In its newly released 2023 U.S. Local Advertising Forecast, BIA Advisory Services, Chantilly, VA, estimates revenues across all media in the U.S. will reach $165.7 billion in 2023, a decline of 0.5 percent from the firm’s final estimate of $166.5 billion for 2022. Removing political advertising revenues from the estimate, BIA projects $165.2 billion in total local advertising next year, a 4.8 percent increase in local advertising year-over-year. The almost flat revenue projections for the year indicate continued economic and supply chain concerns, yet the forecast is more bullish starting mid-2023. The updated local advertising forecast for 16 media and 96 sub-verticals is now available in the BIA ADVantage™ platform and local radio and television revenues have been updated in the MEDIA Access Pro™ database.
“This year has been filled with contrasting economic indicators creating several challenges for the local advertising marketplace,” said Nicole Ovadia, VP Forecasting & Analysis, BIA Advisory Services. “Supply chain issues continued to plague the first couple of
quarters of 2022 making it difficult for local media sellers. In the summer, we had higher hopes for the remainder of the year; however, inflation issues and recession fears started to set in and that stalled anticipated rebounds in key verticals such as automotive.”
“For our 2023 forecast we lowered near-term expectations to reflect the current economic climate that we anticipate will stay with us into next year.”
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