PwC’s Entertainment & Media Outlook Report contains projections for U.S. advertising growth through 2024.  Following are highlights for major media:

Digital Out-of-Home Advertising

Digital Out-of-Home (ex. billboard, DMV, elevator, gas station) remains strong with a +7.7% compound annual growth rate (CAGR)¹ through 2024.

Out-of-home has the strongest forecast of traditional media with a +2.8% CAGR, buoyed almost entirely by digital out-of-home’s growth.

Online Advertising

Online is expected to have a +4.1% CAGR, below forecasts of past years.

Mobile online will grow faster at a +6.2% CAGR, with wired forecast to decline at -1.5%.

Radio Advertising

Radio is expected to remain flat with a CAGR of +0.6%.

Online radio will be the fastest-growing segment with a +7.1% CAGR.

Television Advertising

TV continues to grow slowly at a +0.4% CAGR, despite a rise in TV viewing.

Online TV is also growing slowly at a +3.9% CAGR, below forecasts of past years.


Cinema Advertising

Cinema advertising revenue will decline with a CAGR of -2.2%.

Cinema box office takings will not fare any better.

Magazine Advertising

Consumer magazines remain pessimistic with a -4.2% CAGR; digital’s +2.9% is not enough to offset print’s -11.1%.

Trade magazines -0.7% CAGR expects digital’s +4.4% to make up for print’s -7.0%.

Newspaper Advertising

Newspapers continue to decline with a -6.3% CAGR.

Digital’s CAGR of +1.9% is not growing quickly enough to offset print’s -12.4%.

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