Local Ad Spends Will Increase by 4.4% in 2024

Much of the discussion surrounding ad spends tends to focus almost exclusively on big businesses. In spite of the fact that this is the case, it is essential to include local ad spends as well since this can help provide more context than might have been the case otherwise. In a recent report published by Borrell Associates, it was revealed that local ad spends are expected to see a 4.4% increase by 2024 which will definitely change the shape of the industry as we know it.

With all of that having been said and now out of the way, it is important to note that this will bring total ad spends in local sectors well past the $157 billion mark as of 2024. However, one thing that bears mentioning is that the overall ad industry is not growing as much as was initially predicted. The projected increase for 2023 was slated to be around 7.1%, but instead just a 6% increase in digital marketing spends was noted based on this data.

Digital video saw the biggest increase of all with 9.3%, followed by the surprising inclusion of local broadcast TV. Audio was not far behind, outpacing the rest of the industry with its 7.7% rate of growth. A rather interesting factoid contained within this report was that traditional media seems to be making a bit of a comeback with all things having been considered and taken into account.

Many advertisers are returning to traditional formats because of the fact that this is the sort of thing that could potentially end up allowing them to diversify their offerings to customers. Formats that are of the non digital variety are expected to see a 0.4% uptick by 2024. This might not sound like a lot, but after the 4% decline seen so far this year it is a major step in the opposite direction.

Print advertising is expected to decrease by 4% after 7.8% this year, and cable news will fare much better as well with a slowdown in its downward trajectory from 5.6% to 3.2%. 2024 is going to be a watershed year for advertising in general.

H/T: EditorAndPublisher

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