BIA Estimates Local Broadcast TV Ad Revenues to Top $23.8 Billion in 2024, Bolstered by Political and Increased Auto and Legal Ad Spending
BIA CEO Addresses Television’s Share of the Local Advertising Marketplace for Key Ad Spending Verticals…
LOCAL IMPACT Los Angeles on July 12 will explore mobile, television, direct mail and digital advertising channels, local marketing automation, and advertiser spending intentions to present a comprehensive analysis of the local media marketplace in California.
CHANTILLY, Va. (June 12, 2018) Local advertising in Los Angeles will top $9.1 billion in 2018, while statewide spending is expected to exceed $18.8 billion across California’s 12 media markets, according to BIA Advisory Services’ local advertising forecast. BIA will present its California market intelligence to advertising and media executives at its LOCAL IMPACT Los Angeles conference at the Hotel Indigo on July 12.
“Our California ad forecast shows that key advertisers are getting more comfortable with a cross-platform advertising approach that includes significant mobile and digital along with their traditional advertising,” said Mark Fratrik, chief economist and SVP, BIA Advisory Services.
The LA market represents 48 percent of California’s local ad spending. Key vertical markets of retail, general services and financial/insurance across the state will cumulatively spend nearly $8 billion divided between traditional and digital media, with mobile advertising experiencing the highest growth of any media. BIA’s forecasting shows that financial and insurance industry advertisers will increase its spend by at least 18 percent from 2018 through 2022.
“We’ve been monitoring a major shift in ad spend over the last five years and believe we are at a tipping point where the ad wallet will be shared almost equally between digital media and traditional media in key verticals like retail and financial/insurance in California. As a result, traditional media is speeding up its efforts to enhance their selling of digital services like streamed programming and other digital services and their efforts are paying dividends.”
Of the 16 advertising platforms tracked in the BIA’s forecast, the top five choices for expenditures in California for 2018 include:
Over the next five years, local Financial/Insurance digital and traditional ad spending growth in California is projected to primarily grow through the following channels:
In the top three California media markets — Los Angeles, San Francisco and Sacramento – the spend by the top three verticals varies significantly, according to BIA’s forecast.
 General services includes various professional services ranging from legal services to landscaping
About LOCAL IMPACT LA
BIA will present its California market intelligence at its LOCAL IMPACT Los Angeles event on Thursday, July 12 in Los Angeles. Two signature sessions of the half day event are the Share of Wallet, which offers a thorough examination of where ad dollars are being spent across top media in local CA markets and where they will migrate over the next five years, and Local as a Service (LaaS) Workshop, which will examine the dynamics of local media markets and how they are evolving.
Other sessions will examine geotargeting, audience analytics, attribution, cross-channel marketing and creative strategies for brands targeting local consumers, advertiser trends and expectations, and interactive sessions on vertical growth strategies, ATSC 3.0, buying and selling and TV and Location Intelligence Campaigns.
LOCAL IMPACT Los Angeles welcomes speakers from Ansira, Field Day, Hawthorne, MatchCraft, SEMrush, Surefire Local and The Television Advertising Bureau (TVB), USIM. Sponsors include Groundtruth and SalesFuel. Details and registration can be found here.
About BIA Forecasts
About BIA Advisory Services
BIA Advisory Services is the leading authority for data-centered research, analysis, strategic consulting and valuation services for the local media industry. Since 1983, BIA has been a valuable resource for traditional and digital media companies, brands and agencies, the financial and legal community serving media and telecom, as well as the FCC and other government agencies. Today, we offer comprehensive local market advertising intelligence in our BIA ADVantage data platform to help clients discover the path to their best opportunities. Learn more about our offerings and our regional event series, LOCAL IMPACT, at http://www.bia.com.