As the year 2023 begins, Ad World Masters is proud to announce its Agencies of the Year. Our rigorous selection process, which assesses the potential value of each agency, has resulted in the recognition of some of the most outstanding and accomplished agencies in the industry.
The selection process is based on the Agency Score, which is calculated using our proprietary Artificial Intelligence Algorithms. Agencies had until December 31st, 2021 to improve their score and compete for the coveted title of Agency of the Year.
The title of Agency of the Year is granted based on the Agency Score and is divided into three levels of recognition: Gold, Silver and Bronze. Gold is awarded to agencies with scores of 9.2 or higher, Silver is awarded to agencies with scores of 8.7 or higher, and Bronze is awarded to agencies with scores of 8.5 or higher. Each awarded agency will receive a digital badge of “Agency of the Year” for the level they are in.
The results of the competition are categorized by country, depending on the agency’s main location. In Costa Rica, the Ad World Masters Agencies of the Year competition features 1 Silver winner. These agencies represent the very best in the industry and are a testament to the creativity, innovation, and excellence that define the advertising field.
We would like to extend our heartfelt congratulations to all of the winners and thank all of the participating agencies for their dedication and hard work. We look forward to seeing the impact of their work in the coming year and beyond.
Curious to discover the results of other markets? Explore the results per country and learn more about the competition. If you don’t see your agency listed, sign up, list or claim your agency and you could be nominated for next year!
Insights into the advertising industry in Costa Rica
The advertising market in Costa Rica is relatively small compared to other Latin American markets, with a value of around $150 million in 2021. The market is dominated by a few large agencies such as McCann, Ogilvy, and Publicis, which together account for a significant portion of the market share. There are also many local agencies such as Mindset Media and Red Publicitaria, which are also significant players in the market.
Television is still the most important medium for advertising in Costa Rica, with a share of around 40% of total ad spend. However, the digital advertising market is growing rapidly and now accounts for around 30% of ad spend, driven by the high penetration of mobile and internet usage in the country.
The e-commerce market in Costa Rica is also growing rapidly, with an estimated value of around $1 billion in 2021. This has led to an increase in digital advertising, particularly on social media platforms such as Facebook, Instagram, and YouTube.
According to IAB Costa Rica, the internet penetration in the country is over 70% and mobile advertising is expected to grow by around 20% in 2021, accounting for more than 50% of digital advertising spend.
According to a report by eMarketer, online video advertising in Costa Rica is expected to grow by over 25% in 2021, driven by the increasing popularity of platforms like YouTube, TikTok, and Vimeo.
Another important trend in Costa Rica’s advertising market is the increasing use of data and technology to target specific consumer segments. For example, companies like Facebook and Google allow advertisers to target consumers based on their online behavior and purchase history.
Statista reports that, in 2020, the top five advertising categories in Costa Rica were retail, fast-moving consumer goods, automotive, finance, and telecommunications.
The Costa Rican Association of Digital Marketing (CRADM) estimates that the digital marketing industry in Costa Rica will generate around $75 million in revenue in 2021, driven by the continued growth of e-commerce and the increasing use of digital channels by businesses of all sizes.
In summary, Costa Rica’s advertising market is relatively small compared to other Latin American markets, valued at around $150 million and is driven by the growth of e-commerce and increasing use of digital channels. Television is still the most important medium, but digital advertising is growing rapidly, with mobile advertising expected to account for more than 50% of digital advertising spend in 2021. The market also presents a strong presence of local and international agencies, with the latter having a strong presence in the market.