Television just posted its best month of ad spending in almost two years, with a 10% increase over a year ago pushing the October results for the segment to the highest monthly total since January 2014, Media Life reports.
The article cites a new report from Standard Media Index, which found that advertisers who have been moving to digital are now returning to TV.
The shift comes after analysts have been predicting that the trend toward digital would continue and even increase, with some forecasts saying digital would surpass TV as early as 2016.
James Fennessy, chief commercial officer at SMI, which tracks spending at 80% of domestic agencies, told the publication: “We have seen a number of categories of advertisers really ramping up their spend on TV following a sharp decline in the previous broadcast year. These advertisers probably over-invested in digital and didn’t see the returns they were hoping for.”
Digital did continue to post higher numbers, up 34% for the month. But the TV side remained robust, with ABC, CBS and NBC all posting double-digit increases over a year ago, Media Life notes.
“Pharmaceuticals drove part of TV’s improvement, with a 46 percent spending increase over last year,” the report notes. “Automotive and fast food also saw healthy growth, each up 21 percent.”