Worldwide advertising revenue growth is expected to decline slightly this year, dragged down by more traditional mediums like television and print and a slowdown in the U.S. and U.K.

Excluding cyclical events like last year’s Olympics and the U.S. elections, media owners’ ad revenues are expected to increase 4.7% this year globally, compared with 4.9% growth in 2016, according to the latest forecast from Interpublic Group of Co IPG 0.45% s.’ ad buying group Magna . MGA 0.59%

Media companies knew to brace for a slowdown generally this year given the $5 billion that Magna estimates they raked in last year from ads featured around events like the Summer Games, U.S. elections and Copa America soccer tournament. Including such cyclical events in both years, Magna predicts global ad revenue will rise 3.7% to $505 billion in 2017, compared with 5.9% growth last year.

Petering growth in the ad market more broadly, while minimal, is symbolic of a broader shift in how advertisers are allocating their spending, as well as some particular trends in the U.S.

In the U.S., advertising sales are expected to grow 3.4% in 2017, compared with 5.9% in 2016, not counting the incremental revenue from politics and the Olympics. “This represents the slowest rate of advertising sales growth since 2014,” when the market grew by only 1.6%, Magna said in its report. (Including cyclical event spending, U.S. advertising sales are expected to grow 1.6%, compared with 7.7% last year)

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