Digital dominates 2024 ad market.

MAGNA’s latest forecast predicts a robust 9% increase in the US advertising market for 2024, reaching $369 billion in total revenue, propelled by positive economic indicators and digital media’s continued momentum. Digital audio emerges as a focal point for growth amidst a slowdown in radio revenue, with a projected 4.4% rise to $3.3 billion. The report attributes this growth to factors like the 2024 election cycle and increased adoption of streaming platforms. While radio revenue is expected to decline by 3.3%, digital platforms are poised to capture significant market share, particularly non-cyclical advertising sales for digital pure players, projected to increase by 12% to $261 billion. Various industry verticals, notably Retail and Travel, are anticipated to lead the expenditure surge, while Entertainment and Technology sectors may see modest growth or stagnation. MAGNA’s Vincent Létang cites improved macroeconomic conditions and the expanding reach of digital media formats as key drivers behind the optimistic forecast.