U.S. Media Advertising Outlook Through 2027

PwC’s Entertainment & Media Outlook Report contains projections for U.S. advertising growth through 2027. Following are highlights for key media:

	Digital Out-of-Home Advertising Digital Out-of-Home (ex. billboard, DMV, elevator, gas station) maintains its status as the fastest-growing segment with a +6.2% compound annual growth rate (CAGR)¹ through 2027, and its share of total OOH advertising is increasing each year. Out-of-Home’s +2.7% CAGR is buoyed by Digital Out-of-Home’s strength.
	Online Advertising Online is expected to have a +5.3% CAGR. Mobile online will grow faster at a +6.0% CAGR, with wired at a +3.5% CAGR.
	Cinema Advertising Cinema has rebounded and is predicted to grow at a CAGR of +4.7%. Box office takings have also rebounded, predicted to surpass 2019 levels.
	Radio Advertising* Radio’s CAGR of +0.9% is down slightly from last year. Online radio will be the fastest-growing segment with a +5.0% CAGR.
	TV Advertising² TV is expected to have a +0.6% CAGR. Online TV’s +4.7% CAGR remains the fastest-growing segment, with broadcast TV at +0.8%.
	Newspaper Advertising* Newspapers continue to decline with a -2.3% CAGR. Print retains the majority share of ad revenues and has a CAGR of -6.2%; digital will see muted growth with a +1.9% CAGR and is expected to overtake print in 2025.
	Magazine Advertising Consumer magazines continue to fall with a -5.4% CAGR: digital remains at +2.9% while print drops with a -12.4% CAGR. Trade magazines are forecast with a -2.2% CAGR: digital’s +1.9% CAGR is not enough to offset print’s -10.5%.

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.

²This year’s forecast for TV excludes connected TV, which was moved to the internet section of the report.

Source: PwC’s Entertainment & Media Outlook, reported by Marketingcharts.com; *includes Canada.