BIA Advisory Services, Chantilly, VA, has revised its 2021 forecasts for U.S. local advertising revenues to $142.4 billion, up $4.8 billion from its November 2020 estimates. The projection is split between traditional and digital media but shows that the divide is narrowing, with traditional advertising only eight percent ahead of digital mediums that include mobile, online, over-the-top, email and traditional media’s online ventures.
“There’s an acceleration in the market that couldn’t be accounted for last fall,” said Mark Fratrik, SVP and Chief Economist, BIA Advisory Services. “The economy is growing and we’re observing money being spent to reach audiences through various media.”
Fratrik points to OTT – advertising delivered directly to viewers over the internet through streaming video services or devices – as growing 16 percent this year, surpassing the trajectory of mobile as more consumers take advantage of various streaming services on their TV screens.