MagnaGlobal revises U.S. ad forecast up to 3.7% growth this year

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New York—U.S. ad revenue will grow by 3.7% this year over last year, according to a revised forecast by MagnaGlobal, the global media unit of IPG's Mediabrands. This forecast is up from a 2.9% growth projection issued by MagnaGlobal in October.

MagnaGlobal said the quadrennial effect of U.S. political advertising and the Summer Olympics will help increase ad revenue this year.

Internet advertising will be the fastest-growing media category this year, increasing 10.9%. Other categories that will see increases include broadcast television (up 8.5%), which will benefit from political and Olympic advertising, and outdoor (up 4.0%).

All other major media categories will suffer this year, MagnaGlobal projects. Newspapers will be down 6.0%, magazines will be down 5.2%, and radio will be down 0.8%, according to the report.

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