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 South Korea, 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 South Korea
The advertising market in South Korea is valued at around KRW 12 trillion (approximately $10.5 billion) in 2021. The market is dominated by television and digital advertising, with digital making up more than half of the total ad spend. The most popular digital channels are mobile and online platforms, such as Naver and Kakao.
There are several notable advertising agencies in South Korea, such as Cheil Worldwide, Daehong Communications, and Innored. These agencies work with clients in a variety of industries, including fast-moving consumer goods, telecommunications, and technology.
E-commerce has been growing rapidly in South Korea, with online sales expected to reach KRW 80 trillion (approximately $70 billion) in 2022. This growth has led to an increase in digital advertising for online retailers, such as Coupang and 11st.
There are several major media houses in South Korea, such as SBS and KBS, which own multiple television and radio stations, as well as digital platforms, such as Naver and Kakao which provides additional advertising opportunities.
According to the Korea Advertising Association, in 2020, the digital advertising market in South Korea reached KRW 6.2 trillion (approximately $5.4 billion) with the share of mobile advertising increasing to 78% of total digital ad spend.
In 2020, the most popular category in the digital advertising market was e-commerce (28.5%), followed by entertainment and media (26.5%), and services (11.6%).
In 2021, the advertising market in South Korea is expected to grow by 4%, driven by an increase in digital advertising, in particular, mobile advertising and e-commerce.
The most popular digital advertising formats in South Korea are mobile and online advertising, with search and social media ads also being popular among advertisers.
In terms of social media, Naver and Kakao are the most popular platforms, followed by Facebook, YouTube, and Instagram.
According to a survey by the Korea Advertising Association, in 2020, the most effective digital advertising formats were mobile and online advertising, followed by video and search ads.
The most popular ad formats on mobile devices are interstitial, native, and video ads.
In 2021, South Korea’s digital advertising market is expected to exceed KRW 6.5 trillion (approximately $5.6 billion).
In South Korea, digital advertising is primarily used by companies in the retail, automotive, and telecommunications sectors.
According to a survey by the Korea Advertising Association, 80% of companies in South Korea have used digital advertising in the past 12 months, while 55% plan to increase their digital ad spend in the next year.
The most popular online advertising formats in South Korea are mobile and online advertising, with search and social media ads also being popular among advertisers.
In South Korea, programmatic advertising is becoming increasingly popular, with programmatic ad spend expected to reach KRW 1.5 trillion (approximately $1.3 billion) in 2020.
In summary, the advertising market in South Korea is large, with digital advertising making up a significant share of total ad spend. The most popular digital channels are mobile and online platforms, such as Naver and Kakao, and the most popular ad formats are mobile and online advertising. E-commerce is also growing rapidly in South Korea, providing new opportunities for digital advertising.