09:51 AM EDT, 03/28/2024 (MT Newswires) -- Interpublic Group's (IPG) Magna media investment and intelligence business said Thursday that it expects total media owner advertising revenue to rise 9.2% to hit $369 billion the US this year, higher than its previous forecast for 8.4% growth.

Magna attributed its increased forecast to "an improving macroeconomic outlook, the momentum of digital media and streaming, and the impact of cyclical events."

The 2024 election cycle will generate an additional $9 billion of advertising revenue for media owners, Magna said.

Magna said that based on its analysis of the financials of media companies, non-cyclical advertising revenue climbed 9.1% in Q4, bringing advertising market growth to 5.7% for 2023.

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