U.S. Media Advertising Outlook 2019-2023

PwC’s Entertainment & Media Outlook Report contains projections for U.S. advertising growth through 2023.  Following are highlights for major media:

Online Advertising

Online is expected to have a +8.4% compound annual growth rate (CAGR)¹ through 2023.

Mobile online is projected to grow at a +13.1% CAGR, with wired forecast to decline at -16.6%.

Digital Out-of-Home Advertising

Digital out-of-home (ex. billboard, DMV, elevator, gas station) remains strong with a +7.1%.

Out-of-home has the strongest forecast of traditional media with a +3.1% CAGR, buoyed almost entirely by digital out-of-home’s.

Cinema Advertising

Cinema is predicted to grow at a CAGR of +3.6%.

Cinema advertising revenues are much smaller than box office takings, although its CAGR is higher.

  Radio Advertising

Radio is expecting a slight increase with a CAGR of +0.7%.

Online radio will be the fastest-growing segment at +7.1%.


  Television Advertising

TV continues to grow slowly at a +0.3% CAGR, in part due to declining TV viewing.

Online TV is also growing slowly at a +4.6% CAGR, below the forecasts of the past several years.

  Magazine Advertising

Consumer magazines remain pessimistic with a -2.8% CAGR; digital’s +3.9% is not enough to offset print’s -8.3%.

Trade magazines -1.1% CAGR expects digital’s +4.8% to make up for print’s -7.6%.

Newspaper Advertising

Newspapers are expected to see a decline with a -4.7% CAGR.

Digital’s CAGR of +2.5% is not growing quickly enough to offset print’s -9.3%.

¹The compound annual growth rate (CAGR) is the proportional growth rate from year to year for a business, used to calculate growth over a time period.

Source:  PwC’s Entertainment & Media Outlook, reported by Marketingcharts.com