Value of Advertising – a new report commissioned by the World Federation of Advertisers and supported by the Advertising Association – has identified a multitude of benefits generated by advertising, to the overall economy, jobs and to civil society across Europe.
The study by Deloitte found that advertising contributed nearly 6m jobs across the EU and 4.6% of total GDP.
By supporting competition, providing consumers with information and choice, and driving innovation, advertising has a significant positive effect on the wider European economy and its citizens.
Advertising ensures that EU citizens benefit from news, entertainment and communications tools at a reduced cost or even for free. The €92bn spent on advertising in 2014 directly funded content of all kinds and contributed to the media plurality and and independence in Europe, as well as supporting sporting and cultural events.
Stephan Loerke, CEO of the World Federation of Advertisers, said:
“Advertising is a vital economic engine that encourages competition, drives innovation in business and provides significant benefits to society by funding or part funding media services, from news to entertainment. Policy-makers should be mindful that ad restrictions have important economic, social, and cultural consequences.
Advertising matters for employment, innovation, culture and entertainment, and supports media plurality, which is fundamental to democratic freedoms. The benefits are pervasive and run through the fabric of society.”
The full report is available here.