07:50 AM EST, 12/09/2024 (MT Newswires) -- Global advertising revenue is projected to grow 9.5% this year to exceed $1 trillion for the first time and another 7.7% in 2025 to reach $1.1 trillion, according to GroupM's End-of-Year Global Advertising Forecast for 2024 published on Sunday.

Alphabet's (GOOG, GOOGL) Google ( GOOG ), Meta Platforms ( META ) , ByteDance, and Amazon.com ( AMZN ) have experienced "significant gains," The Wall Street Journal reported Sunday, citing the report.

Pure-play digital advertising is anticipated to grow 12.4% in 2024 and expected to account for 72.9% of total ad revenue by 2025, while retail media is projected to reach $177.1 billion globally in 2025, overtaking TV revenue including streaming, according to the report.

Out-of-home, or OOH, advertising has maintained its share, supported by digital OOH's anticipated contribution of 42% to total OOH revenue in 2025, GroupM said. Global audio revenue is expected to remain flat in 2025, while print advertising will likely continue to decline due to digitization and AI advancements, the report added.

The US and China remain the two largest advertising markets, with the US forecast to grow 9% to $400.2 billion and China to increase 13.5% to $204.5 billion in 2024, GroupM said.