Local advertising revenue in the U.S. will rise 5.8% to $161.3 billion next year, according to MarketingDive report that received the information from a forecast by BIA Advisory Services. Traditional media revenue will make up 59% of total advertising which is at $94.4 billion. That is a gain of 1.3% from this year. Along with this, digital ad revenue is set to grow 13% by next year to make up the remaining 41% of local media spending. With the political elections going on, the political ad spending in local media channels will reach $6.58 billion.
Predicting ahead, the local ad revenue is predicted to double to $2.13 billion by the year 2024. Social ads and mobile sales will continue to climb and are predicted to rise 51% in 2024. BIA Advisory Services are predicting that the revenue for local ad will magnify with all the political spending and how marketers will spend their media money. Also, looking more in depth, marketing in this aspect is shifting more towards digitally oriented channels like social media.
Nearly 94% of social media revenue is said to come from mobile devices this year; a percentage that is going to rise to around 96% by 2024 due to the fact that audiences are shifting to consuming media through their mobile devices. Also, as audiences shift their viewing habits to streaming services such as YouTube, Hulu, Sling TV, Roku and more it is important for marketers to target those consumers accurately.
At Bold Media we provide social media advertising services to educate and entice the public towards your goods and services. Want a professional to help you get started on reaching your audience better? We’re here to help! Reach out to us with any questions by calling (248) 477-5994 or contact us online today.