Local Radio Topped $13.6 Billion in 2022, Growing Just Over Seven Percent Year over Year, according to BIA Advisory Services Estimates
BIA’s Top 10 Radio Stations by OTA Revenue Adjusts Slightly Chantilly, VA (May 4, 2023)…
CHANTILLY, Va. (June 10, 2013) – According to BIA/Kelsey’s Media Ad View Plus forecast, automotive and financial/insurance advertising in local media channels is growing steadily. BIA/Kelsey, adviser to companies in the local media space, expects the total local ad spend for the automotive sector will grow from $16.1 billion in 2012 to $17.5 billion in 2017, increasing its share of online advertising from 7.4 percent to 12 percent, and its mobile advertising from 0.5 percent to 4.4 percent in that same timeframe. Similar leaps are expected from the financial/insurance category, which will climb from $12.6 billion in local ad spending to $15.3 billion, with the mobile spend growing from 1.6 percent to 9.8 percent.
As reported in March in our U.S. Local Media Forecast (2012-2017), BIA/Kelsey expects the overall local ad market will climb from $132.5 billion in 2012 to $148.8 billion by 2017. To supplement the forecast and offer a more detailed picture of advertising trends and competitive market intelligence, the firm is now releasing its Media Ad View Plus forecast that offers both a local and a national comparative forecast that allows businesses to evaluate market opportunities across multiple dimensions: local markets, media and business categories.
“The local media market continues to experience positive growth as media buyers look both locally and nationally to identify the right mix of traditional and digital channels for reaching local targets,” said Dr. Mark Fratrik, vice president and chief economist, BIA/Kelsey. “Online and mobile continues to be the top growing ad channels. By 2017, the real estate business category will increase its online ad spend to an astonishing 40.8 percent and automotive dealers will focus on video, spending 11.4 percent of their $2.4 billion online ad budget on video display.”
Other findings from the Media Ad View Plus forecast reveal that by 2017 online’s share of real estate advertising will grow by nearly 18 percent and that the quick service restaurant category (subset of restaurants) will increase its online spending from $434.4 million to $618.6 million.
“Our clients have told us that the key value of Media Ad View Plus is that it allows them to review the state of their market in one place,” said Fratrik. “By expanding the data in Media Ad View Plus, we are giving our clients a comprehensive snapshot of the activity in their local markets so they can decisively identify trends, revenue opportunities and competitors in an interactive format in order to develop justifiable budgets, targeted sales strategies and make informed board and sales presentations.”
BIA/Kelsey defines local media advertising as advertising placed purely on local media outlets, including national, regional and local ads on radio stations, television stations and newspapers. The methodology for Media Ad View Plus includes analysis based on client requests.
The entire Media Ad View Plus report is now a downloadable interactive spreadsheet teeming with data on advertiser trends and competitive market intelligence that can be cross-referenced and projected for the next five years. As such, it can easily be incorporated into sales and board presentations.
Other highlights of Media Ad View Plus include:
Covering 12 media, 12 ad categories and more than 94 detailed business categories, BIA/Kelsey’s Media Ad View Plus track local advertising spending by media for the most recent year and five years out (2012-2017) for every local market. Markets are organized by the 362 Core Based Statistical Areas (CBSAs) or 210 television markets. For more information on BIA/Kelsey’s Media Ad View reports, call (800) 331-5086 or email email@example.com.
BIA/Kelsey will preview its 2013 Media Ad View research, forecast, trends and methodology behind the numbers, during a free webinar on Wednesday, June 19, at 2 p.m. EDT. To view an on-demand version of the webinar and/or the slide deck, click now.
BIA/Kelsey advises companies in the local media space through consulting and valuation services, research and forecasts, Custom Advisory Services and conferences. Since 1983 BIA/Kelsey has been a resource to the media, mobile advertising, telecommunications, Yellow Pages and electronic directory markets, as well as to government agencies, law firms and investment companies looking to understand trends and revenue drivers. BIA/Kelsey’s annual conferences draw executives from across industries seeking expert guidance on how companies are finding innovative ways to grow. Additional information is available at http://www.biakelsey.com, on the company’s Local Media Watch blog, Twitter (http://twitter.com/BIAKelsey) and Facebook (http://www.facebook.com/biakelsey). Stay connected by subscribing to the firm’s bi-monthly newsletter.