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BIA/Kelsey: Local Online ad revenues to push $150b by 2016
The local ad space is heating up, particularly online. According to a new forecast from BIA/Kelsey, the local, online space will see more than 13% growth through 2012. By 2016 the local ad spend is expected to surpass $150 billion. As traditional media spending slows, forecasters from the company believe more ad dollars will be pushed into Online/Interactive spending.
By 2016 the BIA/Kelsey forecast predicts businesses will spend more than $151 billion on local advertising, with 27.6% spent in Direct Mail, 14% in TV and 13% in Newspapers; 10.7% of that spend will be in the online/interactive space. But, this year, the online/interactive spend is expected to see 13.1% growth.
"We continue to see a dramatic increase in spending on online media and it is fundamentally changing the media planning and buying process for advertisers," said Mark Fratrik, vice president and chief economist, BIA/Kelsey. "As businesses examine their advertising opportunities, the trend is moving toward building a coordinated ad plan across different platforms, with different messages across different media. With traditional media getting more than three-quarters of the total local media ad budget, coordination between traditional and online media is the best way to explore how to effectively optimize new media, such as social networks and online video, to increase the chance of achieving business goals."
Specific to 2012, BIA/Kelsey predicts mobile search will grow by more than 77% while online video will see ad increases of nearly 52%. Local-Social spending is expected to increase by 26.3%.
For some local media, including newspapers, BIA/Kelsey predicts the only ad growth seen will be in the digital realm.
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