NEW YORK—Magna has become the latest major media agency to reduce its 2023 ad estimates with a revised forecast that overall U.S. video advertising will decline in 2023 by 7.9% (compared to a previous estimate of a 5.2% drop).
Magna also trimmed its 2023 forecast for national TV networks (down 7.7% compared to an earlier 6.8% decline) and local TV (down whopping 22.4%, slightly worse than the 21.4% previously predicted decline).
AVOD and CTV advertising in the U.S. will grow by 7.2% in 2023 but that represents a significant cut from the previously predicted 21.2% increase.
Overall the total ad spend for video is now expected to hit $84.0 billion in 2023 in the U.S. while long form video will hit $46.7 (down 5.3% from 2022), followed by national TV networks ($38.3 billion in 2023), local TV ($18.4 billion) and AVOD/CTV ($8.5 billion).
Magna is still predicting growth for 2024, with total video advertising expected to be up by 7.2%, long form video up 0.2%, AVOD/CTV up 14.3% and local TV up 22.4%. National TV, however, is expected to decline by 2.9% in 2024.
More data and the full global forecast is available here.
