The advertising landscape in the United States is poised for significant growth in 2024, according to the latest forecast update from MAGNA. The report predicts a 9% increase in the US, with room for substantial growth in digital audio as radio revenue slows.
Following a robust fourth quarter in 2023, which saw the strongest quarterly ad market growth in nearly two years, MAGNA projects a 9.2% rise in total media owners’ advertising revenues for 2024, reaching a total of $369 billion. This uptick is attributed to a positive macroeconomic outlook, the continued momentum of digital media and streaming, and the influence of cyclical events.
Cyclical events, including the 2024 election cycle, are anticipated to contribute approximately $10 billion in incremental ad sales. Digital platforms are set to capture the majority of the…
