Advertising is expected to reach $486 billion, but down slightly due to… (Oli Scarff / Getty Images )
Advertising strategy firm Magna Global has predicted the global advertising market would grow by 6% next year as the health of U.S. and European markets improves and as digital spending accelerates.
In its mid-year advertising forecast, Magna Global adjusted slightly its estimates for the year and now predicts 3% growth to $486 billion for 2013. Next year, the worldwide ad market should reach $515 billion.
Spending on digital media will jump 13.4% to $113.6 billion, with much of the growth coming from search and video.
PHOTOS: Hollywood backlot moments
Magna Global is the strategic planning arm of advertising behemoth Interpublic Group. The unit said that television advertising growth this year will slow considerably, inching up just 2%, because the 2013 calendar lacks major TV events, such as the Olympics.
Television remains the largest advertising platform, with an estimated $196.5 billion in worldwide revenue.
The picture is not as bright in the U.S., where TV ad revenue is expected to dip 2.8% due to the lack of the Olympics or political elections that generate big spending. Broadcast TV is expected to slide 6.8%, and cable TV is expected to be off by about 2.4% this year.
Worldwide, print publications will continue to lose market share, with newspapers declining by 3.3% this year and magazines falling 5%. Marketers globally will spend about $110 billion buying print ads.
Radio advertising will grow 1% to $32.5 billion.
Fox wraps up upfront advertising sales at nearly $1.8 billion
News Corp.'s Rupert Murdoch files for divorce from third wife
Upfront advertising sales heat up; CBS close to the finish line
Rupert Murdoch's entertainment group to be named 21st Century Fox
INTERACTIVE: TVs highest paid stars
ON LOCATION: People and places behind what's onscreen
PHOTOS: Hollywood back lot moments