A stronger-than-expected economic resurgence will help give the U.S. advertising industry a much-needed jolt this year following the pandemic.
Magna has increased its 2021 ad revenue projection in its latest quarterly advertising forecast, and now estimates that it will jump 6.4% this year to $240 billion. That’s $10 billion above December’s forecast, when Magna projected U.S. ad sales would grow 4% to to $230 billion.
Travel, automotive and beverages will increase ad spend
Between the $1.9 trillion coronavirus relief package that President Biden signed into law March 11 and a return to a normal sports schedule (including March Madness, which was canceled last year), “the latest economic and business outlook for 2021 gives us confidence that most industry verticals will grow ad spend again, up and down the funnel, and that will benefit nearly all media channels this year,” Vincent Letang, evp, global market intelligence, Magna, said in a statement.
This year, total digital...
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