MAGNA releases March 2024 US Advertising Forecast

MAGNA’s March 2024 US Advertising Forecast presents an optimistic outlook for the US advertising market, projecting a robust growth of +9% this year, with total ad revenues expected to hit $369 billion. The report highlights several key trends that are particularly pertinent to the pharmaceutical sector and other related industries.

Resilience in Pharma and Travel

One of the standout observations is the marked resilience and expected growth within the pharma and travel sectors. While the forecast does not provide specific growth figures for pharma, the overall positive trend in travel (+9%) and similar verticals suggests a favorable environment for pharma media as well. This is underscored by an improving macro-economic landscape, with GDP forecasts revised upwards to 2.4% from a previous 1.7%.

Dominance of Digital Media

The digital media continues to dominate, capturing the lion’s share of the market growth. For the pharma industry, this underscores the ongoing shift towards digital platforms, with implications for how media strategies should be adapted. The expansion of ad-supported streaming services is highlighted, including the significant growth of premium long-form streaming advertising, set to expand by +13% to reach $10 billion this year. This trend might offer new opportunities for pharma marketers to reach audiences via digital video platforms.

Mixed Fortunes for Traditional Media

Traditional media channels are experiencing mixed fortunes, with some declines...