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Local Media Revs to push $158b
Look for more ad dollars to be pushed to the local level. That according to the new US Local Media Forecast from BIA/Kelsey Group. While the US economy isn't expected to see as much growth overall, experts believe advertisers will continue to push more dollars into the local space to reach consumers.
According to the forecast the local media space will increase revenues from $133.2 billion (2013) to $158.6 billion by 2018 with digital media spending pushing much of the growth. The digital local space is expected to see 23% growth, moving from an expected $31.7 billion (2014) to more than $52.7 billion by 2018.
"While the U.S. economy is not expected to grow very quickly over the next few years, we estimate the overall local media market will grow faster than previously thought through 2018," said Mark Fratrik, senior vice president and chief economist, BIA/Kelsey. "Based on positive trends in the overall local media marketplace, such as faster growth in online and mobile advertising, and the fact that national and local advertisers were slightly more aggressive in their advertising expenditures in 2013 than originally thought, we are optimistic on the entire industry's ability to grow advertising revenues."
Traditional media - radio, television, direct mail and newspapers - will be relatively flat during the forecast period, standing around the $106 billion mark. Political ad spending will likely push traditional media revenues during election cycles, but overall experts believe the traditional spend will be flat.
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