Giant media agency MagnaGlobal forecasts that advertising revenues will grow 6.4% to $516 billion in 2014.
That’s down a bit from Magna’s December prediction that spending would grow by 6.5%. But both figures are substantially higher than the 4.2% growth advertising revenues registered in 2013.
Magna said stronger economic growth and even-year events — the Olympics, World Cup and U.S. mid-term elections — will combine to generate the biggest boost in spending since 2010.
Ad revenues in the U.S. are expected by Magna to increase 6% to $168 billion.
In addition to the sports events, American ad spending is being driven by the companies and interest groups reacting to the Affordable Care Act, also known as Obamacare.
Digital media is growing at the fastest pace, with spending up 16% to $140 billion, representing a 27% market share.
Mobile media is responsible for the bulk of digital media growth, jumping 61% to $27.1 billion in 2014. Mobile’s share of digital media will be 24% in 2014, up from 19% in 2013. Magna expects it to jump to 38% by 2019.
Television will grow globally at a 7.2% rate in 2014, the agency says.