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March 12 2018

Divergence and digital giants: an opinion on the evolution of investment in 2017


Barreiro discusses two issues with

  • The factors that may have influenced the divergence between the evolution of investment and GDP
  • The distortion introduced into the overall market picture by not having the figures of Facebook and Google

Q: The figures for the evolution of advertising investment show that growth continues, but for four years it has been progressively lower. What do you make of this? How much of it is structural and how much is down to the circumstances?

A: First of all, I would say that in this industry we have had many black years, huge decreases in investment volumes, double-digit declines…so it seems reasonable to rejoice in a positive fact, and this is: advertising investment in Spain has grown in 2017. That said, it is true that we all wanted to maintain the increases of recent years, and it hasn’t happened. But we may have to think that rather than growing below expectations, what is happening is that every time we move more people into the picture, investments in unknown digital and non-digital territories grow; the merger between content and advertising grows; what we control the least grows; and this affects the goodness of our data.

Q: On the other hand, do you think that the picture of the market would be very different if you knew the precise investment figures of such important media as Facebook and Google?

A: The picture would change, of course. Google, Facebook and Amazon, are surely the three sources of data that would enrich almost any analysis. The information would be more truthful and useful for all, it would be closer to reality, and having these data sources would benefit everyone, including themselves. It is not the same to indicate where the market moves, as to show it.

The original article is in Spanish and can be found in full on

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