,812.1 1,789.9 2,100.6 2,167.1 2,225.6 2,636.1 2,819.7 594.6 1,028.2 1,975.1
• Gro wth -1.5% -0.4% -1.2% 17.4% 3.2% 2.7% 18.4% 7.0% -78.9% 72.9% 92.1%
• M edian Gro wth 1.6% 6.5% 3.0% 10.0% 5.5% 5.7% 3.8% 6.4% -72.1% 33.6% 42.9%
TOTAL EX -US 1,819.3 1,812.1 1,789.9 2,100.6 2,167.1 2,225.6 2,636.1 2,819.7 594.6 1,028.2 1,975.1
• Gro wth -1.5% -0.4% -1.2% 17.4% 3.2% 2.7% 18.4% 7.0% -78.9% 72.9% 92.1%
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Figure 11: U.S. Outdoor Ad Spending, 1971-2020

$ in billions
$9.0
$8.0
$7.0
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Source: OAAA, J.P. Morgan estimates.
Table 46: Top 10 U.S. Outdoor Advertising Categories

Rank Category 2020 Ad Expenditures Outdoor Expenditures Growth vs 2019 2019 Ad Expenditures Outdoor Expenditures
1 Miscellaneous Services & Amusements $1,506.3 24.8% -25.3% $2,015.6 25.2%
2 Retail 607.4 10.0% -27.0 831.8 10.4%
3 Insurance & Real Estate 461.6 7.6% -39.0 756.9 9.5%
4 Media & Advertising 455.5 7.5% -20.8 575.0 7.2%
5 Restaurants 431.2 7.1% -23.6 564.6 7.1%
6 Government, Politics & Organizations 425.2 7.0% -22.3 547.2 6.8%
7 Public Transportation, Hotels & Resorts 352.3 5.8% -30.5 507.0 6.3%
8 Financial 334.1 5.5% -25.2 446.9 5.6%
9 Automotive Dealers & Services 243.0 4.0% -23.6 318.1 4.0%
10 Schools, Camps & Seminars 224.7 3.7% -25.0 299.7 3.7%
Total Spending by Top 10 Categories $5,043.3 83.0% -26.5% $6,865.0 80.2%
Total Outdoor Advertising Expenditures $6,073.88 -29.0% $8,554.75
Source: OAAA, 2021; J.P. Morgan.
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Figure 12: Outdoor Advertising by Type, 2020
Place-
Street Based,
Furniture, 4.00%
5.00%
Transit,
13.00%
Billboards,
78.00%
Source: OAAA.
Table 47: Outdoor Ad Spending by Top 10 Advertisers, 2019

$ in millions
Rank Company 2019
1 Comcast Corp. $89
2 AT&T 86
3 Walt Disney Co. 77
4 Apple 69
5 McDonald's Corp. 62
6 ViacomCBS 58
7 Berkshire Hathaway 53
8 T-Mobile US 53
9 Amazon 52
10 State Farm Mutual Auto Insurance Co. 44
Total (dollars in billions) $5.6
Source: Advertising Age.
Table 48: US Out-of-Home Ad Spending, By Segment, 2019-2023E

$ in billions
2019 2020 2021E 2022E 2023E
Traditional $5.97 $4.50 $4.79 $4.59 $4.51
Digital 2.17 2.58 2.82 3.03 3.17
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Figure 13: U.S Cinema Ad Spending, 2002-2019

$ in millions
$900 50%
47% $810
$800 $758 $751 $781
$716 40%
$700 35% $658 $644 $636 $678 $636
$571 $584
$600 $540 30%
$500 $456
$395 20%
$400 $368 18% 13%
15%
$273 13%
$300 6% 10%
$186 7% 6% 7% 4% 4%
$200 2% -1% 0%
$100 -1% -6%
-2%
$0 -10%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: Cinema Advertising Council, J.P. Morgan estimates.
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Event Advertising: Political & Sporting
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Table 49: Political Advertising Expenditures on Local TV, 1980-2022E

Year Type of Elections $MM
1980 Presidential $68.3
1981 Off-Election Year 11.2
1982 Congressional 120.1
1984 Presidential 107.8
1986 Congressional 157.7
1988 Presidential 185.2
1990 Congressional 218
1991 Off-Election Year 60
1992 Presidential 234
2004 Presidential 1,253
2006 Congressional 1,472
2019E Off-Election Year 477
2020E Presidential 5,350
2021E Off-Election Year 384
2022E Congressional 3,167
Note: Includes local Cable TV.
Source: MAGNA; J.P. Morgan.
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Table 50: Olympic Network TV Advertising, 1980-2022E

$ in millions
Year Games $MM
1980 Winter/Summer $25
1994 Winter $350
1996 Summer $578
1998 Winter $486
2000 Summer $785
2002 Winter $606
2004 Summer $704
2006 Winter $650
2008 Summer $600
2010 Winter $605
2012 Summer $720
2014 Winter $629
2016 Summer $842
2018 Winter $630
2020E Summer $840
2022E Winter $626
Source: MAGNA; J.P. Morgan
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Table 51: Olympics Rights Deals, 1992-2032

$ in millions
Company Games Value
NBC Universal Summer 2032 1,601
NBC Universal Winter 2030 1,087
NBC Universal Winter 2018 963
NBC Universal Summer 2008 894
NBC Universal Summer 2004 793
NBC/CNBC/MSNBC Winter 2002 555
NBC/CNBC/MSNBC Summer 2000 715
CBS Winter 1998 375
NBC Summer 1996 456
CBS Winter 1994 300
TNT Winter 1994 25
CBS Winter 1992 243
TNT Winter 1992 25
NBC Summer 1992 401
SportsChannel Summer 1992 75
Note: 2022-2032 values represent JP Morgan estimates based on NBC's 2022-2032 Olympic deal valued at $7.65b plus a $100m
signing bonus to be used for promotion of the Olympics.
Source: MAGNA Global USA; Broadcasting & Cable; JP Morgan estimates
Table 52: Super Bowl Advertising Rates and Total Ad Revenues, 2011-2021
Cost per In-Game
30 second unit ad revenues
Year (millions) (millions)
2011 2.89 227.9
2012 3.23 262.5
2013 3.72 292.0
2014 3.91 331.8
2015 4.1 345.4
2016 4.47 376.0
2017 4.7 430.2
2018 4.37 340.6
2019 4.51 338.6
2020 5.2 448.7
2021 5.6 484.7
Source: Kantar Media, J.P. Morgan estimates.
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Table 53: Network TV Ad Time in the Super Bowl, 2011-2021

Ad Time # of
(mm:ss) Commercials
2011 48:10 96
2012 47:25 78
2013 51:40 97
2014 49:15 83
2015 48:05 82
2016 49:35 96
2017 51:30 102
2018 51:20 86
2019 49:31 91
2020 51:15 70
2021 57:00 64
Source: Kantar Media.
Table 54: Top 10 TV Advertisers in NCAA Men’s Basketball Tournament, 2019

$ in millions
Rank Company Ad Spend
1 General Motors Corp. $75
2 AT&T $64
3 Berkshire Hathaway $42
4 Capital One Financial Corp. $40
5 Coca-Cola Co. $31
6 Alphabet Inc. $30
7 Apple Inc. $28
8 Nissan Motor $27
9 Progressive $26
Source: Kantar Media, March 2020.
Table 55: NCAA Men’s Basketball Tournament Network TV Advertising Revenue

$ in millions
Year Total Ad Spend % chg # of Advertisers
2015 $848 92
2016 888 4.7% 92
2017 917 3.3% 93
2018 943 2.8% 97
2019 910 -3.5% 102
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Table 56: Post-Season Sports National TV Ad Spend, 2019

$ millions
Sport Total Ad Spend
NFL Football $1,118
NBA Basketball 932
NCAA Men's Basketball 910
MLB Baseball 354
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Hispanic Advertising Expenditures
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Table 57: Hispanic Major Media Advertising Spending, 2018

$ in millions
U.S. Advertising Spend In Hispanic M edia Percent Of Total
Medium 2018 2017 % chg 2018 2017
Network TV $4,063 $4,095 -0.8% 43.1% 44.7%
Spot TV 1,348 1,226 10.0 14.3 13.4
Cable TV 297 307 (3.3) 3.2 3.3
Newspapers 558 642 (13.1) 5.9 7.0
Magazines 346 364 (4.9) 3.7 4.0
Other Print 18 20 (10.0) 0.2 0.2
Digital Related To Print 124 101 22.8 1.3 1.1
Other Digital 2,272 2,018 12.6 24.1 22.0
Spot Radio 397 397 0.0 4.2 4.3
Total $9,423 $9,170 2.8% 100.0 100.0
Source: Advertising Age; Kantar Media; J.P. Morgan.
Figure 14: Hispanic Major Media Advertising Spending by Medium, 2018

Spot Radio
4%
Other Digital
24%
Network TV
Digital 43%
Related To
Print
2%
Other Print
0%
Magazines
4%
Newspapers
6%
Cable TV
3%
Spot TV
14%
Source: Advertising Age, Kantar Media, J.P. Morgan
Table 58: Top 10 Advertisers in Hispanic Media

$ millions
2018 Ad
Rank Marketer Spending % Change
1 Procter & Gamble $298.3 -11.1%
2 Genom ma Lab Internacional 233.1 -10.4%
3 SoftBank Group Corp. (Sprint) 134.7 35.4%
4 L'Oreal 115.7 11.4%
5 Nestle 114.7 NA
6 AT&T 108.6 1.0%
7 Dish Network Corp. 99.9 -13.7%
8 Deutsche Telekom (T-Mobile) 99.3 -14.7%
9 Johnson & Johnson 97.5 3.1%
10 Constellation Brands 97.2 NA
Source: Advertising Age, August 2019.
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Table 59: Top Hispanic TV Markets, 2018
Hispanic Hispanic HH
Rank Designed Market Area (DMA) TV HH Percent of U.S.
1 Los Angeles 1,868,780 12.5%
2 New York 1,431,140 9.6%
3 Miami-Fort Lauderdale 827,700 5.5%
4 Houston 699,750 4.7%
5 Dallas-Fort Worth 545,150 3.6%
6 Chicago 512,780 3.4%
7 San Antonio 456,560 3.1%
8 San Francisco-Oakland-San Jose 389,730 2.7%
9 Phoenix (Prescott) 329,290 2.6%
10 Harlingen-Brownsville, Texas 295,270 2.2%
Source: Advertising Age; Nielsen. Note: Estimates as of Jan. 1, 2019, and used throughout the 2018-2019 TV season.
Table 60: Top 5 Advertisers in Spanish-Language Broadcast Network TV, 2018

$ in millions
Rank Marketer 2018
1 Procter & Gamble Co. $269.8
2 Genomma Lab Internacional $231.2
3 SoftBank Group Corp. (Sprint) $125.2
4 Nestle $99.5
5 L'Oreal $98.3
Source: Advertising Age; Kantar Media, Aug. 2019
Table 61: Top 5 Advertisers in Spanish-Language Cable Network TV, 2018

$ in millions
Rank Marketer 2018
2 Nestle $11.5
3 Mars Inc. $8.3
4 Molson Coors Brewing Co. $8.2
5 SoftBank Group Corp. $7.8
Source: Advertising Age, Kantar Media, Aug. 2019
Table 62: Top 5 Advertisers in Spanish-Language Spot TV, 2018

$ in millions
Rank Marketer 2018
1 Charter Communications $42.2
2 Nissan Motor Co. 41.5
3 Comcast Corp. 39.5
4 Univision Holdings 23.3
5 Cox Enterprises 21.7
Source: Advertising Age; Kantar Media, Aug. 2019
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Table 63: Top 5 Advertisers in Hispanic Newspapers, 2018

$ in millions
Rank Marketer 2018
1 Target Corp. $4.0
2 Kohl's Corp. 2.5
3 Ashley Furniture Industries 2.2
4 CVS Health Corp. 2.2
5 Walgreens Boots Alliance 2.0
Table 64: Top 5 Advertisers in Hispanic Magazines, 2018

$ in millions
Rank Marketer 2018
1 L'Oreal $14.7
2 Procter & Gamble Co. 4.8
3 Unilever 3.4
4 Johnson & Johnson 3.0
5 Meredith Corp. 2.8
Table 65: Top 5 Advertisers in Hispanic Spot Radio, 2018

$ in millions
Rank Marketer 2018
1 Univision Holdings $12.0
2 Deutsche Telekom (T-Mobile) 10.3
3 AT&T 7.8
4 Community Tax 7.2
5 Comcast Corp. 6.5
Source: Advertising Age Hispanic Fact Book, Aug. 2019
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Table 66: Top Hispanic Agencies by Revenue, 2018

$ in millions
RANK U.S. REVENUE
2018 2017 AGENCY [PARENT] 2018 % CHG
1 3 The Community* [Publicis] $47 48%
2 2 Alma* [Omnicom] 43 15%
3 1 Conill* [Publicis] 38 -8%
4 4 Dieste* [Omnicom] 31 11%
5 7 Republica Havas* [Vivendi] 31 45%
6 6 Gallegos United* [United Collective] 25 14%
7 8 Casanova//McCann* [Interpublic] 20 0%
8 NA Third Ear* [Omnicom] 17 NA
9 NA VMLY&R* [WPP] 17 NA
10 10 Zubi Advertising* [WPP] 17 -8%
11 12 Richards/Lerma 16 -6%
12 9 Lopez Negrete Communications 16 -18%
13 15 Interlex Communications 12 2%
14 18 Marca [Eastport Holdings] 12 18%
15 19 De la Cruz Group 11 15%
16 13 PM3 11 -28%
17 21 Infusion 11 15%
18 23 Lopito Ileana & Howie 9 18%
19 20 Marketing Arm* [Omnicom] 9 -8%
20 NA We Believers 9 NA
21 22 D Exposito & Partners* 8 -8%
22 NA Orci 8 NA
23 24 Acento Advertising 8 -3%
24 NA Gravity Media* [Dentsu] 8 NA
25 25 M8* [Dentsu] 7 -9%
Asterisk (*) indicates estimate.
Source: Advertising Age Agency Report, May 2019
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U.S. Advertisers
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Table 67: Top U.S. Ad Spending Categories, 2019

$ in billions
Measured Ad Spending
Rank Category 2019 % Change
1 Retail $15.5 -5.3
Telecommunications, internet services
2 13.7 12.5
and internet service providers
3 General services 12.2 0.2
4 Automotive 11.7 -8.4
5 Medicine and remedies 10.1 -6.1
6 Financial services 8.2 -0.3
7 Insurance 7.8 8.5
8 Airlines, hotels, car rental and travel 6.9 3.0
9 Food, beverages and candy 6.7 -9.9
10 Restaurants 6.2 -2.9
Source: Advertising Age; Kantar Media, June 2020
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Table 68: Top 50 Leading National Advertisers, 2019

$ in millions
US Measured Estimated US
Total US Ad
Rank Advertiser Media Unmeasured
Spending
Spending Spending
1 Amazon $6,879 $1,843 $5,036
2 Comcast Corp. 6,142 1,620 4,522
3 AT&T 5,484 1,647 3,837
4 Procter & Gamble Co. 4,281 2,784 1,497
5 Walt Disney Co. 3,154 1,147 2,007
6 Alphabet (Google) 3,130 619 2,511
7 Verizon Communications 3,071 952 2,119
8 Charter Communications 3,044 353 2,691
9 American Express Co. 2,990 237 2,753
10 General Motors Co. 2,952 1,372 1,580
11 JPMorgan Chase & Co. 2,787 288 2,499
12 Walmart 2,753 594 2,159
13 L'Oreal 2,348 1,160 1,188
14 T-Mobile US 2,346 1,767 579
15 Berkshire Hathaway 2,329 1,966 363
16 Nestle 2,314 655 1,659
17 Ford Motor Co. 2,280 736 1,544
18 Expedia Group 2,173 1,148 1,025
19 Capital One Financial Corp. 2,160 633 1,527
20 Fiat Chrysler Automobiles 2,053 621 1,432
21 Samsung Electronics Co. 1,977 512 1,465
22 Pfizer 1,899 709 1,190
23 Progressive Corp. 1,837 1,067 770
24 PepsiCo 1,726 935 791
25 Bank of America Corp. 1,722 295 1,427
26 LVMH 1,649 372 1,277
27 Target Corp. 1,647 445 1,202
28 McDonald's Corp. 1,617 624 993
29 Booking Holdings 1,594 842 752
30 GlaxoSmithKline 1,539 948 591
31 Johnson & Johnson 1,537 776 761
32 Anheuser-Busch InBev 1,532 440 1,092
33 Toyota Motor Corp. 1,508 820 688
34 Merck & Co. 1,506 278 1,228
35 Nike 1,470 66 1,404
36 AbbVie 1,390 1,185 205
37 Honda Motor Co. 1,390 373 1,017
38 Unilever 1,363 640 723
39 ViacomCBS 1,355 505 850
40 Macy's 1,330 410 920
41 State Farm Mutual Auto Insurance Co. 1,209 802 407
42 Kohl's Corp. 1,156 285 871
43 Home Depot 1,090 429 661
44 Wells Fargo & Co. 1,076 259 817
45 Yum Brands 1,070 777 293
46 Netflix 1,063 176 887
47 U.S. Government 1,058 643 415
48 Estee Lauder Cos. 994 66 928
49 Nissan Motor Co. 990 610 380
50 Wayfair 932 199 733
Source: Advertising Age; Kantar Media, June 2020
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Table 69: Top 10 Network TV Advertisers, 2019

$ in millions
Rank Company 2019
1 Procter & Gamble Co. $781
2 T-Mobile US 692
3 AT&T 470
4 General Motors Co. 470
7 Apple 358
8 Verizon Communications 338
9 AbbVie 328
10 Pfizer 328
Source: Advertising Age; Kantar Media, June 2020.
Table 70: Top 10 Spot TV Advertisers, 2019

$ in millions
Rank Company 2019
1 Comcast Corp. $348
3 Charter Communications 265
4 Nissan Motor Co. 264
5 Ford Motor Co. 225
6 Fiat Chrysler Automobiles 156
7 Toyota Motor Corp. 131
8 Volkswagen 123
10 AT&T 115
Table 71: Top 10 Cable TV Advertisers, 2019

$ in millions
Rank Company 2019
1 Procter & Gamble Co. $933
3 T-Mobile US 611
4 PepsiCo 583
5 AT&T 560
6 Amazon 532
7 AbbVie 466
8 Yum Brands 462
10 Comcast Corp. 380
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Table 72: Top 10 Radio Advertisers, 2019

$ in millions
Rank Company 2019
1 T-Mobile US $220
2 Comcast Corp. 170
4 Procter & Gamble Co. 119
5 AT&T 101
6 Home Depot 89
8 Fiat Chrysler Automobiles 72
9 iHeartMedia 70
10 US Government 69
Table 73: Top 10 Search Marketing Advertisers, 2019

$ in millions
Rank Company 2019
1 Expedia Group $802
2 Booking Holdings 666
3 Amazon 410
4 LendingTree 312
5 AT&T 206
6 TripAdvisor 204
7 Progressive Corp. 204
8 Verizon Com munications 183
9 IAC 170
10 Experian 165
Table 74: Top 10 Internet Display Advertisers, 2019

$ in millions
Rank Company 2019
1 Amazon $202
2 Golf Pipeline Corp. 194
3 Comcast Corp. 193
4 Motley Fool 186
5 Squarespace 162
6 Viking Direct 135
8 U.S. Governm ent 86
9 ViacomCBS 86
10 Verizon Com munications 87
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Table 75: Top 10 Magazine Advertisers, 2019

$ in millions
Rank Company 2019
1 L'Oreal $617
2 Procter & Gamble Co. 405
3 Kraft Heinz Co. 266
4 Nestle 203
5 LVMH 197
7 Johnson & Johnson 176
8 Merck & Co. 172
9 AbbVie 149
Table 76: Top 10 Outdoor Advertisers, 2019

$ in millions
Rank Company 2019
1 Comcast Corp. $89
2 AT&T 86
4 Apple 69
5 McDonald's Corp. 62
6 ViacomCBS 58
8 T-Mobile US 53
9 Amazon 52
10 State Farm Mutual Auto Insurance Co. 44
Table 77: Top 10 Newspaper Advertisers, 2018

$ in millions
Rank Company 2018 2017 % Change
1 Andersen Corp $97 $83 17.2
2 News Corp. 92 85 8.2
3 Serta Simmons Holdings 63 36 74.3
4 Realogy Holdings Corp. 56 51 9.3
5 LVMH Moet Hennessy Louis Vuitton56 55 1.7
6 Dell Technologies 54 43 26.9
7 Rooms To Go 54 55 (2.1)
8 Comcast Corp. 53 50 7.4
9 Sandals Resorts International 49 44 11.0
10 Hobby Lobby Stores 49 52 (5.6)
Top 10 Total $8,600 $9,400.0
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Table 78: Top 6 U.S. Wireless Providers, 2019

$ in millions
Market Share Measured Media
Rank Brand 2019 2018 2019 2018
1 Verizon Communications 33.4% 32.9% $612 $604
2 T-Mobile US and Sprint Corp. 29.4 27.3 1,684 1,709
3 AT&T 28.2 30.1 624 457
5 America Movil (TracFone Wireless) 6.4 7.0 227 260
6 Telephone and Data Systems (U.S. Cellular) 1.4 1.4 41 38
Top 6 98.9 98.8 3,187 3,069
Industry total $4,457 $4,389
Note: Share based on estimated U.S. subscribers.
Table 79: Top 10 Restaurant Chains, 2019

$ in millions
Market Share Measured M edia
Rank Brand 2019 2018 2019 2018
1 McDonald's 7.0% 6.9% $624 $671
2 Starbucks 3.7 3.5 72 78
3 Chick-fil-A 2.0 1.8 130 106
4 Taco Bell 2.0 1.9 383 420
5 Burger King 1.8 1.8 372 358
6 Subway 1.8 1.9 219 304
7 Wendy's 1.7 1.7 256 282
8 Dunkin' Donuts 1.6 1.6 176 142
9 Domino's 1.2 1.2 467 431
10 Panera Bread 1.0 1.0 70 63
Top 10 23.7 23.3 $2,768 $2,852
Industry total (sales, $ in
$578 $556 $6,162 $6,345
billions)
Note: Share based on estimated U.S. sales.
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Table 80: Top 10 Auto Marketers, 2019

$ in millions
Rank Brand 2019 2018 2019 2018
1 General Motors Co. 16.9% 17.1% $2,952 $3,139
2 Ford Motor Co. 14.1 14.3 2,280 2,434
3 Toyota Motor Corp. 13.9 14.0 1,508 1,548
4 Fiat Chrysler Automobiles 12.9 13.0 2,053 2,129
5 Honda Motor Co. 9.4 9.3 1,390 1,325
6 Nissan Motor Co. 7.9 8.6 990 1,069
7 Hyundai Motor Co. 4.2 3.9 627 560
8 Subaru Corp. 4.1 3.9 523 497
9 Volkswagen 3.8 3.7 777 728
10 Kia Motors Corp. 3.6 3.4 534 544
Top 10 90.7 91.2 $13,633 $13,973
Industry total (vehicles sold in
17.1 17.3 NA NA
millions)
Note: Share based on estimated U.S. sales.
Table 81: Top 10 Insurance Brands, 2019

$ in millions
M arket Share Measured M edia
Rank Brand 2019 2018 2019 2018
1 Geico [Berkshire Hathaway] 20.8% 20.6% $1,618 $1,478
2 Progressive [Progressive Corp.] 13.7 14.2 1067 1016
3 State Farm [State Farm Mutual Auto Insurance] 10.3 8.7 802 627
4 Allstate [Allstate Corp.] 5.6 5.5 437 398
5 Liberty Mutual [Liberty Mutual Holding Co.] 5.6 5.2 435 373
6 USAA [United Services Automobile Association] 3.4 2.5 264 177
7 UnitedHealthcare [UnitedHealth Group] 2.9 2.8 225 204
8 The General [Am erican Family M utual Insurance]
1.9 2.1 151 151
9 Farmers Insurance [Zurich Insurance Group] 1.6 1.9 126 135
10 Nationwide [Nationwide Mutual Insurance Co.] 1.5 2.1 117 148
Top 10 67.3 65.6 5,240 4,707
Total insurance ad spending $7,790 $7,179
Note: Share based on share of insurance category ad spend.
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Table 82: Top 10 Credit Card Companies, 2019

$ in millions
Rank Brand 2019 2018 2019 2018
1 Chase 20.4% 20.1% $81 $66
2 American Express 20.2 20.5 177 214
3 Citigroup 11.2 11.1 82 82
4 Bank of America 9.6 9.8 11 1
5 U.S. Bancorp 9.3 9.2 402 449
6 Capital One 3.9 4 0 1
7 Discover 3.7 3.8 271 263
8 Wells Fargo 3.5 3.7 3 1
9 Barclays 2.1 2.2 15 40
10 Synchrony Financial 1.4 1.5 3 3
Top 10 85.4 85.8 1,047 1,120
Industry total (purchase volume, $
$4.0 $3.7 $1,394 $1,485
trillion)
Table 83: Top 10 Retailers, 2019

$ in millions
Rank Brand 2019 2018 2019 2018
1 Amazon 3.9% 3.4% $6,879 $5,029
2 Walmart Stores 10.7 10.8 2,753 2,604
3 Target Corp. 2.1 2.1 1,647 1,494
4 Macy's 0.7 0.7 1,330 1,358
5 Kohl's Corp. 0.5 0.5 1,156 1,133
6 Home Depot 2.7 2.8 1,090 1,062
7 Wayfair 0.2 0.2 932 664
8 Kroger Co. 3.3 3.4 854 752
9 Lowe's Cos. 1.8 1.9 811 890
10 Best Buy Co. 1.1 1.1 772 712
Top 10 27.1 27.0 18,224 15,697
Industry total (U.S. sales, $ in
$3.7 $3.5 NA NA
trillions)
Note: Share based on U.S. retail sales excluding motor vehicle and parts dealers, gas stations and fuel dealers.
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Table 84: Top 10 Beverage Brands, 2019

$ in millions
Rank Brand 2019 2018 2019 2018
1 Coke [Coca-Cola Co.] 11.5% 11.6% $283 $345
2 Pepsi [PepsiCo] 3.9 5.1 224 219
3 Mountain Dew [PepsiCo] 3.5 3.7 119 116
4 Dr Pepper [Keurig Dr Pepper] 3.4 3.5 91 93
5 Gatorade [PepsiCo] 3.4 3.4 134 129
6 Sprite [Coca-Cola Co.] 2.8 2.8 32 38
7 Nestle Pure Life [Nestle] 2.7 3.1 10 8
8 Poland Spring [Nestle] 2.4 2.5 8 3
9 Dasani [Coca-Cola Co.] 2 2.2 0 0
10 Aquafina [PepsiCo] 1.7 1.8 0 1
Top 10 38.4 39.6 901 951
Industry total (gallons in billions) 34.3 33.9 $1,812 $1,853
Note: Share based on U.S. sales volume in gallons.
Table 85: Top 10 Beer Brands, 2019

$ in millions
Market Share Measured M edia
Rank Brand 2019 2018 2019 2018
1 Anheuser-Busch InBev 39.7% 40.8% $428 $460
2 Molson Coors Beverage Co. 22.3 23.3 218 299
3 Constellation Brands 10.9 10.3 359 354
4 Heineken 3.4 3.6 138 141
5 Boston Beer Co. 2.6 2.1 58 72
6 Mark Anthony Group 2.5 1.3 9 7
7 Pabst Brewing Co. 1.8 2.0 0 1
8 Diageo 1.3 1.2 17 14
9 D.G. Yuengling & Son 1.2 1.3 9 10
10 Florida Ice and Farm Co. 1.1 1.1 0 2
Top 10 86.9 87.0 1,237 1,360
Industry total (barrels in millions) 206.2 205.6 $1,290 $1,400
Note: Share based on U.S. shipment volume (barrels).
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Table 86: Top 10 Personal Care Brands, 2019

$ in millions
Rank Brand 2019 2018 2019 2018
1 Dove [Unilever] 3.1% 2.8% $197 $190
2 Bath & Body Works [L Brands] 2.7 2.5 2 1
3 L'Oreal Paris [L'Oreal] 2.4 2.6 495 542
4 Equate [Walmart] 2.3 2.1 0 0
5 Crest [Procter & Gamble Co.] 2.2 2.1 117 140
6 Gillette [Procter & Gamble Co.] 2.1 2.3 115 131
7 Colgate [Colgate-Palmolive Co.] 2.1 2.1 108 106
8 Neutrogena [Johnson & Johnson] 1.7 1.7 196 188
9 Oral-B [Procter & Gamble Co.] 1.4 1.3 40 43
10 Suave [Unilever] 1.3 1.3 30 13
Top 10 21.4 20.9 1,300 1,353
Total personal care ad spending $5,076 $5,680
Table 87: Top 10 Household Product Brands, 2019

$ in millions
Rank Brand 2019 2018 2019 2018
1 Great Value [Walmart] 5.0% 4.6% $0 $0
2 Tide[P&G] 4.4 4.2 197 207
3 Charmin [P&G] 3.7 3.7 112 90
4 Kirkland Signatrue [Costco] 3.1 2.9 0 0
4 Bounty [P&G] 3.0 3.1 136 97
6 Member's Mark [Walm art] 2.8 2.8 0 0
7 Gain [P&G] 2.4 2.5 97 120
8 Scott [Kimberly-Clark Corp.] 2.4 2.2 3 15
9 Clorox [Clorox Co.] 2.2 2.3 80 85
10 Downy [P&G] 2.1 1.9 160 175
Top 10 31.1 30.1 786 790
Total category ad spending 2,084 2,095
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Table 88: Top 10 Prescription Drug Marketers, 2019

$ in millions
Rank Brand 2019 2018 2019 2018
1 Humira [AbbVie] 8.7% 8.1% $556 $495
2 Xeljanz [Pfizer] 3.4 4.0 214 244
3 Dupixent [Sanofi] 3.3 2.3 210 138
4 Chantix [Pfizer] 3.1 3.2 195 195
5 Ozempic [Novo Nordisk] 2.8 1.3 180 82
6 Eliquis [Bristol-Myers Squibb Co.] 2.7 3.2 174 196
7 Emgality [Eli Lilly & Co.] 2.7 0.1 169 4
8 Otezla [Celgene Corp.] 2.6 3.3 168 199
9 Trulicity [Eli Lily & Co.] 2.6 3.2 161 194
10 Cosentyx [Novartis] 2.5 3.0 159 185
Top 10 34.3 31.6 2,186 1,933
Total prescription drug measured-media spending $6,368 $6,110
Note: Share based on U.S. dollar sales.
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Global Advertisers
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Table 89: Top 25 Global Marketers, 2019

$ in billions
Rank
2019 Advertiser 2019 Worldwide Ad Spending
1 Amazon $11.0
3 L'Oreal $10.3
4 Samsung Electronics Co. $9.7
5 Unilever $8.1
6 Comcast Corp. $7.6
7 Nestle $7.4
8 LVMH Moet Hennessy Louis Vuitton $7.0
9 Alphabet (Google) $6.8
10 AT&T $6.1
11 Anheuser-Busch InBev $5.8
12 Volkswagen $5.7
13 Booking Holdings $5.0
14 Walt Disney Co. $4.8
15 Alibaba Group Holding $4.4
16 Toyota Motor Corp. $4.3
17 Coca-Cola Co. $4.2
18 McDonald's Corp. $4.0
19 American Express Co. $4.0
20 Expedia Group $3.8
21 General Motors Co. $3.7
22 Walmart $3.7
23 Ford Motor Co. $3.6
24 Nike $3.6
25 JPMorgan Chase & Co. $3.6
Source: Advertising Age, December 2020.
Table 90: Ad Spending by Category for Top 100 Global Advertisers, 2017
$ in millions
Category 2017 % of Total 2016 % of Total
Personal care and household products
51,563 18.5% 50,377 18.9%
Automotive 47,089 16.9% 46,319 17.4%
Entertainm ent and media 29,795 10.7% 26,577 10.0%
Retail 26,674 9.6% 23,694 8.9%
Food and beverage 20,873 7.5% 21,335 8.0%
Technology 18,910 6.8% 17,843 6.7%
Beer, wine and liquor 17,790 6.4% 17,084 6.4%
Telecomm unications 17,312 6.2% 16,933 6.4%
Financial services 13,153 4.7% 13,625 5.1%
Apparel 12,686 4.5% 10,984 4.1%
Pharm aceuticals 8,146 2.9% 8,089 3.0%
Travel 7,833 2.8% 6,475 2.4%
Restaurants 7,150 2.6% 6,730 2.5%
Global 100 total $278,974 100.0% $266,065 100.0%
Source: Advertising Age, December 2018
Note: All figures are considered Ad Age estimates.
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Table 91: Top 10 Advertisers in Brazil, 2017

$ in millions
Rank Advertiser 2017 2016 % Change
1 Hypermarcas $420.8 $244.9 71.8
2 Genomma Lab 351.4 358.3 (1.9)
3 Unilever 206.0 293.0 (29.7)
4 Anheuser-Busch InBev 176.5 126.4 39.6
5 Procter & Gamble Co. 175.1 168.9 3.7
6 Divcom Pharma Nordeste 167.7 111.9 49.8
7 America Movil 166.5 102.8 61.9
8 Caixa (Gfc) 161.9 180.2 (10.2)
9 Expedia Group 151.0 117.5 28.6
10 Ultrafarma 141.6 89.0 59.1
Table 92: Top 10 Advertisers in Canada, 2017

$ in millions
Rank Advertiser 2017
106.5 2016
110.8 %-3.8
chg
1 Procter & Gam ble Co. $106.5 $110.8 (3.8)
2 Bell Canada 82.9 56.9 45.7
3 General Motors Co. 78.9 89.7 (12.0)
4 Restaurant Brands International 68.1 66.3 2.6
5 Provincial Governm ent Lotteries 65.8 66.5 (1.0)
6 Ford Motor Co. 57.8 62.0 (6.8)
7 Rogers Comm unications 57.4 49.2 16.6
8 McDonald's Corp. 53.6 52.7 1.8
9 Fiat Chrysler Autom obiles 52.0 52.1 (0.3)
10 Nissan Motor Co. 49.6 49.4 0.3
Table 93: Top 10 Advertisers in China, 2017

$ in millions
Rank Advertiser 2017 2016 % chg
1 Procter & Gamble Co. $902.6 $1,179.5 (23.5)
2 Neimenggu Hongmao Pharmaceutical Co. 827.0 546.4 51.3
3 Coca-Cola Co. 630.3 508.0 24.1
4 Guangzhou Pharmaceutical Holdings 562.0 403.6 39.2
5 L'Oreal 399.2 381.5 4.6
6 Mars Inc. 395.5 380.2 4.0
7 Unilever 348.6 435.6 (20.0)
8 Xian Yangjian Pharmaceutical 334.2 292.2 14.4
9 Gansu Xifeng M edicine 330.4 52.9 524.9
10 Dali Food Group Co. 292.2 188.0 55.5
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Table 94: Top 10 Advertisers in France, 2017

$ in millions
1 PSA Group (Peugeot, Citroen, Opel, Vauxhall)
$638.5 $604.3 5.7
2 Renault 386.5 390.1 (0.9)
3 Schwarz Gruppe 376.4 303.9 23.9
4 LVMH Moet Hennessy Louis Vuitton 357.5 334.8 6.8
5 L'Oreal 353.8 405.0 (12.6)
6 Association Fam iliale Mulliez 339.4 397.1 (14.5)
7 Volkswagen 335.4 318.2 5.4
9 Mousquetaires Groupe 312.3 235.1 32.8
10 Carrefour 308.1 295.9 4.1
Table 95: Top 10 Advertisers in Germany, 2017

$ in millions
1 Procter & Gam ble Co. $1,145.1 $969.5 18.1
2 Volkswagen 800.0 684.8 16.8
3 Interm ediaere 773.3 856.3 (9.7)
4 Schwarz Gruppe 613.6 434.8 41.1
5 Ferrero 497.9 464.8 7.1
6 L'Oreal 487.8 500.4 (2.5)
7 Deutsche Telekom (T-Mobile US) 432.7 305.5 41.7
8 Maxingvest (Beiersdorf) 390.6 409.9 (4.7)
9 Rewe Group 357.8 360.1 (0.7)
10 Ceconomy (was part of Metro Group) 342.7 350.9 (2.3)
Table 96: Top 10 Advertisers in Italy, 2017

$ in millions
1 Procter & Gam ble Co. $969.3 $739.0 31.2
2 Fiat Chrysler Automobiles 716.0 663.3 7.9
3 Volkswagen 708.3 784.8 (9.7)
4 Barilla 671.6 555.9 20.8
5 Intermediari (@) 599.8 332.1 80.6
6 PSA Group (Peugeot, Citroen, Opel, Vauxhall)
590.9 589.0 0.3
7 Sky 517.3 638.8 (19.0)
8 Vodafone Group 501.8 503.9 (0.4)
9 Ferrero 500.7 391.6 27.9
10 Poltronesofa 426.3 299.9 42.2
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Table 97: Top 10 Advertisers in Japan, 2017

$ in millions
1 Suntory Holdings (Beam Suntory) $1,947.3 $1,981.4 (1.7)
2 Aeon Co. 1,525.7 1,646.8 (7.4)
3 Toyota Motor Corp. 1,157.8 1,052.3 10.0
4 Sony Corp. 1,129.7 1,059.1 6.7
5 Rakuten 1,079.8 894.5 20.7
6 Recruit Holdings Co. 888.4 800.3 11.0
7 Kao Corp. 836.4 1,102.3 (24.1)
8 Seven & i Holdings 797.5 1,024.9 (22.2)
9 NTT Corp. 697.9 739.4 (5.6)
10 Coca-Cola Co. 555.6 544.7 2.0
Table 98: Top 10 Advertisers in South Korea, 2017

$ in millions
1 LG Electronics $448.7 $339.2 32.3
2 Samsung Electronics Co. 378.0 349.1 8.3
3 Hyundai Motor Co. 261.9 254.4 3.0
4 Lotte Group 214.9 172.2 24.8
5 Coca-Cola Co. 152.5 118.5 28.6
7 KT 133.6 140.1 (4.7)
8 Korea Ginseng Corp. 130.1 100.3 29.7
9 Dongsuh Food 129.9 118.4 9.7
10 Expedia Group 115.8 29.5 292.5
Table 99: Top 10 Advertisers in Spain, 2017

$ in millions
1 Volkswagen $105.2 $91.7 14.6
2 El Corte Ingles 86.0 84.4 1.9
3 PSA Group (Peugeot, Citroen, Opel, Vauxhall)77.0 65.4 17.8
4 Orange 70.1 71.7 (2.2)
6 Vodafone Group 60.0 52.5 14.3
7 L'Oreal 56.5 62.7 (9.8)
8 RB (Reckitt Benckiser Group) 50.1 52.4 (4.5)
9 Organizacion Nacional Ciegos Espana (Once)47.4 51.9 (8.6)
10 Mutua Madrilena Automovilista 46.9 33.0 42.3
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Table 100: Top 10 Advertisers in United Kingdom, 2017

$ in millions
1 Sky (acquired by Comcast in 2018) $268.7 $299.0 (10.1)
2 Procter & Gamble Co. 263.6 282.7 (6.8)
3 BT Group 157.6 187.9 (16.1)
4 Unilever 157.0 146.8 6.9
5 Amazon 154.5 164.3 (6.0)
6 Tesco 130.7 81.8 59.8
7 Volkswagen 126.6 119.0 6.4
8 McDonald's Corp. 123.9 116.4 6.4
9 RB (Reckitt Benckiser Group) 119.1 148.5 (19.8)
10 L'Oreal 112.1 144.0 (22.2)
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Advertising & Marketing Services Companies
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Table 101: World’s Top 10 Agency Companies, 2019

$ in billions
RANK WORLDWIDE REVENUE
2019 2018 AGENCY COMPANY 2019 2018 % CHG
1 1 WPP $16.9 $20.8 -18.75%
2 2 Omnicom Group $15.0 $15.3 -1.96%
3 3 Publicis Groupe* $12.3 $11.7 5.13%
4 6 Accenture's Accenture Interactive $10.3 $8.5 21.18%
5 4 Interpublic Group of Cos. $10.2 $9.7 5.15%
6 5 Dentsu Inc.* $9.6 $9.2 4.35%
7 8 Deloitte's Deloitte Digital $7.9 $5.3 49.06%
8 7 PwC's PwC Digital Services $6.7 $5.4 24.07%
9 9 IBM Corp.'s IBM iX* $5.6 $5.0 12.00%
10 11 BlueFocus Communication Group $4.1 $3.5 17.14%
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Figure 15: Ad Holding Company Revenue by Client Vertical, 2020

% share
Other OMC F&B Other IPG F&B

9% 10% 8% 14%
CPG
8% CPG
8%
Health Care
26% TMT
16% TMT
Health Care 15%
16%
Retail Auto
8% Retail Auto
10% Financial
7% Financial 10%
13% 8%
Other WPP F&B PUB

Other F&B
5% 12% 5% 11%
CPG CPG
Health Care Health Care
13%
14% 12%
13%
Retail Retail
5% 8% TMT
Financial 13%
4%
TMT Financial
Auto Auto
25% 15%
14% 16%
Note: Category definitions are not standard across companies. IPG figures represent top 100 clients.
Source: Company reports; J.P. Morgan.
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Table 102: Top 25 U.S. Agency Brands by Core Advertising Revenue, 2019
$ in millions
RANK U.S. REVENUE

2019 AGENCY 2019 2018 % CHG
1 Accenture Interactive (Accenture) $4,349 $3,526 23%
2 Deloitte Digital (Deloitte) 4,102 2,812 46%
3 PwC Digital Services (PwC) 3,032 2,490 22%
4 IBM iX* (IMB Corp.) 1,958 1,751 12%
5 Epsilon (Alliance Data Systems Corp.) 1,600 1,878 -15%
6 Publicis Sapient* (Publicis) 1,375 1,101 25%
7 RRD Marketing Solutions (R.R. Donnelley) 1,281 1,181 8%
8 Advantage Marketing Partners (Advantage Solutions) 1,244 1287 -3%
9 Wunderman* (WPP) 1,070 1,108 -3%
10 Freeman 880 1,035 -15%
11 Merkle* (Dentsu) 844 659 28%
12 BBDO Worldwide* (Omnicom) 691 641 8%
13 Acxiom Corp. (Interpublic) 677 677 0%
14 Publicis Health* (Publicis) 573 546 5%
15 McCann* (Interpublic) 568 611 -7%
16 Ogilvy* (WPP) 555 729 -24%
17 Edelman (DJE Holdings) 554 545 2%
18 Rapp* (Omnicom) 543 518 5%
19 Spark Foundry/Blue 449* (Publicis) 477 489 -2%
20 Horizon Media* 444 NA NA
21 Weber Shandwick* (Interpublic) 439 430 2%
22 Publicis Worldwide* (Publicis) 435 434 0%
23 Digitas* (Publicis) 426 471 -10%
24 Mindshare* (WPP) 405 460 -12%
25 FCB* (Interpublic) 395 NA NA
*Revenue is Ad Age estimate.

Table 103: Top 10 Consolidated Agency Networks by Worldwide Revenue, 2018

$ in billions
TOP 15 CONSOLIDATED AGENCY NETWORKS
Rank Worldwide Revenue
2019 2018 Network and Agencies 2019
1 1 Accenture Interactive (Accenture) $10.3
2 3 Deloitte Digital (Deloitte) $7.9
3 2 PwC Digital Services (PwC) $6.7
4 4 IBM iX (IBM Corp.) $5.6
5 6 BlueFocus (China) (BlueFocus Communication Group) $3.6
6 7 McCann Worldgroup (Interpublic) $2.8
7 8 Wunderman Thompson (WPP) $2.6
8 9 Dentsu Aegis Network (Dentsu) $2.6
9 NR Dentsu Japan Network* (Dentsu) $2.4
10 NR Publicis Sapient (Publicis) $2.1
11 NR TBWA Worldwide* (Omnicon) $2.1
12 10 DDB Worldwide Communications Group (Omnicom) $1.9
13 NR BBDO Worldwide (Omnicon) $1.8
14 NR Oglivy (WPP) $1.8
15 NR Advantage Marketing Partners (Advantage Solutions) $1.7
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Table 104: Top 25 U.S. CRM/Direct Marketing Agencies, 2018

$ in millions
RANK U.S.
1 1 Epsilon [Alliance Data Systems Corp.] $1,878 17%
2 2 Deloitte Digital [Deloitte] 1575 8%
3 4 Wunderm an* [WPP] 968 35%
4 5 Merkle* [Dentsu] 659 6%
5 NA RRD Marketing Solutions (R.R. Donnelley) 610 NA
6 6 Rapp* [Omnicom] 549 3%
7 7 Digitas* [Publicis] 471 -6%
8 8 PwC Digital Services [PwC] 460 11%
9 9 Ogilvy* [WPP] 317 6%
10 11 MRM//McCann* [Interpublic] 270 11%
11 10 Harte Hanks* 243 -18%
12 13 FCB* [Interpublic] 217 9%
13 14 Proximity* [Om nicom] 136 5%
14 15 Targetbase* [Omnicom ] 91 10%
15 21 Brierley & Partners 90 54%
16 17 SourceLink 87 23%
17 18 ICF Next [ICF] 75 9%
18 23 Rauxa 72 30%
19 16 One & All* [Omnicom ] 68 -6%
20 22 Ansira 68 19%
21 19 Javelin Agency* [Omnicom] 66 -2%
22 NA Havas Creative* [Vivendi's Havas] 50 NA
23 NA InterMedia Advertising* 35 NA
24 NA A.B. Data 33 NA
25 NA Anderson Direct & Digital 31 NA
Source: Advertising Age, May 2019.
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Table 105: Worldwide Media Specialists by Revenue, 2018

$ in millions
RANK WORLDWIDE REVENUE
1 2 Mindshare Worldwide* [WPP] $1,513 6%
2 3 MediaCom* [WPP] 1,436 10%
3 1 Wavemaker* [WPP] 1,433 -7%
4 5 Carat* [Dentsu] 1,348 6%
5 4 OMD Worldwide* [Om nicom] 1,307 2%
6 6 Starcom* [Publicis] 1,014 -3%
7 7 Havas Group M edia* [Vivendi] 1011 6%
8 8 Zenith* [Publicis] 826.6 -8%
9 9 PHD* [Om nicom] 752.7 8%
10 NA Spark Foundry/Blue 449* [Publicis] 615.4 NA
RANK U.S. REVENUE

1 4 Spark Foundry/Blue 449* [Publicis] $489 20%
2 2 Mindshare Worldwide* [WPP] 460 10%
3 1 Starcom* [Publicis] 431 -1%
4 6 Horizon M edia* 387 10%
5 7 OMD Worldwide* [Om nicom] 335 -1%
6 5 Zenith* [Publicis] 333 -6%
7 3 Wavemaker* [WPP] 313 -24%
8 8 MediaCom* [WPP] 291 16%
9 NA Essence* [WPP] 244 NA
10 9 Hearts & Science* [Om nicom] 241 18%
Note: * Indicates Ad Age estimate. Estimates reflect only traditional media spending in 55 countries.
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Table 106: Top 25 U.S. Digital Agencies, 2018

$ in millions
RANK U.S. REVENUE
1 1 Cognizant Interactive [Cognizant] $3,672 19%
2 2 Accenture Interactive [Accenture] 3,526 25%
3 3 Deloitte Digital [Deloitte] 2,812 30%
4 5 IBM iX* [IBM Corp.] 1,751 41%
5 4 PwC Digital Services [PwC] 1,533 11%
6 6 Epsilon [Alliance Data Systems Corp.] 1,163 -3%
7 7 Publicis.Sapient* [Publicis] 1,148 1%
8 8 Wunderman* [WPP] 968 35%
9 11 Rapp* [Omnicom] 549 3%
10 13 Ogilvy* [WPP] 505 6%
11 12 Digitas* [Publicis] 471 -6%
12 9 Merkle* [Dentsu] 393 -37%
13 14 Havas* [Vivendi] 387 -6%
14 15 R/GA* [Interpublic] 343 -1%
15 16 VMLY&R* [WPP] 314 6%
Note: Asterisk(*) indicates AdAge estimate.
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Table 107: Top U.S. Promotion Agencies, 2018

$ in millions
RANK U.S. REVENUE
1 1 Advantage Marketing Partners [Advantage Solutions] $1,287 3%
2 NA RRD Marketingg Solution [R.R. Donnelley] 474 NA
3 3 Freem an 336 1%
4 7 George P. Johnson [Project WorldWide] 226 10%
5 4 Epsilon [Alliance Data Systems Corp.] 209 -12%
6 2 Mosaic [Acosta] 205 -42%
7 6 Momentum Worldwide* [Interpublic] 173 -17%
8 5 Marketing Arm* [Om nicom] 170 -24%
9 9 OMG Entertainment & Sports* [Omnicom] 163 7%
10 11 Integer Group* [Om nicom] 146 0%
11 8 Geometry Global* [WPP] 138 -16%
12 12 Octagon* [Interpublic] 115 -20%
13 14 Jack Morton Worldwide* [Interpublic] 112 -20%
14 10 GMR Marketing* [Omnicom] 109 -25%
15 15 TracyLocke* [Omnicom] 106 5%
16 16 GES* [Viad Corp.] 97 5%
17 17 Im pact XM 96 9%
18 18 Marketing Store 94 7%
19 20 Derse* 93 13%
20 19 MKTG* [Dentsu] 78 -5%
21 NA Wunderman Thompson* 77 NA
22 NA Merkle* [Dentsu] 70 NA
23 NA Lagardere Sports and Entertainm ent* [Lagardere] 68 NA
24 21 Leo Burnett Worldwide* [Publicis] 67 -1%
25 22 Team* [MDC Partners] 66 0%
Note: Asterisk (*) indicates estimate. Advantage Marketing Partners: 2017 pro forma revenue for Marketing segment including Daymon
Worldwide's Daymon Interactions (acquired December 2017) and other acquisitions.
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Table 108: Top 25 U.S. Healthcare Agencies, 2018

$ in millions
RANK U.S. REVENUE
1 1 Omnicom Health Group* [Omnicom] $819 11%
2 2 Publicis Health* [Publicis] 546 -24%
3 4 PwC Digital Services [PwC] 325 16%
4 9 Wunderman Health* [WPP] 302 58%
5 5 FCB Health* [Interpublic] 285 7%
6 7 Havas Health & You* [Vivendi] 243 12%
7 6 Syneos Health Communications* [Syneos Health] 243 -5%
8 8 McCann Health/McCann HumanCare* [Interpublic] 212 5%
9 10 Deloitte Digital [Deloitte] 169 10%
10 12 W2O Group 162 21%
11 11 Rapp* [Omnicom] 152 6%
12 13 Huntsworth (health care)* [Huntsworth] 143 20%
13 14 Intouch Solutions 140 27%
14 NA Ogilvy Health [WPP] 136 NA
15 15 Merkle* [Dentsu] 110 14%
16 NA CMI/Compas* [WPP] 106 NA
17 16 Epsilon [Alliance Data Systems Corp.] 92 3%
18 18 ICF Next [ICF] 70 18%
19 17 AbelsonTaylor 61 -15%
20 22 Greater Than One 54 40%
21 NA Merge 48 NA
22 NA Fingerpaint 45 NA
23 NA Pacific Communications 44 NA
24 NA Freeman 40 NA
25 NA Healthwork*[Omnicom] 39 NA
Asterisk (*) indicates estimate. Note: Syneos Health Communications: Formerly InVentiv Health Communications. Estimated revenue
for advertising, public relations, medical communications and data analytics. WPP launched WPP Health & Wellness in Feb. 2017 and
combined the following agencies: Ogilvy CommonHealth Worldwide, Sudler & Hennessey, ghg | greyhealth group, and CMI/Compas
into a new specialized healthcare unit
Source: Ad Age’s annual agency report, May 2019.
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Table 109: Top U.S. Hispanic Agencies, 2018

$ in millions
RANK U.S. REVENUE
1 3 The Community* [Publicis] $47 48%
2 2 Alma* [Omnicom] 43 15%
3 1 Conill* [Publicis] 38 -8%
4 4 Dieste* [Omnicom] 31 11%
5 7 Republica Havas* [Vivendi] 31 45%
6 6 Gallegos United* [United Collective] 25 14%
7 8 Casanova//McCann* [Interpublic] 20 0%
8 NA Third Ear* [Omnicom] 17 NA
9 NA VMLY&R* [WPP] 17 NA
10 10 Zubi Advertising* [WPP] 17 -8%
11 12 Richards/Lerma 16 -6%
12 9 Lopez Negrete Communications 16 -18%
14 18 Marca [Eastport Holdings] 12 18%
15 19 De la Cruz Group 11 15%
16 13 PM3 11 -28%
17 21 Infusion 11 15%
18 23 Lopito Ileana & Howie 9 18%
20 NA We Believers 9 NA
21 22 D Exposito & Partners* 8 -8%
22 NA Orci 8 NA
23 24 Acento Advertising 8 -3%
24 NA Gravity Media* [Dentsu] 8 NA
25 25 M8* [Dentsu] 7 -9%
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Table 110: Top U.S. African-American Agencies, 2018

$ in millions
RANK U.S. REVENUE
1 1 Burrell Communications Group* [Publicis] $24 4%
2 2 UniWorld Group* [WPP] 17 -3%
3 3 Carol H. Williams Advertising 14 -17%
4 5 Fuse 9 3%
5 6 Muse 8 6%
6 8 ICF Next [ICF] 5 -7%
8 NA Fluent 360* [Omnicom] 4 NA
10 10 Spike DDB* [Omnicom] 2 -37%
11 11 Matlock Advertising & Public Relations 2 -37%
12 NA O'Keefe Reinhard & Paul 2 NA
13 NA Infusion 1 NA
14 14 Moroch 1 0%
15 13 Sensis 1 -42%
Table 111: Top Asian-American Agencies, 2018

$ in millions
RANK U.S. REVENUE
1 1 Aaaza $18 0%
2 4 Admerasia 13 36%
3 2 IW Group* [Interpublic] 12 -3%
4 3 InterTrend Communications 10 -3%
5 5 MediaMorphosis 7 10%
6 6 ES Advertising 6 0%
7 7 L3 Advertising 6 0%
8 9 Muse 2 6%
9 NA Fluent 360* [Omnicom] 1 NA
10 NA KHJ Brand Activation 1 NA
Notes: Asterisk (*) indicates estimate.
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Selected Sports Contracts
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Table 112: Selected Domestic Sports Rights Contracts - Current

Entity Network Package Announced Start End AAV ($m) Duration Value (m)
NFL CBS AFC Package Dec 2011 2014 2022 $1,000 9 years $9,000
FOX NFC Package Dec 2011 2014 2022 $1,100 9 years $9,900
NBC Sunday Night Dec 2011 2014 2022 $950 9 years $8,550
ESPN Monday Night Sep 2011 2014 2021 $1,900 8 years $15,200
FOX Thursday Night Jan 2018 2018 2022 $660 5 years $3,300
Amazon Thursday Night - Digital Apr 2020 2020 2022 na 3 years na
AT&T/DirecTV Sunday Ticket Oct 2014 2015 2022 $1,500 8 years $12,000
Verizon Streaming Mobile Phones Dec 2017 2018 2022 $450 5 years $2,250
NBA ABC/ESPN 100 reg season gms; playoffs; finals Oct 2014 2016 2024 $1,430 9 years $12,870
TNT 64 reg season gms; playoffs; All-Star gm Oct 2014 2016 2024 $1,230 9 years $11,070
MLB ESPN M/W/Su; Wild Card gm, Tiebreakers Aug 2012 2014 2021 $700 8 years $5,600
Fox Sports Sat; LDS, LCS, WS, All-Star gm Oct 2012 2014 2021 $525 8 years $4,200
Turner Su; WC game; LDS, LCS Oct 2012 2014 2021 $325 8 years $2,600
NASCAR Fox Sports Cup Series; Xfinity; Camping World Oct '12/Aug '13 2015 2024 $380 10 years $3,800
NBC Cuper Series; Xfinity Jul 2013 2015 2024 $440 10 years $4,400
March Madness CBS/Turner 67 games (21-24 on CBS) Apr 2010 2011 2024 $771 14 years $10,800
NHL NBC 100+ reg games; Stanley Cup playoffs April 2011 2011 2020 $200 10 years $2,000
Disney Streaming Coverage of live out-of-market games Aug 2015 2016 2022 $100 6 years $600
Olympics NBC 2014-2020 Olympic Coverage Jun 2011 2014 2020 $1,095 4 years $4,380
NBC 2022-2032 Olympic Coverage May 2014 2021 2032 $1,275 6 years $7,650
FIFA World Cup FOX 2 World Cups Oct 2011 2015 2022 $213 2 years $425
FOX 1 World Cup Feb 2015 2023 2026 $234 1 year $234
MLS ESPN 34+ matches, 5-6 playofffs, half national team May 2014 2015 2022 $45 8 years $360
FOX 34+ matches, 5-6 playofffs, half national team May 2014 2015 2022 $30 8 years $240
Univision 34+ matches, 3 playoff matches May 2014 2015 2022 $15 8 years $120
European Soccer NBCU English Premier League; 380 matches Aug 2015 2016 2021 $167 6 years $1,000
ESPN/ESPN+ Bundesliga; 306 matches Sept 2019 2020 2025 $30 3 years $90
ViacomCBS / Univision UEFA Champions, Europa; 340+ matches Nov 2019 2021 2023 $140 3 years $420
ViacomCBS Serie A (380 matches); Coppa Italia (25 matches) Mar 2021 2021 2023 $75 3 years $225
ESPN+ LaLiga (380 matches); LaLiga 2 May 2021 2021 2028 $175 8 years $1,400
Fighting ViacomCBS Bellator -Oct 2011 2011 na VIAC owns Bellator
ESPN/ESPN+ UFC: 30 Fight Nights; 12 PPV prelims May 2018 2019 2025 $300 7 years $2,100
ESPN+ UFC: Exclusive deal to distribute 12 PPVs Mar 2019 2019 2025 $175 7 years $1,225
Wrestling NBCU WWE - Raw Jun 2018 2019 2024 $265 5 years $1,325
Fox Sports WWE - Smackdown Jun 2018 2019 2024 $205 5 years $1,025
NBCU (Peacock) WWE - PPVs, archive, originals Jan 2021 2021 2026 $205 5 years $1,025
TNT AEW - Dynamite Jan 2020 2020 2023 $44 4 years $175
Tennis ESPN US Open May 2013 2015 2025 $75 11 years $825
ESPN Wimbledon June 2011 2012 2023 $33 12 years $400
ESPN Australian Open Sept 2010 2012 2021 na 10 years na
CBS / NBC / Golf Channel PGA Tour Sep 2011 *2013 2021 $400 9 years $3,600
ESPN / CBS PGA Championship Oct 2018 2020 2030 na 11 years na
US Open FOX Aug 2013 2015 2026 $100 12 years $1,200
British Open NBC Jun 2015 2016 2028 $50 13 years $650
College Sports ESPN / ABC Pac-12 May 2011 2012 2023 $125 12 years $1,500
FOX Pac-12 May 2011 2012 2023 $125 12 years $1,500
ESPN / ABC Big Ten Jun 2016 2017 2022 $190 6 years $1,140
FOX Big Ten Apr 2016 2017 2022 $240 6 years $1,440
BTN Big Ten Jun 2016 2007 2031 $112 25 years $2,800
CBS Big Ten Basketball Jun 2016 2016 2022 $10 6 years $60
ESPN / ABC ACC Jul 2016 2016 2035 $240 15 years $3,600
CBS SEC - football Game of the Week (16-17 / season) May 2013 2009 2023 $55 15 years $825
ESPN / ABC / SECN SEC May 2013 2014 2033 na 20 years na
ESPN / ABC Big 12 Mar 2012 2012 2024 $100 13 years $1,300
FOX Big 12 Mar 2012 2012 2024 $92 13 years $1,200
ESPN College Football Playoffs Nov 2012 2014 2025 $470 12 years $5,640
NBC Notre Dame University Football Apr 2013 2016 2025 $15 10 years $150
ESPN / ESPN+ American Athletic Conference Mar 2019 2020 2031 $83 12 years $1,000
CBSSN / FOX Mountain West Conference Jan 2020 2020 2025 $45 6 years $270
YouTube Activision Blizzard Esports (OWL, CDL) Feb 2020 2020 2022 $53 3 years $160
Source: NFL, NBA, NASCAR, NCAA, MLB, Sports Business Daily, ESPN, J.P. Morgan estimates.
Note: CBS, Disney, and Fox covered by Alexia Quadrani; AT&T (Turner), Comcast (NBC) and Verizon covered by Phil Cusick; Amazon covered by Doug Anmuth.
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Table 113: Selected Domestic Sports Rights Contracts - Future

Entity Network Package Announced Start End AAV ($m) Duration Value (m)
NFL CBS Sports AFC Package Mar 2021 2023 2033 $2,100 11 years $23,100
FOX Sports NFC Package Mar 2021 2023 2033 $2,250 11 years $24,750
NBC Sports Sunday Night Mar 2021 2023 2033 $2,000 11 years $22,000
Disney Monday Night Mar 2021 2023 2032 $2,700 10 years $27,000
Amazon Thursday Night Mar 2021 2022 2032 $1,200 11 years $13,200
MLB Fox Sports 52 reg-season; LDS, LCS, WS, All-Star game Nov 2018 2022 2028 $729 7 years $5,100
Turner 26 reg-season; WC game; LDS, LCS Jun 2020 2022 2028 $535 7 years $3,745
ESPN 30 reg-season; WC series May 2021 2022 2028 $550 7 years $3,850
March Madness CBS/Turner 67 games (21-24 on CBS) Apr 2016 2025 2032 $1,100 8 years $8,800
NHL Disney 100 reg season gms; 1/2 playoffs; 4 finals; out-of-market Mar 2021 2021 2028 $400 7 years $2,800
Turner 72 reg season gms; 1/2 playoffs; 3 finals Apr 2021 2021 2028 $225 7 years $1,575
College Sports ESPN / ABC SEC - football Game of the Week (16-17 / season) Dec 2019 2024 2033 $315 10 years $3,150
Source: NFL, NBA, NASCAR, NCAA, MLB, Sports Business Daily, ESPN, J.P. Morgan estimates.
Note: CBS, Disney, and Fox covered by Alexia Quadrani; AT&T (Turner), Comcast (NBC) and Verizon covered by Phil Cusick; Amazon covered by Doug Anmuth.
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Table 114: Overview of Media and OSB Partnership Agreements

PARTNERSHIP ANNOUNCE DATE DETAILS / COMMENT
Fox Sports - Fox Bet May 2019 Original partnership with The Stars Group: creation of FOX Bet and free-to-play app (later branded FOX Bet Super 6)
- FanDuel - TSG receives exclusive use of Fox Sports TM for games and online wagering, certain ad and integration rights
on Fox Sports linear and digital assets. Commits to minimum annual ad spend on FOX media assets
- Fox: receives brand license, integration, affiliate fees. Pays $236m for 5% of TSG. Receives 10-year option to acquire
50% of TSG US business
Oct 2019 Flutter Entertainment and The Stars Group announce merger
- Fox: 5% stake in TSG converts to 2.6% in FLTR (currently ~2.4%). Receives 10-year option to purchase 18.5%
of FanDuel at market value beginning in July 2021. Retains option to acquire up to 50% of FOX Bet
ESPN - Caesars May 2019 Caesars to serve as official odds supplier across ESPN linear and digital. Receives ad/sponsor activations.
-ESPN to build branded studio at LINQ Hotel which will focus on sports betting content. Daily Wager show moves to
studio in Aug 2020
ESPN - Caesars Sep 2020 Separate multiyear agreements with Caesars and DraftKings
- DraftKings -DraftKings: becomes co-exclusive link-out provider and exclusive daily fantasy sports partner
Helps to power DFS segments across ESPN shows
-Caesars: becomes co-exclusive link-out provider (to US partner William Hill). Sponsors ESPN fantasy products
-DKNG rises 17%/34% in day/week post announcement; CZR rises 11% on announcement
NBC Sports - PointsBet Aug 2020 PointsBet becomes official sports betting partner of NBC Sports. 5 year agreement
-Exclusive odds/props provider for NBCSN, GOLF Channel, Peacock, and Rotoworld
-Exclusive integration on NBC Sports RSNs (footprint includes PacNW, New England, California, Illinois, Penn, D.C.)
-Partner for free-to-play app NBC Sports Predictor
-PointsBet commits to ~$400m of ad spend (mainly on RSNs), in addition to referral fees
-NBCU issued fully paid shares representing 4.9% of PBH AU; options to acquire up to 25% maturing in five years
-PBH AU rises 86% on announcement; subsequently raises $300m of equity financing
CBS Sports - William Hill Feb 2020 William Hill becomes official sportsbook and wagering data provider for CBS Sports
-CBS Sports to utilize William Hill odds/experts, education tools, prop bet calculators to enhance digital content
Includes opportunities for integration on linear programming
-CBS digital includes SportsLine, a $10/mo or $100/yr subscription for sports gambling advice/content
-William Hill receives exclusive promotion right across digital, including CBS Sports Fantasy
-Rollout was planned for March 2020 with NCAA Tournament; with cancellation, delayed to NFL start in September
Turner - DraftKings Oct 2020 DraftKings named official sportsbook and DFS provider across select non-NBA Turner and B/R properties
- FanDuel -Turner: non-NBA properties are primarily MLB, but also "The Match" golf; partner with B/R on Super Bowl show
-Turner receives sports betting data, DFS content; B/R receives custom content, odds, DFS stats, personalized alerts
FanDuel named exclusive sportsbook provider for NBA programming; incl. TNT linear and BleacherReport
-FanDuel odds integrated into NBA studio shows. Title sponsor for Group Chat , a B/R betting show
-Turner creates TNT Bets livestream for Western Conference finals games
DraftKings and FanDuel: both 5.5 year deals. Turner reported to receive $300m+ from deals, in addition to affiliate fees
Sinclair - Bally's Nov 2020 Long-term strategic partnership includes all Sinclair Assets (RSNs, stations, Tennis Channel, Stadium, STIRR)
-10 year deal with options for renewal.
-SBGI receives penny warrants for 15% of BALY; warrants to acquire 10% contingent on hitting certain metrics (first time
depositors); options for another 5% at specific price points
-Fox RSNs to rebrand to Bally Sports. SBGI receives naming rights fee of ~$8.5m/yr
-Bally's commits to spend certain percentage of marketing across RSNs
-Integrated content across all Sinclair assets, including pre-, post-, and in-game.
Yahoo - BetMGM Oct 2019 Exclusive partnership between Yahoo Sports and MGM Resorts and Roar Digital (JV with MGM and GVC Holdings)
-Yahoo Sports is Digital Media Sports Partner for MGM resorts
-Integration into Yahoo Sports app, with linkouts to BetMGM
-Multiyear agreement. Yahoo serves as affiliate, and is paid for registrations with possible rev share
Barstool Sports - Penn Jan 2019 Penn National becomes exclusive gaming partner for Barstool Sports
-Sole rights to Barstool brand for online, retail sports betting, iGaming. 40 year agreement
-Penn acquires 36% interest in Barstool for $163m; after three years Penn will increase ownership to 50%
The Athletic - BetMGM Jan 2021 BetMGM exclusive sports betting partner of The Athletic in the US
-Creation of The Athletic Betting Hub, a gaming focused vertical; further content integrations
-Features live odds, offers from BetMGM
Source: Company reports.
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Fragmentation of Media
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Table 115: Overview of Over-the-Top Services

Subs / MAUs
Service Description Owner Category Cost
(millions)
Netflix Offers Netflix Originals and licensed films and TV shows. No sports. Netflix SVOD $9/month to $18/month 208
Bundled with Amazon Prime, $13/month

On demand TV and movies, including Amazon Originals. Also offers "channels" add-ons 200 (175m
Amazon Prime Video Amazon SVOD or $119/year. $9/month standalone. Add-
that have some live TV. viewers)
on channels available.
Original movies and TV shows. Theatrical output from calendar 2019 onwards. Library
Disney+ Disney SVOD $7/month or $70/year 103.6
movies, TV shows, and shorts.
Features films, television, animation from Warner Media, including content from HBO,
44.2 (domestic);
HBO/HBO Max classic shows and movies, and new CW shows. Will eventually have ad-supported tier AT&T A/SVOD $15/month
63.9 (global)
and live programming.
Offers both live and on demand content with advertising. Over 100 channels and 75
Pluto TV ViacomCBS Live TV, AVOD Free 50
content partners, including live news and sports.
Features films, television, animation from NBCU. Also includes som e news and sports Free with ads; premium version
42 (1/3 are active
Peacock coverage. Offers ad-supported premium version to Com cast and Cox subscribers for Comcast A/SVOD $5/month with ads, or $10/month
users)
free at launch. without.
$6/month with commercials, $12/month
Hulu Offers Hulu Originals and licensed films and TV show s. No sports. Disney, Comcast A/SVOD 41.6
with no commercials
On-demand programming from Lionsgate, MGM, Paramount, and as well as
Tubi TV FOX AVOD Free 40
international programming from over 200 partners.
TV series from CBS studios, Star Trek film series, originals, and CBS live stream.
$6/month with ads, $10/month ad-free. 36 (8m from
Paramount+/Showtime Showtime original and licensed programming, both current and library content, all ViacomCBS SVOD, Live TV
15% discount w/ annual plan. Showtime)
commercial-free.
Movies and TV shows and some original program ming exclusive to Crackle. Also
Crackle Plus Chicken Soup for the Soul AVOD Free 30
includes other AVOD networks like Popcornflix.
Xumo Offers both live and on demand content with advertising. Comcast Live TV, AVOD Free 24
16.7 (10m
Starz Starz original programming and licensed content. Lionsgate SVOD $9/month
domestic)
Discovery+ Discovery content and licensed programming such as shows from A&E. Discovery SVOD $5/month with ads; $7/month ad-free. 15
Live games from MLB, MLS, NHL, PGA, Boxing, UFC, and more with limited ads. Also
ESPN+ Disney Live TV, SVOD $5.99/month or $59.99/year 13.8
includes ESPN Originals and ESPN+ exclusives. Superseded ESPN Insider.
Original TV and films. First year free with purchase of certain Apple devices. Also offers
Apple TV+ Apple SVOD $5/month 10
ability to sign up for channels like Amazon.
100 fight nights per year both live and on-dem and, including Golden Boy Promotions.
DAZN DAZN Group Limited Live TV, SVOD $20/month or $100/year 8
Bypass PPV for subscription model.
Includes streaming services Acorn TV, Shudder, Sundance Now, ALLBLK, IFC Price point varies between $5 to $10 a
AMC Networks AMC Networks SVOD 6
Unlimited, and AMC+. month.
More than 50 broadcast and cable channels, as well as Hulu stream ing with limited $55/month; add-on premium networks
Hulu with Live TV Disney, Comcast Live TV, A/SVOD 4.1
commercials. available
More than 60 TV channels, including all major broadcast networks. Offers 3 stream s and $65/month for 70+ channels; add-on
YouTube TV Alphabet Live TV 3
DVR. premium networks available
First OTT skinny bundle; only 20+ channels in single stream . Offers free HD antenna for $30/month; add-on premium networks
DISH Sling TV Dish Live TV 2.5
broadcast networks. Also offers international program ming packages. available
IMDb TV Offers Hollywood hit movies and TV shows. Amazon AVOD Free TBA
Free programming as well as add-on subscriptions. Reaches households with estimated

The Roku Channel Roku AVOD, SVOD Free; add-on available. 70*
70m people. Includes some original programming.
Source: Company reports and J.P. Morgan
Table 116: Average Time Spent per Day with Digital Video by US Adults, by Device, 2019-2023E
In hrs:mins
2019 2020 2021E 2022E 2023E
Digital video 1:51 2:20 2:29 2:35 2:24
Mobile 0:42 0:49 0:51 0:53 0:55
Desktop/laptop 0:23 0:26 0:26 0:25 0:25
Other connected devices 0:47 1:05 1:12 1:17 1:22
TV 3:27 3:33 3:17 3:02 2:51
Total TV and digital video 5:18 5:53 5:46 5:38 5:33
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Table 117: Share of Average Time Spent per Day with Select Media by US Adults vs. US Ad
Spending Share, 2017-2019E (% of total)
2017 2018E 2019E
Time spent Ad spend Time spent Ad spend Time spent Ad spend
share share share share share share
TV 34.0% 37.1% 32.9% 35.4% 32.0% 33.6%
Digital 50.4% 42.9% 51.8% 46.1% 53.0% 49.1%
Mobile 28.1% 30.2% 29.4% 34.5% 30.4% 38.3%
Desktop/laptop 22.2% 12.7% 22.4% 11.7% 22.6% 10.8%
Note: ages 18+; time spent with each medium includes all time spent with that medium, regardless of multitasking; for example, 1 hour
of multitasking on desktop/laptop while watching TV is counted as 1 hour for TV and 1 hour for desktop/laptop; ad spending share
excludes out-of-home; numbers may not add up to total due to rounding; *time spent with desktop/laptop includes all internet activities
on desktop and laptop computers.
Source: eMarketer, September 2017.
Table 118: US Programmatic Digital Display Ad Spend, by Transaction Method, 2019-2023E

$ in billions
2019 2020 2021E 2022E 2023E
Real-time bidding (RTB) $18.11 $20.34 $25.32 $29.87 $34.38
% growth 19% 12% 25% 18% 15%
% of total programmatic digital display ad spend 29.5% 27.1% 26.1% 25.9% 25.8%
Programmatic direct $43.27 $54.75 $71.57 $85.36 $98.66
% growth 31% 27% 31% 19% 16%
% of total programmatic digital display ad spend 70.5% 72.9% 73.9% 74.1% 74.2%
Note: includes native ads and ads on social networks like Facebook and Twitter; includes advertising that appears on desktop/laptop
computers, mobile phones, tablets and other internet-connected devices; *includes all programmatic ads that are transacted as blocks
of inventory using a non-auction-based approach via an API.
Source: eMarketer, April 2021
Table 119: US Pay and Non Pay-TV Households, by Type, 2019-2025E

$ in millions
2019 2020 2021E 2022E 2023E 2024E 2025E
Pay TV Households 84.0 78.2 74.0 70.2 66.6 63.4 60.3
– Cable 50.9 49.2 47.1 44.9 42.7 40.7 38.8
– Satellite 24.6 21.0 19.3 18.1 17.0 16.0 15.1
– Telco 8.1 7.7 7.3 7.0 6.8 6.5 6.4
– Multiple 0.4 0.3 0.3 0.2 0.2 0.2 0.1
Non-Pay TV Households 44.6 50.3 54.4 59.0 63.3 67.9 72.2
– Cord-nevers 20.0 20.1 20.2 21.2 22.0 23.4 24.7
– Cord-cutters 24.6 30.1 34.2 37.8 41.3 44.5 47.4
Pay TV Household growth -7.0% -6.9% -5.4% -5.1% -5.1% -4.9% -4.8%
– Cable -3.4% -3.4% -4.3% -4.7% -4.9% -4.7% -4.7%
– Satellite -13.2% -14.5% -8.2% -6.2% -6.1% -5.9% -5.6%
– Telco -7.6% -5.0% -4.3% -4.0% -3.7% -3.6% -2.9%
– Multiple -17.9% -24.5% -13.3% -19.2% -14.3% -16.7% -20.0%
Non-Pay TV household growth 19.5% 12.7% 8.2% 8.4% 7.4% 7.3% 6.2%
– Cord-nevers 3.82% 0.64% 0.36% 4.95% 3.77% 6.36% 5.55%
– Cord-cutters 36.22% 22.50% 13.52% 10.46% 9.37% 7.78% 6.55%
Table 120: US Addressable TV Ad Spending, 2019-2023E

$ in billions
2019 2020 2021E 2022E 2023E
Addressable TV Ad Spending $1.99 $2.14 $2.85 $3.63 $4.22
% change 36.5% 7.3% 33.1% 27.4% 4.2%
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Table 121: US Connected TV Ad Spending, 2019-2025E

$ in billions
2019 2020 2021E 2022E 2023E 2024E 2025E
Connected TV Ad Spending $6.42 $9.03 $13.41 $17.44 $21.37 24.76 27.47
% change 47.5% 40.6% 48.6% 30.0% 22.5% 15.9% 10.9%
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JPM - Advertising Factbook - 7-19-21

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North America Equity Research

 We include comprehensive historical statistics and projections relevant to U.S. Media

See page 96 for analyst certification and important disclosures.

U.S. Advertising Expenditures

Table 1: Advertising & Marketing Services – U.S. Outlook Summary, 2020-2022E

Figure 1: U.S. Advertising Revenue vs. Nominal GDP Growth, 1980-2021E

Recession Ad Spending % Change GDP % Change

Source: Zenith, IMF.

Figure 2: Share of U.S. Ad Revenues by Medium, 1980-2021E

Directories Outdoor Cable TV

Source: MAGNA, J.P. Morgan.

Table 3: U.S. Advertising Expenditure by Medium, 2018-2022E

Table 5: CPM Comparison

Cable TV (30-second ad unit)

Radio (30-second ad unit)

Table 6: Historical CPM Comparison, Adults 18+

Table 7: Top 10 U.S. Advertising Categories

Global Advertising Expenditures

Table 8: Worldwide Advertising Growth, 1998-2022E

Figure 3: Worldwide Ad Growth, 2000-2022E

% Change in North America Ad Spend % Change in WW Ad Spend

Source: ZenithOptimedia, December 2020; J.P. Morgan.

Table 9: Global Advertising Expenditures by Region, 2018-2022E

Table 10: Global Advertising Expenditures by Medium, 2018-2022E

Audio 32,169.4 32,222.7 23,478.8 27,620.4 28,780.9

Newspapers 48,080.5 44,020.2 31,782.6 31,593.4 30,091.8

Magazines 26,646.0 25,093.6 19,719.7 19,279.7 17,778.8

Outdoor 40,299.5 40,138.3 29,609.6 35,205.1 39,842.3

Cinema 2,636.1 2,819.7 594.6 1,028.2 1,975.1

Digital 279,271.5 338,866.2 379,421.6 477,307.2 536,146.1

Total Advertising $599,510.4 $651,244.8 $628,555.0 $749,447.4 $815,305.3

Source: GroupM, June 2021.

Table 11: Total Advertising Expenditure by Country, 2012-2022E

Source: GroupM, June 2021.

Table 12: China Advertising Expenditure by Medium, 2012-2022E

Source: GroupM, June 2021.

Television Advertising Expenditures

Table 13: Television Advertising Expenditure by Region and Country, 2012-2022E

Source: GroupM, June 2021.

Table 14: Net Advertising Revenue on Broadcast and Cable Networks

Figure 4: U.S. Digital Video Ad Spend, 2019-2024E

Source: eMarketer, March 2021.

Table 15: Top US Online Video Sites by Unique Viewers

Figure 5: U.S. DVR Penetration

Note: Based on July of each year.

Table 17: U.S. TV Ad Revenues by Format, 1980-2022E

Notes: (a) Excludes Olympics advertising. (b) Excludes political advertising.

Table 18: Distribution of Channels Receivable per TV Home, Early-1950s to Mid-2010s

Table 21: Share of Primetime Upfront Ad Dollars by Network Type

Table 22: Primetime TV Upfront Spending, 2006-2019

Table 23: Audio Ad Spending by Country and Region, 2012-2022E

Source: GroupM, June 2021.

Table 24: Historical U.S. Radio Advertising Revenues, 1960-2017

Table 25: US Monthly Digital Audio Listeners and Penetration

Table 26: US Monthly Podcast Listeners and Penetration

Print Advertising Expenditures

Table 28: Historical Newspaper Advertising Revenues, 1950-2017

Table 29: Historical Newspaper Classified Advertising Expenditures, 1975-2012

Table 30: Newspaper Advertising Expenditure by Country, 2012-2022E

Source: GroupM, June 2021.

Figure 6: Composition of Newspaper Media Total Revenue Stream

Source: Newspaper Association of America.

Table 31: Magazine Advertising Expenditures by Country, 2012-2022E