Looking at 2024, Magna raised its ad spend growth forecast from 5.0 percent to 5.6 percent, or 8 percent including cyclical spending, such as political ads. The firm raised its 2023 revenue growth forecast for digital media owners, including Alphabet/Google, Meta/Facebook and Amazon, from 7.9 percent to 9.6 percent, but downgraded its expectation for traditional media owners in TV, radio, publishing and out-of-home advertising from -3.2 percent to -3.6 percent. That means 2023 ad spending will hit $337 billion. It now sees total ad spend growing 7 to 8 percent in the current third quarter and the fourth quarter, compared to 2.9 percent in the first half of the year, to bring full-year 2023 ad growth to 5.2 percent, up from Magna‘s previous estimate of 4.2 percent, as unveiled in June. 'Totally Killer' Review: Kiernan Shipka in a Fun-Enough Time-Traveling '80s Slasher Flick “However, only pure-play digital media vendors (search, social, video) really benefited (+8.7 percent in the second quarter), while traditional media companies continued to struggle (-4.1 percent).” The firm’s takeaway: “Digital spending recovers but traditional media continue to struggle.” Year-over-year, following two quarters of stagnation,” the company said in a new report, citing “a general improvement in the economy” and easier year-over-year comparisons. “Total advertising spending re-accelerated in the second quarter of 2023. advertising market forecasts for 20, citing an improving economic outlook, better-than-expected year-to-date trends and upgrades to its digital media growth projections, partially offset by downgraded ad expectations for traditional media owners, including in television. Media investment company Magna has boosted its U.S.
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