New York—MagnaGlobal has revised its global ad spending forecast to 4.7% growth this year, down from an earlier projection of 5.2% growth. The restatement, to a total $427 billion, is due to softening in some markets during the second half of the year.
Next year, global ad spending is projected to grow by 5.0% to $449 billion, down from projected 6.5% growth, according to the forecast.
Next year, Internet advertising is projected to grow by 11.2%, to $87.4 billion, and will become the second-largest media category globally, accounting for almost 20% of global advertising dollars, MagnaGlobal said.
Television advertising, the largest media category, was projected to grow by 6.7% to $187.1 billion.