Middle East and North Africa experiences the largest slump

Ultimately, the panic largely subsided and ad spend almost returned to previous levels, with the report marginally downgrading the growth forecast by 0.2 per cent to 5.4 per cent.In July, the drop in the value of the pound was silver-lined with the news that smaller and independent agencies could better compete in Europe, operating as a cheaper alternative to agencies on the continent.

The report said: “Although the vote for ‘Brexit’ in the UK’s EU referendum came as a shock to many in the market, so far advertisers have reacted calmly, with no widespread budget reductions,” it did however report that the market will grow only by half of 2015’s 9.2 expansion.

This year, the global ad market will grow a reported $539bn, it is projected to increase to by 4.5 per cent in 2017 and 4.6 per cent in 2018.

The US, the Philippines and Western Europe were credited as the drivers of this faster adspend growth. Mobile will usurp desktop even faster than previously predicted too, with its global growth reaccessed from 46 per cent to 48 per cent – as a result mobile adspend will exceed desktop by $8bn in 2017.

Claudia Collu, chief commercial officer at advertising technology company MainAd jumped into the effects of the Brexit:

“It is interesting to see actual figures being put against the likely effects of Brexit on the advertising industry. The report talks about long term effects due to the political situation, however it still forecasts a steady overall growth of 5.4 percent in Europe this year. Let’s face it, it will take a lot for London to cease being the European, if not global hub, for a large part of the advertising industry. The report also outlines an initial drop of desktop spending which shouldn’t come as a surprise either as mobile advertising is finally finding its feet. 2016 could finally be the year of mobile after all!”