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NEW YORK IPG’s Magna Global has cut its U.S. ad spending growth forecast almost in half for this year to 2 percent (for a total of $285 billion) due to worsening economic conditions.
Magna was the second major agency in as many weeks to reduce its spending forecast for 2008. Last week, Publicis Groupe’s Zenith Optimedia cut its North American ad growth forecast to 3.5 percent ($195 billion total) for major media, which ZO defines as newspapers, magazines, TV, radio, cinema, outdoor and the Internet, down from its initial forecast of a little over 4 percent.
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