Magna has released its biannual Global Advertising Forecast report, which provides insight into the figures that have shaped the industry in 2024 and analyzes what forces will affect the rest of the year.

The report forecasts that Canadian media owners’ ad sales will grow 7.8% to $24.5 billion in 2024, the fastest growth rate in three years. The return of events such as the summer Olympics, which attract more than 300 million viewers worldwide, will boost the spending. However, the industry in the country tends to benefit more from the winter Olympics than the summer games, said Magna.

Accounting for 70% of the total media ad revenue, digital pure player sales (sales made through digital platforms) will rise 13% to $17.3 billion. Search and social networks will also growth 12% and 16%, respectively. The use and monetization of short-form video platforms, and the rise of retail media networks such as Amazon and Walmart, will drive revenue. In 2023, digital pure player sales grew by 10%, while social networks increased 11% and search sales 10%.

OOH sales will also increase by 8.3% in 2024, faster than the 7.3% experienced in 2023. The business could benefit from Bell Media’s recent acquisition of OOH ad company Outfront, according to Magna. Theatrical sales will also rise 10% in 2024, slightly ahead of the U.S. forecast (6%), as will digital sales, which will be up 14%.

But the advertising industry will also see declines this year. The report states that sales of traditional media owners, which represent 30% of the industry overall, will register a 3% drop. This after revenues of traditional media owners fell by 4% in the first quarter of 2024. Bell Media reported that growth in digital TV advertising, along with increased OOH ad revenues, were able to partially offset the loss of linear TV ad sales due to the scriptwriters’ strike. Corus recorded a 12% drop in its TV ad sales, citing declines in most major spending categories. And Quebecor saw a 5% drop in ad sales, with a decline in TVA network and specialty channels.

Cross-platform TV sales (which include both linear TV and digital video streaming) will also drop by 5.8%. Last year, cross-platform TV sales recorded a slowdown of 8% to $3.1 billion. The scriptwriters’ strike in the U.S., which also affected Canadian TV, was a major factor against.

Audio sales (broadcast and digital) will also not benefit from the strengthening market this year, falling 2% to 1.6 billion, as will publishing sales (print and digital), which will drop 2% to 2.1 billion. Digital growth has not been enough to offset print declines, even though digital sales represent almost 70% of total publishing sales this year, said Magna.

In the long term (2025-2028), the company forecasts that ad sales will grow by an average of 5%. The market will close 2028 at $28 billion, with digital ad revenues growing by 8% over that period. TV sales would decrease by 5%, print ad sales would also fall by 2%, radio would remain stable and OOH would increase by 6%.