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Forecast: Local Mobile to surpass $4 billion mark this year
Look for a surge in the local ad space - if the ad space is mobile. That is the takeaway from a new BIA/Kelsey Group forecast, which indicates that in 2014 alone local mobile ad revenues will reach at least $4.5 billion. This, researchers believe, indicates a strong uptick over the next four years.
Local Mobile advertising revenues were $2.9 billion in 2013, so the growth rate YoY already points to significant growth according to the Annual US Local Media Forecast (2013-2018)from BIA/Kelsey.
Search will account for much of the local mobile revenues, according to the BIA/Kelsey forecast, increasing from $4.3 billion (2014) to nearly $11 billion by 2018. Other big winners include:
• Native Social, expected to grow from $3.3 billion (2014) to $9.9 billion (2018)
• Display increasing from $2.4 billion to $6.1 billion during the forecast period
• Video, increasing from $1.1 billion to $3.1 billion
"Advertiser demand will be driven by natural market forces to follow undervalued inventory," said Michael Boland, senior analyst and VP of content, BIA/Kelsey. "Mobile advertising's appeal includes higher performance, clearer ROI, tangible conversions and a shorter purchase funnel. These qualities of mobile content and advertising present a rare alignment between typical mobile user intent and advertisers' stated objectives."
Interestingly enough, SMS ads aren't expected to see a big hike; SMS revenues are expected to hit $332 million this year and will grow to only about $381 million by 2018 according to the forecast.
Image via Shutterstock
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