Advertising in the US is expected to grow by 5% by the end of 2023 and increase almost as much (4.2%) in 2024. If political advertising is included for 2024 (which will be an election year), the growth is predicted to be over 8%. 

Additional findings from the new report from Madison and Wall included:

• Almost 2/3 (64%) of all advertising will be placed on digital platforms, including search, social, commerce, retail media and digital video in 2023.
• Local and national TV will both continue to decline as a result of cord-cutting and reduced programming due to the strikes in Hollywood. However, there is a potential for broadcast networks/channels to collaborate with marketers to offer a greater variety of media products.
• There is predicted to be a small growth in outdoor advertising, but radio ads will stagnate.
• Retail media is expected to provide 75% of the advertising industry’s revenues by 2028.
• Political advertising is predicted to add $17 billion in revenue to media owners in 2024.