Globally, media owner advertising revenues are forecast to grow by +3.9% in 2015 to $513 billion. This is nearly one point lower than our previous forecast (+4.8% in Dec. 2014) and represents a slowdown from 2014 (+4.9%). The nearly one point slowdown in 2015 is largely attributable to the absence of even-year events that generated extra ad spend in 2014 (Winter Olympics, US Elections, FIFA World Cup). Neutralizing this non-recurring effect, underlying global growth would be similar to last year’s growth. BRICs and US Slow Down but Europe Recovers. Digital Media to Become the #1 Media by 2018. Of the 73 countries analyzed by MAGNA GLOBAL in this update, 70 will experience ad growth this year and only three (Russia, Finland, Croatia) will suffer decreases. 55 have seen their 2015 growth forecast reduced in our new forecasts. The biggest contributors to the reduction include two BRICs affected by economic difficulties: Russia, where ad revenues are now expected to decrease by -11%, and Brazil, now expected to grow by +4.4% (previously +5.9%). We also reduce the US growth forecast to +1.6% (compared to +2.7% previously forecast). Less significant adjustments include China (+8.1%, previously +8.6%) and Canada (+2.7%, previously +3.4%). On the other hand, the biggest upward revisions come from Spain (+8.6%, previously +5.6%) and the UK (+5.6%, previously +4.7%). In those markets, ad spend has been even more dynamic than expected in the beginning of the year, leading us to increase our full year growth forecast. Other markets growing slightly faster than expected in 2015 include France (from -1.1% to +0.3%) and Japan (from +2.7% to +3.4%).

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