MagnaGlobal has released a new advertising spending forecast that nearly doubles its expectation for growth in 2010.
The new report calls for a 4.2% increase in global ad spending to $377 billion. MagnaGlobal's previous forecast called for a 2.4% increase. Spending was off 11.3% in 2009.
Television accounts for about 40% of all global advertising, or about $151 billion, and is growing in all regions of the world. In 2010, Magna expects spending on TV to increase 6.9% globally.
In North America, spending on TV is projected to reach $57.7 billion, up 9.4% from 2009, when it fell 10.1%. Of that total, $55.9 billion will occure in the U.S.
Spending on all media in 2010 is expected to total $147.3 billlion, up 3.4%, with $138.9 billion of that coming in the U.S.