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 Singapore, the Ad World Masters Agencies of the Year competition features 3 Silver, and 1 Bronze winners. 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 Singapore
The advertising market in Singapore is valued at around SGD 2.9 billion (2.2 billion USD) with the majority of ad spend going towards digital advertising and television. The top advertising agencies in Singapore include Ogilvy, BBDO, and JWT. In terms of media houses, the biggest players include Mediacorp, Singapore Press Holdings, and StarHub.
E-commerce and digital advertising are becoming increasingly important in Singapore, with a projected growth rate of around 12% in the next few years. Online shopping is becoming increasingly popular in Singapore, with e-commerce accounting for around 10% of total retail sales.
Digital advertising accounts for around 60% of total ad spend in Singapore, with the majority of digital ad spend going towards social media advertising and search engine marketing. Google and Facebook are the dominant players in the digital advertising space in Singapore.
According to IAB Singapore, the online advertising market in Singapore reached SGD 1.5 billion in 2020, and is expected to continue growing. Mobile advertising is also on the rise in Singapore, with mobile ad spend projected to reach SGD 800 million by 2023.
Statista reports that in 2021, the leading ad format in Singapore was Display advertising, with a share of 30.7%. Followed by Search (28.8%), Video (20.9%), Social (12.1%) and Mobile (7.5%).
According to the same source, the leading industry sectors advertising in Singapore in 2021 were FMCG (19.5%), Automotive (15.1%), Telecommunications (11.4%), and Retail (11.1%).
In general, the advertising market in Singapore is expected to continue growing in the coming years, driven by increasing digitalization and the growing popularity of e-commerce. Additionally, Singapore’s strong economy, high consumer spending, and the large number of international brands operating in the country are also expected to contribute to the growth of the advertising industry.