Economic troubles in the Eurozone continue to cast a shadow over growth in ad spending as two leading media agencies have revised their forecasts downward this morning. ZenithOptimedia, a unit of Publicis Groupe, projects global ad spending will increase 4.3 percent to $502 billion this year from its March forecast of 4.8 percent . Meanwhile, Interpublic’s MagnaGlobal expects growth of 4.8 percent to $480 billion, down from its earlier growth forecast of 5 percent.
With the exception of Germany and the U.K., ad spending in Western Europe is expected to decline 1.1 percent per ZenithOptimedia and 0.2 percent according to MagnaGlobal. Spain is expected to drop 8.4 percent this year, the fourth straight year of decline, MagnaGlobal noted, and by the end of 2012 the Spanish ad market will be 37 percent smaller than in 2007, before its current problems. ZenithOptimedia anticipates an even bleaker scenario for Spain this year, with ad spending dropping 12 percent.
In the U.S., ZenithOptimedia and MagnaGlobal called for major media spending to increase 3.6 percent and 4 percent, respectively. MagnaGlobal company said television would benefit from the quadrennial events  like the Summer Olympics and U.S. election, with an expected spending increase of 5.2 percent.
While TV remains the largest media globally, this year internet advertising 13.5 percent this year to nearly $100 billion, putting it at No. 2.
As for other trends reshaping the world’s ad-spending patterns, ZenithOptimedia predicts that between 2011 and 2014, 60 percent of the growth in global ad spending will come from developing markets outside North America, Western Europe and Japan.