Report: Magna Global Ad Forecast
By Adnews Staff
Magna has recently released the latest edition of its bi-annual Global Ad Forecast. According to the report, Canada is the eighth largest advertising market in the world, with $20.4 billion spent in 2022. This places Canada below Australia and above South Korea. Advertising sales increased by 5.6% this year, down from 27% in 2021 and down 1.5% from the company’s summer report. The report attributes the reduction to slow economic growth in 2022, as well as supply and inflation issues and reduced advertising budgets in the automotive and consumer packaged goods sectors. However, ad spending increased in new sectors such as online sports betting and surrounding sports events such as the Winter Olympics and the FIFA World Cup. Magna’s report predicts that the Canadian ad market will increase by 4.3% in 2023, due to a poor economic outlook and a lack of major cyclical events. Magna is a division of Mediabrands.