More than half of the overall ad spend in the UK in 2015 is expected to go towards online advertising, which would make it the first country to have more than 50 per cent of advertising sales spent on digital.
A forecast by international media buying company GroupM estimates that the UK ad market is expected to hit £15.7 billion next year, and that more than half of that money will be spent on digital inventory, with it expected to grow 12.7 per cent year-on-year and surpass the £8 billion mark.
The forecast also estimated that some of the ad spend boost for online would come from declines in newspaper and magazine ad spend, while it forecast moderate growth in the TV, radio, outdoor and cinema advertising categories.
Futures director for GroupM, Adam Smith, said that the £15.7 billion figure for 2015 would constitute an overall growth of 5.7 per cent.
“Advertising and the wider UK economy are growing well, but are vulnerable to private debt and public austerity at home, and external problems of weak demand, especially in the Eurozone,” he said.
There were some obvious reasons for the boost in digital ad spend.
“The familiar drivers are video, social and mobile, but the underlying reason is more practical and attractive formats for brands – richer, more trackable, more targeted and more clickable,” Mr Smith said.
Storyful launches research unit
Social media news agency Storyful has announced that it will launch a new research and development centre at its Dublin base, creating 30 new technology jobs.
Storyful , which was acquired by News Corp in December last year, procures video and multimedia content from social feeds and sells licences for their use to news organisations, such as The New York Times, The Wall Street Journal, BBC, ABC and the Mail Online.
The new research and development centre will aim to help the company enhance its technology platform and infrastructure.
Storyful chief executive Mark Little said the company had an ambitious growth plan and wanted to continue to innovate across platforms.
“These new roles are critical to achieving our vision over the coming years,” he said. “Dublin is our home, and we are excited at what’s to come.”
Ireland’s Department of Jobs, Enterprise and Innovation and its industrial development agency, IDA Ireland, have supported the investment in innovation.
Richard Bruton TD, the Minister for Jobs, Enterprise and Innovation, said Storyful was a “fast-growing, innovative Irish company pushing the boundaries of social media news globally”.
“In a very short timeframe since it started, it has grown rapidly through cutting edge innovation in a fast-moving area, and is now selling its services around the world and creating jobs in Ireland,” he said
Vice and Knight Foundation to foster innovation in journalism
Multimedia company VICE Media has partnered with journalism philanthropy group the Knight Foundation to launch a journalism innovation fund to “help propel innovation and experimentation in journalism”.
The fund will be administered by the CUNY Graduate School of Journalism and the Tow-Knight Center for Entrepreneurial Journalism, and will be used to “train journalists to adopt new ways of storytelling for the next generation of news consumers”.
Vice-president for journalism at the Knight Foundation, Jennifer Preston, said that to “engage the next generation of news consumers on important issues around the world, we need to tell stories in new ways while maintaining a commitment to strong, quality reporting”.
“The CUNY Graduate School of Journalism is committed to blending our profession’s traditional values with innovative approaches to journalistic storytelling.
“We are thrilled that this new support from VICE and Knight will enable us to train more journalists to push harder at journalism’s frontiers and engage audiences more deeply.”
The fund is worth US$500,000, half of which will come from VICE Media and half from the Knight Foundation.
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