Magna slightly downgraded its growth forecast for the U.S. ad market in 2023.
The IPG Mediabrands agency now expects 2023 ad sales to rise by 3.4% compared with the 3.7% it previously predicted for the U.S. in December 2022. The company anticipates little to no growth in the first half of the year, followed by a reacceleration in the second half, bringing U.S. ad revenue to an all-time high of $326 billion in 2023.
That spending pattern contrasts with its findings for last year. In March, Magna reported that U.S. media owners' advertising revenue grew 6% in 2022 to $315 billion. But most of those gains were made in the first half, and by the fourth quarter of 2022, ad sales were flat year over year.