Local U.S. advertising will enjoy 6.4% growth in 2022, to reach $138 billion, following 9.9% growth this year — the strongest recovery seen since the Great Recession, according to Borrell Associates’ 2022 Local Advertising Forecast, reports Digital News Daily.
According to the report, “Streaming video/OTT is forecast to see the biggest gain — up 18.5%, to $21.3 billion — more than twice as large as broadcast TV advertising.
“Other media expected to see large gains include audio/podcasting (17.8%), targeted banner advertising (12.6%) and broadcast TV (12.3%).
“Media forecast for declines include radio (-4.6%), print directories (- 11.4%), newspapers (-6%), magazines and other print (-7.5%), and untargeted banner advertising (-4.6%).
“Despite strong increases in 2021, nine of 17 different types of media advertising will not attain the levels they saw in 2019: cable TV, outdoor and cinema, all forms of print media, radio, and untargeted banner advertising.
“Local TV is the only traditional medium projected to see 2022 spending levels exceeding those of 2019.
“However, newspapers’ year-over-year local advertising decline in 2022 is forecast to slow to 6%. The newspaper industry has suffered double-digit declines for the past seven years.”