• by Joe Mandese  @mp_joemandese, July 25, 2024

Despite the disruption of 2023's Hollywood union strikes, brand spending on product placement in TV, film, video games and music video content grew 12.3% worldwide, and is on track to expand at about the same rate this year, according to just-released estimates from PQ Media's Global Product Placement Forecast.

The U.S., which continues to represent more than half of all product placement spending worldwide, grew at a slightly lower rate in 2023 -- 11.9% -- and is projected to do a little better than that this year.

Citing a 14% drop in the number of scripted programs produced for the 2023-24 season, PQ nonetheless found that TV remains the dominant source of product placements for brand marketers:

• Product placement in TV was the largest channel at $20.63 billion.

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  Product placement in films was the second largest channel at $3.50 billion.

• Product placement in music was the smallest channel at $389 million.

• Product placement on digital platforms rose the fastest, up 15.1%.

• Product placement in video games rose 11.8%.

• Product placement in print media posted a 7.4% increase.