The news: US ad revenues grew 10.3% in Q2, excluding political advertising, continuing a trend of steady gains in 2025 despite tariff headwinds, per Madison & Wall.

Digital advertising overall grew 15.8% and represented about a 70% share of ad spending.

Other key findings:

• Total TV ad spending fell 1.7%, but connected TV (CTV) alone grew, though the report did not specify how much. Other channels that slipped included audio (down 0.4%) and publishing (down 0.8%).
• Other formats proved resilient: Outdoor advertising grew 3.6%, while direct mail rose 0.8%.

CFA and CEO of Madison & Wall Brian Wieser noted that ongoing economic concerns will affect advertising, and that the company anticipates overall gains of 8% for the full year, with digital media increasing 14% and total TV dropping 3%.