In its newly released 2024 U.S. Local Advertising Forecast, BIA Advisory Services, Chantilly, Va, estimates revenues across all media in the U.S. will reach $175.6 billion next year, primarily due to the political season. The 8.6 percent increase over 2023 is slightly shadowed by concerns of an economic downturn and overall lower ad spending. With the forecasted political revenues removed, BIA’s projection in 2024 is $164.6 billion in total local advertising, only a 2.2 percent increase in local advertising year-over-year.
“As expected, 2024 will be driven by political spending, and, even in markets that are not highly contested there will be a large amount of political advertising,” said Nicole Ovadia, VP Forecasting & Analysis, BIA Advisory Services. “Local political advertising will be fueled by the Presidential and Senate campaigns as well as issue-based advertising. When we look at the forecast without political, we expect only a slight increase in ad spending due to both global and local economic trends that may create more cautious spending.”
The split between traditional and digital advertising shows that digital has a slightly smaller share, 48 percent, of the overall advertising spend at $84.1 billion. Traditional media ad revenue is slated at 52 percent of the ad spend at $91.5 billion.