IPG Mediabrands’ Magna has again lowered its 2023 global ad growth forecast, mostly due to the continued underperformance from traditional media owners.
For the first time, Magna’s Global Advertising Forecast examined advertising growth per quarter in certain markets. Ad spending “slowed down to a halt” in the first quarter of 2023—actually a tepid rise of 1.5% globally, according to Vincent Létang, head of global market intelligence at the media agency.
Magna now predicts global ad revenue will increase by 4.6% to $842 billion in 2023. The agency had previously predicted 4.8% growth in December and 6.3% growth back in June 2022.