Magna has increased its U.S. ad spending forecast, predicting a revenue growth of 11.4% to $377 billion, boosted by positive macroeconomic conditions and industry events.
The estimated revenue growth for non-cyclical ad spending has also been revised upwards to 8.9%, which marks one of the best performances for this category in two decades.
Forecasters are optimistic about 2024's ad spending, driven by the election cycle and events like the Olympics, highlighting a renewed focus on brand building.
Vincent Létang states that even without the influence of cyclical events, 2024 appears strong for the U.S. ad market, projecting almost 9% growth.
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