Global Advertising Spending Will Accelerate in 2024

04 December 2023


The winter update of MAGNA’s Global Ad Forecasts provides estimates and forecasts for net media owner ad revenues across 10+ media formats and 68 markets, from 1999 to 2028.  

2023 ended up stronger than anticipated, as second-half digital ad sales accelerated by +6.3% following a weak first half. Traditional Media Owners saw revenues shrink by -4% to $266 billion, as they are the most exposed to an uncertain macroeconomic environment and business climate. Digital Pure Play media owners grew revenues by +9.4% to $587 billion, driven by ecommerce, retail media, digital media consumption, and stabilization in the data regulation landscape.  

Vincent Létang, EVP, Global Market Research at MAGNA, and author of the report, said: 

“As expected by MAGNA back in June, advertising spending re-accelerated in the second half of 2023 after four slow quarters from mid-22 to mid-23. The recovery is driven by easier year-over-year comps and stabilizing economic conditions (inflation slowdown), and these improvements mostly benefit pure-play digital advertising formats. Search formats are driven by retail media; Social and Video formats recover to double-digit growth thanks a better monetization of the fast-growing short vertical video impressions. Meanwhile traditional media owners’ ad revenues – including their digital ad sales – are down by -4% this year (TV -6%). The cyclical events of 2024 (sports, elections) will make reach media and contextual advertising attractive again and stabilize TMO ad revenues: overall +2%, TV +3%.” 

Read the Executive Summary and more from MAGNA.

View a video summary of the results.

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