By Staff
TVNewsCheck, Apr 13 2010, 3:11 PM ET
Magna today issued a new U.S. Media Advertising Revenue Forecast, updated from the company's quarterly report in January.
In total, Magna said, it expects media suppliers to generate $164.5 billion dollars of advertising revenue during 2010.
On the back of continued improvements in the economy and an increased likelihood of sustained growth in the near-term, it forecasts that excluding political and Olympic advertising on TV, on a normalized basis the U.S. advertising economy will grow by 1.6% during 2010, ahead of its prior forecast of flat year-to-year growth.
Including political and Olympic advertising, it expects 3% total industry growth for 2010.
It said that "as expectations for the broader economy have improved over an extended time-frame as well, we are increasing our long-term forecasts, and now expect growth to average 3.5% between 2010 and 2015, up from +2.3% previously.
"Among the various sectors, television remains the largest advertising platform in the United States, generating $56 billion in total advertising revenues during 2010.
"Online advertising will once again prove to be the fastest growing medium during 2010, with paid search alone rising 16.8%.
"Local media is generally likely to perform better than we had previously forecast as well."
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