Advertising advisory service BIA has released its projection of 2024 local media revenue. The total projected spend is $175.6 billion. Nearly half of that investment (48%) is projected to be digital media revenue, as illustrated in the graph below.
The digital side does not break out specific industry types, such as music streaming or podcasting. Instead, those categories are generally (though not completely) bundled within device types, especially Mobile. Some digital audio spending would land in the “PC or Laptop” bucket as well.
Expected political advertising contributes to this ambitious projection. Election years power spectacular year-over-year growth. In this scenario, political spending is expected to grow by nearly 2,000 percent. Compare that to real estate advertising, a non-political type, which is projected to rise 12.5 percent.
Along that line, BIA advises watching real estate advertising at the local level. “There’s been so much pressure around home prices and interest rates, we believe later this year when rates start to decrease, a flurry of activity will generate increased advertising, especially by realtors,” said Nicole Ovadia, VP of Forecasting & Analysis.
The brief (free) is HERE, the full report (not free) is HERE.
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