Traditional media will retain a larger share of ad spend at 60%.
BIA Advisory Services revised their local media ad income estimates to $148.8 billion in 2019 on back of strong economy and an early start to 2020 election spending. But, local ad-spend will be dominated by the traditional media, while digital ad spends are expected to account for 40%.
Digital media will maintain a larger share of revenue with 25% share amongst the local advertisers. The compounded growth rate (CAGR) for digital ad revenue from 2019 to 2023 is predicted to grow at 9%, while the traditional media is likely to see a drop of 1.4% CAGR.
Mobile Social advertising, which is largely being driven by national advertisers, is the largest contributor to overall ad spend. The report says that advertising on desktops, laptops and tablets will account for 13.6% of the total ad spend.
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