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The news: IPG Mediabrands’ Magna unit is expecting robust growth in the US advertising market, projecting a 9.2% spending increase to $369 billion in 2024, bolstered significantly by political campaigns. That’s a rise of nearly a percentage point from the media investment firm’s previous 8.4% growth prediction.
This optimistic outlook is partly due to political advertising, which Magna forecasts will jump 13% from the last presidential cycle. While impressive, that’s actually down from a prior 18% estimate.
Zoom out: The influence of the Citizens United Supreme Court decision on political advertising continues to reverberate. The ruling, which allowed for unlimited spending by corporations, unions, and other groups, has led to consistent growth in ad spending and a more intense and fiercely competitive advertising landscape within political campaigns.
Why it matters:
Slow to digitize: While digital ad spending will constitute over three-quarters of the total US media ad spending in 2024 according to Magna, political ad spending in digital media will account for less than 30%. Digital political ad spending expected to grow by 156.3% from 2020 to 2024, significantly outpacing the 28.7% growth in total political ad spending.
Our take: Political advertising continues to be a powerful driver in the US ad market, reflecting not just the economic dynamics but also the deep political engagement and competition in the country.
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