BIA Projects $165.7B In 2023 For Local Advertising, Indicating Flat Year-over-Year Revenue Expectations
Without political, the U.S. Local Ad Forecast shows a 4.8% increase. The almost flat revenue projections for the year indicate continued economic and supply chain concerns, yet the forecast is more bullish starting mid-2023.
The outlook for U.S. ad spending has improved considerably for this year, as have estimates for 2020, which included a recession attributed to the COVID-19 pandemic, according to a mid-year update released this morning by GroupM’s Business Intelligence unit. GroupM now projects U.S. ad spending will expand 16.5% — 22.3% if the incremental impact of 2020 political ad spending is removed — a marked improvement from estimates it released in its last update in March (+9.1% and + 14.9%, respectively for total U.S. ad growth and excluding political ad spending).
TV Still Big Bucks Leader In Ad Spending
Despite the stock market’s double-digit drop in the last quarter, ZenithOptimedia is projecting a 2.2% increase in advertising for 2011, up from the agency’s 2.1% forecast in July. The report also forecasts a 3.5% increases in both 2012 and 2013.