Traditional Media Ad Revenue Will “Stagnate Or Decline” In 2024, Major Agency Predicts, With Strikes Posing Threat To Already-Shaky TV Ratings
deadline.comThere are plenty of highlights for traditional ad sellers in 2024, from the Paris Olympics to the presidential election. But major media agency Magna Global sees the WGA strike and other factors dragging down revenue over the next year.
In an update to its 2023 forecast issued today, Magna raised its overall growth outlook and highlighted the recovery of digital buying.
But the traditional sector is increasingly troubled, the report noted. While overall ad spending re-accelerated in the second quarter, the report said, digital media vendors in areas like search, social and video were the main beneficiaries, posting an 8.7% increase in the quarter.
Traditional media companies reported a decline of 4.1%. “The ad revenues of most traditional media owners will continue to stagnate or decline despite the continued growth of their digital ad sales,” Magna said of 2024.
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