The figures have been released by TNS Media Intelligence/CMR, which is predicting growth of 9.4% for the first half and 9.2% for the second half.
Steven Fredericks, president and CEO of TNS Media Intelligence/CMR, said: "With the upswing in the economy, the elections and the Olympics, 2004 is shaping up to be a good year overall."
Estimates are that political spending will total $1.5bn (£819.2m) for the year, including $1.3bn on election advertising, while the Olympics is expected to generate an extra $850m.
Internet advertising is expected to be the biggest beneficiary, with a 15.8% rise, while network television advertising is set for a 9.9% increase. The only sector that looks likely to see a decline is business-to-business magazines, which is predicted to fall by 0.1%.
TNS presented the figures at the AdWatch: Outlook 2004 conference in New York.
At the same conference, McDonald's chief marketing officer Larry Light said that the time of mass-media marketing had gone and that the company now believed in "brand journalism", which he described as a way of telling the story of a brand.
He said: "We don't need one big execution of a big idea. We need one big idea that can be used in a multi-dimensional, multi-layered and multi-faceted way."
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