Local ad spending set to grow 8.5% this year

Magna Malaysia chief investment officer Fan Chen Yip

PETALING JAYA: Malaysia’s advertising revenue is expected to grow at a slower rate of 8.5% this year compared with growth of 9.6% last year, according to IPG Mediabrands’ Magna Global Ad Forecast.

The 8.5% forecast for this year is valued at RM9bil against RM8.3bil last year. This projection would cause a downward shift in Malaysia’s position as the 38th largest advertising market worldwide in 2023, to the 40th spot in 2024.