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Product placement rising in Europe and Asia
New research from PQ Media indicates that paid product placement will continue to rise through 2010. In 2006, product placement grew to $3.36 billion (37%) and in 2007 is expected to reach 30.3%, or $4.38 billion.
The increases will be driven by European and Asian markets. According to the report, product placement in American markets will likely decelerate over the next 4 years, although it is projected that for 2007 these markets will still hold the lead for being the largest and fastest growing regions for paid product placement.
The primary market for product placement is television, which accounted for more than 71% of product placements in 2006. This percentage is expected to grow by further 34% in 2007. Twenty six percent of the global spend in 2006 was in film placement and only 2% of the total spend went in to other media. "Other" media include video gaming placements and online placements targeted to the 18 to 34 year old demographic. This percentage is expected to increase by 30% within the next couple of years.
Patrick Quinn, President/CEO of PQ Media, said the growth will be influenced by brand marketers wanting to create a more emotional connection with consumers. "Media companies are searching for new revenue streams as traditional advertising methods suffer from negative perceptions. As a result, product placement has emerged from a novel marketing tactic just a few years ago to a key marketing strategy worldwide," he said.
In the United States, product placement spending is expected to reach $3.79 billion, however, United States spending will drop off as markets in Asia (primarily China) and Europe begin to increase product placement spending. The product placement spend in China is expected to grow more than 30% in 2007. The total product placement spend is expected to grow 20%, reaching $9.3 billion, in 2007.
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