NEW YORK: Global advertising expenditure will grow at a rate of 3% during 2013, but this is expected to double to 6% in 2014, according to the latest forecasts.

Magna Global, the media management company, has predicted that worldwide adspend will total $486bn this year and will reach $515bn next year, reported MediaPost.

The US continues to be the biggest single market, accounting for almost a third of total spending, but its share will edge downwards, from 31.9% in 2013 to 31.8% in 2014 as other markets grow faster.

Latin America is expected to see the highest rate of growth this year and next, at 12.5% and 12.9% respectively. It is followed by the Asia-Pacific region, with figures of 5.9% and 7.4%.

Within the latter, China will be a strong performer, said Magna, growing from $42.8bn this year to $48.0bn in 2014, a 12.1% rise.

China is the third largest advertising market but is rapidly closing in on Japan, the second biggest country, whose spend is predicted to increase by a more modest 2.9%, from $51.7bn in 2013 to $53.2bn in 2014.

Magna expected Western European markets to stabilise in 2014, after a predicted fall of 1.6% in 2013. The outlook in Central and Eastern Europe was brighter, with expenditure growing by an average 7.6% this year. 

For 2014, Magna forecast that ad revenue across Europe, the Middle East and Africa would rise 3.3%.

In terms of media, digital will fuel much of the growth, increasing 13.4% to reach $113.6bn in 2013. While search will account for most of this (45.8%), the fastest-growing sector will be mobile advertising, where a 54% jump will see it attracting $12bn in spending.

Social media, up 39.6% to $8.2bn, and digital video, up 21% to $6.6bn, are also expected to perform strongly.

Television continues to attract the most adspend, accounting for 40.4% globally, but in 2013 the absence of major TV events such as the Olympic Games will mean a comparatively slow rate of growth: 2.2%. 

Among other media, Magna expected print advertising to continue to decline, with newspapers down 3.3% and magazines down 5.1%, to a combined total of $110bn in 2013.

Radio and out-of-home, however, were forecast to increase this year, the former edging up 1.1% to $, and the latter rising 9% to reach $32.6bn.

Data sourced from MediaPost; additional content by Warc staff