Magna is reporting that non-cyclical advertising revenues grew by +9.1% in the fourth quarter of 2023, the strongest quarterly growth in almost two years, bringing full-year 2023 ad market growth to +5.7% and that the ad market will continue to grow in 2024, thanks to an improving macro-economic outlook, strength in the digital media and streaming sectors, and cyclical events like political advertising.
In its newest estimates, Magna. which is the forecasting and intelligence unit of IPG Mediabrands, anticipates that media owners' U.S. ad revenues will increase by +9.2% to reach $369 billion. That’s nearly one percentage point above the previous forecast (+8.4% in Dec. 2023), Magna said.
