Print advertising expenditure

Print advertising expenditure is estimated to be $9.3 billion in 2025, reflecting a continued steep decline as consumer media habits shift toward digital channels. The market's contraction is intensified by ongoing digital adoption, diminished print readership and persistent economic constraints including inflation and tight business budgets. In 2025, advertisers have further reduced investment in magazines and newspapers, responding to weaker consumer demand and a sustained preference for targeted digital formats. As digital platforms absorb a greater share of advertising budgets, spend in traditional print channels is projected to shrink by an additional 14.4% this year, reaffirming print's shrinking relevance within the broader media landscape.

Between 2020 and 2025, the print advertising market has experienced an accelerated annualized decline of 14.0%. The COVID-19 pandemic triggered an immediate cut in print ad budgets, resulting in a significant 25.8% reduction in 2020 as business closures and economic uncertainty led to broad cost-cutting. Though economic conditions improved in the subsequent years, advertising expenditure failed to recover, as advertisers increasingly prioritized digital media offering efficient targeting and measurable returns. The persistent migration of audiences to smartphones, streaming media and online platforms entrenched digital's dominance, further weakening print's appeal for business and consumer advertisers. Elevated inflation since 2021 suppressed corporate and household budgets, compounding reductions in discretionary spending that disproportionately affected legacy print channels. High interest rates in 2023 and 2024 contributed to cautious investment and limited expansion in traditional advertising, while continued declines in newspaper and magazine circulation further shrank the print advertising inventory available. Only niche print publications, focused on specialized content or older demographics, have maintained minimal resilience.

Over the past five years, structural changes in consumer media consumption and accelerated adoption of digital platforms have functioned as the primary macro trends shaping the print advertising market. Businesses and advertisers are increasingly driven by data-centric strategies and targeted reach, directing spend toward digital platforms that provide better engagement and analytics. At the same time, declining print readership, rising input costs and subscription erosion have fundamentally compromised the scale and viability of print advertising in North America, marking the period as one of rapid structural decline and persistent financial contraction.