New York—Factoring in the absence of political and Olympic advertising, Magna Global downgraded its U.S. ad spending forecast to $154.4 billion next year, up 0.8% over this year. In its July forecast, Magna had projected growth of 0.9% next year.
This year, political and Olympic advertising will help boost U.S. ad spending growth 4.6% over last year, Magna said in the report.
The ad category experiencing the most growth this year will be digital media (up 12.8%), followed by television (9.0%) and out-of-home advertising (4.2%).
Print advertising has continued to suffer this year. Magna projected ad spending in newspapers will be down 8.6%, while magazines will be down 7.5%.