Nearly nine in 10 independent media agencies expect their business to grow in 2022, results from the Independent Media Agencies of Australia (IMAA)’s latest Pulse Survey have shown.
The fourth Pulse Survey has revealed that 85% of independent media agencies anticipate ‘considerable’ or ‘slight’ growth in their business in the new year, while nearly nine in 10 (89%) are expecting to recruit additional staff in the next 12 months, signalling the continued momentum of the indie market.
Despite the Covid-19 pandemic’s impact on advertiser spend over the past 12 months, 60% of independent agencies still recorded an increase in revenue from 2020 to 2021, a sign of the resilience of the sector and its commitment to delivering – no matter the conditions.
“The IMAA Pulse Survey results demonstrate that our members have been able to snap back quickly from lockdowns and the economic effects of the pandemic to achieve growth and great successes for their clients,” IMAA general manager, Sam Buchanan, said.
“It’s a sign of good things to come in 2022 – we know many agencies are planning on investing in additional staff and expect media spend to increase so I’m excited for the year ahead and what it’s going to bring for independent media agencies across the country.”
Many indies are planning on investing heavily in multi-channel digital buying in 2022, with 67% of survey respondents indicating it would become a major part of their digital media strategy, while the three biggest media channels in terms of growth are expected to be CTV/BVOD, video and social.
The “great resignation” facing many industries across the country as a result of the pandemic and a shifting mind-set towards work/life balance, is not set to affect indies, with 87% of staff planning on staying with their current agency. However, the talent shortage is having an impact, with 59% saying the talent pool is ‘poor’ or ‘very poor’.
In addition, 58% of indies have a work from home model or a mixed office and work from home model.
The Pulse Survey was conducted among the IMAA’s members in November to gain insight into the mindsets of agencies on current market conditions and views towards media owners. The survey is conducted twice a year among members.
The IMAA also has plans for 2022, focusing on offering online and face-to-face training, particularly for junior staff, and member events.
Mediaweek has been profiling members of the IMAA – previous features can be found here.