BIA Advisory Services updates its 2024 U.S. Local Advertising Forecast, estimating revenue across all media in the U.S. will reach $172 billion in 2024, an increase of 9.3 percent over 2023. This revision is a reduction of 2% from the forecast published last October. BIA Advisory says 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. BIA VP of forecasting & analysis Nicole Ovadia states, “As expected, local political advertising will be substantial this year, and it’s fueling spend across the media landscape. 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.”
