This post was originally published on this site
In its update to the 2024 U.S. Local Advertising Forecast, BIA Advisory Services estimates revenues across all media in the U.S. will reach $172 billion in 2024, an increase of 9.3% over 2023.
The rise will be driven by local political and other key local vertical ad spend, and significant ad growth for connected TV/over-the-top (CTV/OTT), TV OTA, and TV Digital. The forecast reflects a reduction of 2.0% from BIA’s October 2023 estimate.
“As expected, local political advertising will be substantial this year, and it’s fueling spend across the media landscape,” said Nicole Ovadia, BIA VP of forecasting and analysis. “Our slight adjustment down for this year is mainly due to mixed economic signals, a slowdown in certain consumer purchases, and lower than expected spending in Digital and Direct Mail advertising at the end of 2023 that may flow into this year. However, we still anticipate 2024 to be better for local advertising than 2023 and certain media like TV OTA, TV Digital, and CTV/OTT are growing substantially.”
The 2024 forecast update shows a small increase in expectations for local political advertising. BIA estimates $11.1 billion in spending this year, up 15.5% from 2020. Local television will continue to get the largest share of the spending, with forecasted increases in local political advertising going to CTV/OTT.
The split between traditional and digital advertising shows that digital has a slightly smaller share, 48.7%, of the overall advertising spend at $84 billion. Traditional media ad revenue is slated at 51.3% of the ad spend