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 Sri Lanka, the Ad World Masters Agencies of the Year competition features 1 Bronze 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 Sri Lanka
The advertising market in Sri Lanka is relatively small compared to other countries in the region, with total ad spend estimated to be around $150 million in 2020. However, it is still a significant contributor to the country’s economy and has been growing at a steady pace in recent years. The top advertising agencies in Sri Lanka include J Walter Thompson, Ogilvy, and Lowe LDB.
TV is the dominant ad medium in Sri Lanka, accounting for around 60% of total ad spend. However, digital media is growing in importance, with digital ad spend increasing by around 15% annually in recent years. Online video and social media advertising are becoming increasingly popular in Sri Lanka, with platforms like YouTube, Facebook, and Instagram being widely used by brands to reach consumers.
E-commerce is also growing rapidly in Sri Lanka, with the market expected to reach $1 billion by 2025. This presents a huge opportunity for digital advertisers, as e-commerce companies often rely heavily on online advertising to drive sales.
In the digital advertising space, mobile advertising is gaining popularity, with mobile ad spend in Sri Lanka expected to reach $50 million by 2022. Programmatic advertising is also gaining traction, with a share of around 20% of digital ad spend.
Overall, the advertising market in Sri Lanka is expected to continue growing in the coming years, with digital advertising being a key driver of that growth. As consumer behavior shifts more and more towards digital channels, brands will need to adapt their advertising strategies to meet this trend. However, the market is still relatively small and not as developed as neighboring countries.