According to research that Magna shared with Marketing Dive, advertising revenue for media owners is expected to reach USD 833 billion in 2023, an increase of 5% from the USD 795 billion in 2022.
In comparison to Magna’s June forecast, the anticipated growth rate for the following year is 1.5 percentage points lower; the company attributes this decline to a deteriorating macroeconomic environment. The 5% growth rate is also less than the 2022 increase in global ad revenue of 7%. In the second half of this year, spending significantly decreased.
However, full-year advertising sales increased, primarily as a result of high-profile events like the Brazilian and American elections and major sporting competitions like the FIFA World Cup.
Also Read: How The Constant Flux in Digital Advertising Impacts B2B Marketers
Read More: Ad revenue forecast shrinks for 2023 amid economic uncertainty, Magna says
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