IPG Mediabrands’ Magna Global is forecasting that as the economic recovery continues, advertising revenues for media companies like television networks, newspaper publishers and digital media companies will grow by 6.5% to $521 billion in the coming year. After a slower economic recovery than expected kept 2013 growth modest at 3.2% (in line with June forecasts of 3%), with total revenues reaching $489.6 billion, 2014 will see the strongest year-on-year growth for advertising revenues since 2010, according to the report.

Digital media was the fastest growing media category in 2013, reaching a 24% global market share with revenues growing 16% to $118 billion. Within that category, social networks grew by 58% attracting $9 billion in spend, which, along with growth in search, drove mobile advertising to nearly double in size to reach $16 billion.

Also of note in the report was the growth of programmatic trading, including real-time bidding for digital inventory. Globally, the programmatic spend hit $12 billion in 2013, an increase of 60% compared to 2012.

Revenues in 2014 are also expected to be driven by a 7.7% growth in global television spend thanks to the major, non-recurring sporting events scheduled for 2014, the Sochi Winter Olympics and the World Cup in Brazil, as well as mid-term elections in the US. TV revenues only grew by 1.8% in 2013.