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MagnaGlobal updated its 2012 U.S. advertising forecast, predicting a 4 percent uptick in year-over-year advertising revenue thanks to the quadrennial effect of political and Summer Olympic-related advertising.
The industry could use the boost. MagnaGlobal estimated that media revenue (excluding direct marketing) grew roughly 3 percent to about $147 billion in 2011. Despite upticks last year and in 2010, the domestic ad market remains 13 percent smaller than its 2007, prerecession level of roughly $169 billion. MagnaGlobal is the strategic global media unit of Interpublic Group's Mediabrands.
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