The global advertising market achieved its strongest surge in 25 years outside of post-COVID recovery in 2024 according to the latest results from MAGNA, but in a year of elections and Olympics, audio leaned more on digital than ever before to stop a slump.
MAGNA’s latest Global Ad Forecast noted a record $933 billion in 2024, marking a 10.3% year-over-year growth. Traditional media owners saw ad revenues rise by 4% to $274 billion.
Traditional and digital audio platforms in the US experienced contrasting trends in 2024. Traditional audio media, which includes radio, generated $12.6 billion in ad revenues in 2024. However, the sector saw a decline of 3.0% compared to the previous year. In contrast, digital audio, which encompasses podcasting and streaming audio services, recorded a moderate growth of 4.2% in 2024, bringing its total ad revenue to $3.2 billion.
Globally, all audio grew by 2% to $29 billion, benefiting from cost-effective ad options compared to television.
Looking ahead to 2025, MAGNA projects that traditional audio media will face a further decline of 3.2% in ad revenues, reflecting a continued shift toward digital formats. Despite this decline, traditional audio is expected to maintain a 3.3% share of the overall U.S. advertising market. Meanwhile, digital audio is anticipated to sustain its current growth rate of 4.2%, supported by advancements in audience targeting and data-driven advertising strategies.
As for verticals to target in the coming year, MAGNA predicts continued strength in CPG, technology, and finance, driven by innovation and economic recovery. However, automotive remains a question mark due to fluctuating trade and government policies.
MAGNA forecasts global ad market growth to moderate to 6.1% in 2025, with revenues expected to reach $990 billion. TMO revenues are projected to decline by 1.9%, while DPP ad sales are set to grow by 9.4%, led by retail search (+13%) and digital video (+7%). Economic stabilization and continued innovation in streaming and AI are expected to sustain growth momentum, particularly in digital formats.
MAGNA EVP of Global Market Research Vincent Létang commented, “The strong growth of advertising spending in 2024, despite a challenging economic environment, was of course driven by an unusually high number of major cyclical events but, more fundamentally, media innovation is what attracts a growing share of marketing budgets into advertising formats.”
“With no major cyclical drivers in 2025, MAGNA expects ad spend growth rates to slow, but the organic factors will remain at work.”
