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.
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.