And for top vendors, more competition is on the way.

The three largest media owners in 2022 (Google, Meta and Alibaba) captured 47% of global ad spend, a loss of 2% from 2021 due to slowed growth. However, challengers grew much faster than those big three companies in both the Western world (Amazon up 21%, Apple up 37%) and China (Bytedance/TikTok up 40%, Pinduoduo up 42%).

In its conclusion, Magna predicts that 2024 will have economic stabilization and a return to major cyclical events such as the U.S. presidential election, the Olympics in Paris, Euro Football champions will re-accelerate ad spend, with 6.1% growth expected globally to $892 billion and 7.3% in the U.S.

Traditional media owners’ ad revenues will recover by 1% while digital pure players ad sales will increase by 8%.