{"id":20993,"date":"2024-03-31T17:39:05","date_gmt":"2024-03-31T17:39:05","guid":{"rendered":"https:\/\/mysourcefunding.com\/?p=20993"},"modified":"2024-03-31T17:39:06","modified_gmt":"2024-03-31T17:39:06","slug":"streaming-growth-and-election-spend-will-push-us-ad-market-higher-in-2024-magna-forecasts","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=20993","title":{"rendered":"Streaming growth and election spend will push US ad market higher in 2024, Magna forecasts"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"style__InlineSubscribeWrapper-sc-b4979adf-1 fPIWfF\">\n<div class=\"style__Container-sc-6fdcc87e-0 style__RoundedContainer-sc-6c630ac0-0 iTWzCH wGFGp\">\n<h5 class=\"dist__StyledText-sc-2252f3c6-12 fxopsA inline-subscribe\">Get marketing news you&#8217;ll actually want to read<\/h5>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bGZYqp inline-subscribe\">Marketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our weekday newsletter, virtual events, marketing conferences, and digital guides.<\/p>\n<\/div>\n<\/div>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bEespx\">2024 appears to be shaping up as a bright year for the ad industry.<\/p>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bEespx\">Magna, the research arm of IPG Mediabrands, expects the US ad market for the year to grow 9.2% to about $369 billion, up from its previous forecast from December, which had predicted 8.4% growth. Ad-free streamers <em>who<\/em>?<\/p>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bEespx\">A heavy chunk of that\u2014about $9 billion\u2014will come courtesy of the 2024 US election cycle, up 13% from the 2020 cycle, Magna forecasts. FWIW, eMarketer expects total political ad spend to hit about $12.3 billion, about triple the spend from 2016.<\/p>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bEespx\"><strong>Flashback: <\/strong>The forecast would give anyone with a time machine a bit of whiplash. The ad industry&#8217;s growth skyrocketed 23% in 2021 after an uneven 2020, but it has since slowed, growing 7% in 2022, and 5.7% last year.<\/p>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bEespx\">\u201cIn the first few months of 2023, everybody was wondering how bad it was going to be,\u201d Vincent L\u00e9tang, EVP of global market intelligence at Magna, told Marketing Brew. Instead, it closed the year with growth at 5.7%.<\/p>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bEespx\">Recent economic growth forecasts and more stabilized inflation should \u201cgive confidence to marketers,\u201d he said. \u201cThe worst is behind us.\u201d<\/p>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bEespx\"><strong>Who\u2019s getting what? <\/strong>Magna expects digital platforms like Google and Meta to see their ad sales grow by 12% to $261 billion, accounting for about 72% of the market. Traditional media owners, including linear broadcasters and publishers, are expected grow about 3.5%. (If it wasn\u2019t for the Olympics and the election, this category would contract 3%, Magna found.)<\/p>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bEespx\">Streamers\u2014including CTV, AVOD, and FAST channels\u2014are also expected to see revenue grow 13%, driven by Amazon Prime Video\u2019s advertising tier, which rolled out in late January.<\/p>\n<p class=\"dist__StyledText-sc-2252f3c6-12 bEespx\"><strong>Where\u2019s it coming from? <\/strong>The ad spend is expected to predominantly come from retail and travel budgets, which are expected to grow 9%, and the food, drink and automotive categories, which will grow 6%. The tech category, including software services, hardware, and social platforms, will grow just 1%, and entertainment will fall about 4%, Magna predicted.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketingbrew.com\/stories\/2024\/03\/29\/ad-industry-to-grow-to-usd369-billion-magna-forecasts?utm_source=&#038;utm_medium=syndication&#038;utm_campaign=feed\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get marketing news you&#8217;ll actually want to read Marketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our weekday newsletter, virtual events, marketing conferences, and digital guides. 2024 appears to be shaping up as a bright year for the ad industry. Magna, the research arm of IPG [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[78],"tags":[],"class_list":{"0":"post-20993","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marketing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Streaming growth and election spend will push US ad market higher in 2024, Magna forecasts | Brandiary<\/title>\n<meta name=\"description\" content=\"Get marketing news you&#039;ll actually want to readMarketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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