Seoul, South Korea – Despite global economic uncertainties and domestic political turmoil, both the global and South Korean advertising markets are projected to experience upward growth this year.

According to a report released by the Korea Broadcasting Advertising Corporation (Kobaco), total ad spending in South Korea last year was estimated at approximately 17.7 trillion won ($13.3 billion USD), marking a 2.8% increase compared to 2023.

While the overall ad market showed positive signs, the broadcast advertising sector faced a significant decline of 10.8%, reaching 3.25 trillion won. This downturn is attributed to the increasing popularity of online video platforms (OTTs) and short-form content, which have altered consumer viewing habits.

In contrast, online advertising witnessed robust growth of 8.2%, reaching approximately 10.1 trillion won. However, the report cautioned that this growth was partially driven by a surge in spending from Chinese e-commerce companies and that the overall trend indicates a growing dominance of global tech giants in the online advertising industry.

Looking ahead, Kobaco forecasts that total ad spending in South Korea will reach approximately 17.4 trillion won in 2024. However, the report also highlighted several risk factors that could impact this projection, including political instability, economic slowdown, and an aging population.