Local ad marketplace spending in 2024 is projected at $176-billion, according to BIA Advisory’s just-released forecast. (Full forecast available HERE.) That would be an 8.6% increase over 2023.
Digital radio is part of that projection, as the #3 input — that represents online distribution of AM/FM via station apps and aggregating platforms like iHeartRadio and TuneIn — not streaming music services.
In a political election year, it’s not surprising that political advertising is projected as the top ad category in 2024, followed by restaurants and realtors.
“When you look at which media will grow from this year to 2024, local political advertising is the main driver, which is terrific for local sellers of these channels,” said Nicole Ovadia, VP Forecasting & Analysis, BIA Advisory Services. “Beyond political, several other verticals will increase next year. One category to keep an eye on is Realtors looking to advertise to drum up demand. Declining verticals include those that experienced growth during the pandemic, like veterinary services, that have now waned.”
Turning to a different source and widening the perspective eyond local to national, we see a bigger growth projection for digital ad spending. Here, the projected share of digital ad spending is 68%.
According to this outlook model, the national digital spend will exceed two-thirds of total spend for the first time.
“The paradigm shift from analog to digital runs through most aspects of modern society and advertisement has been on the forefront of the change,” says Katharina Buchholz of Statista.
