U.S. Media Advertising Outlook Through 2028

PwC’s Entertainment & Media Outlook Report contains projections for U.S. advertising growth through 2028. 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 +6.3% compound annual growth rate (CAGR)¹ through 2028, and its share of total OOH advertising is increasing each year.
	Online Advertising Online is expected to have a +9.7% CAGR.
	Cinema Advertising Cinema has rebounded and is predicted to grow at a CAGR of +5.0%.
	Radio Advertising* Radio’s CAGR of +0.8% is down from last year, as is terrestrial online radio at +0.8% CAGR.
	TV Advertising² TV is expected to decline at a -2.6% CAGR.
	Newspaper Advertising* Newspapers continue to decline with a -2.1% CAGR; print retains the majority share of ad revenues and drops with a CAGR of -5.7%; digital will see muted growth with a +1.4% CAGR.
	Magazine Advertising Consumer magazines continue to fall with a -4.7% CAGR: digital drops slightly at +2.7% and print declines with a -12.0% CAGR; Trade magazines drop to a -2.9% CAGR: digital’s +1.0% CAGR is not enough to offset print’s -11.6%.

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, online’s category includes online TV and digital publishing.

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