U.S. media owners’ advertising revenues grew by a “decent” 6% in 2022, excluding cyclical ad spend, to reach $315 billion. However, there’s an important footnote surrounding just how that growth was achieved.
According to MAGNA, ad spend slowed down “significantly” through the second half of last year, as fourth quarter ad sales were flat year-over-year.
What’s the forecast for 2023? It’s lower than MAGNA’s previous outlook, and “the decline of linear TV” is a takeaway that can’t be ignored even as Automotive “has finally turned a corner.”
