The latest figures from Standard Media Index (SMI) reveal that while advertising market has grown to nearly $5 billion this financial year to date, ad revenue for magazines and newspapers continues a steady double-digit decline. Despite recent vocal support for print from leading ad buyers, monthly results for February saw newspaper ad spend cut by nearly a quarter to $56 million while magazines dropped 15.2% to just $19.5 million.
The independent data collection business reports a $7.9 million slump in the market for February, with the overall media agency ad spend clocking in at $521.3 million. Television was the big winner buoyed by Winter Olympics coverage raking in $257 million for the month, a 4% year-on-year lift. The other spike was digital, recently eclipsing total print spend and boosting 3.7% to a cool $94.1 million.
Despite suffering a 22.4% drop, newspapers still outperformed radio which lost numbers itself and only managed to secure $39.7 million for the month. Magazine ad spend brings up the rear at $19.5 million.
For the financial year to date, SMI reports a 4% rise in total advertising media agency bookings, up to $4.99 billion, with television, digital, radio, outdoor and cinema placements all on the rise. According to SMI figures, however, print ad bookings continues its overall decline unabated with newspapers falling 16.4% year-on-year for preceding eight months and magazines 17.5%.
SMI collects and measures advertising bookings from media agencies only, and offers a select snapshot of ongoing trends.