Magna now forecasts U.S. media spend to grow by 8.9% in 2024, partly driven by strong second quarter performance and positive economic conditions, averaging $377 billion.
Vincent Létang notes that the outlook remains positive, citing GDP growth, low inflation, and firm demand, but anticipates slower non-political growth in the second half.
With elections looming, Magna predicts overall ad spend growth of 11.4%, estimating an additional $10 billion in revenue fueled by political advertising and summer Olympics.
Digital ad spend is concentrated with Google, Meta, and Amazon, which claimed 80% of U.S. digital dollars, indicating a significant trend toward online advertising.
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