...Advertising revenue, including on TV, is recovering. Advertising growth is robust on the back of a soft macroeconomic landing and reducing inflation. We expect tech companies' ad spending to recover from the second half of 2024, supporting the performance of agencies that rely more heavily on this sector. Linear TV advertising is recovering in the U.K., Germany, and France (after declines in 2023); expanding in Central and Eastern Europe; and declining sharply in the U.S. Content production is returning to a normal cycle. Hollywood strikes and budget cuts by streamers in 2023 caused delays in production activity; however, production has resumed and demand for content, especially local content, remains robust. This should allow the largest independent producers to increase their revenue by 3%-5% in 2024. Global streaming platforms invest in nonscripted and selected high-quality scripted productions, especially in local non-English languages. In May 2024, RedBird IMI acquired All3Media (which...
