Magna nudges its 2024 media spend forecast upward

IPG’s Magna unit, whose market intelligence arm regularly forecasts media spend across all media, just upped its predictions for U.S. media spend in full-year 2024, based on strong actual revenue for the first half of the year.

The agency group now expects full-year “non-cyclical ad spend,” which means not including the Olympics or political spend, will grow by 8.9% to $377 billion, one of the best performances in decades. Earlier this year, Magna was predicting 8.2% growth.

When adding in cyclical spend — and 2024 is shaping up to be a banner year for political advertising with Kamala Harris replacing incumbent president Joe Biden as the Democratic nominee earlier in the summer — Magna is predicting growth in U.S. ad spend of 11.4%. That represents an expected $10 billion in incremental ad revenue to reach $377 billion, due to the elections and summer Olympics.

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