Asia Pacific advertising revenues will likely grow by 7.6 percent in 2014 to $150bn, according to the latest forecast from MagnaGlobal.

Accounting for nearly 29 percent of global adspend this year, the APAC figure is up from the 7 percent growth achieved in 2013 but lower than a previous forecast of 8.4 percent.

In 2015, growth will moderate to 6.9 percent.

The research company bases its predictions on figures from 71 countries.

Radio, which grew globally by 1 percent in 2013, is expected to accelerate to 2 percent in 2014.

Despite flat listenership, radio has fared better in advanced markets than other traditional media because it is the cheapest media and efficient at supporting sales.

Even then, the agency anticipates radio’s global dollar share to erode down to 5.7% by 2019.  At the end of 2013, radio’s share stood at 6.7 per cent.  In 1999, it stood at 9.5 percent.

In Asia Pacific, China has overtaken Japan to become the largest advertising market in the region, thanks to a combination of strong growth and depreciation in the Yen.

China will continue to see strong growth at 12 percent and will represent $50.9bn of advertising spend this year, predicts the research.

But the year’s fastest growth will come from Indonesia and Vietnam, driven by booming economic growth.

The slowest growth will occur in Thailand, due to economic and political difficulties, and in Australia because of economic slowdown.

Globally, ad revenues are forecast to grow by 6.4 percent in 2014 to $516 billion.