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…
Chantilly, VA, September 26, 2019 – BIA Advisory Services has expanded its advertising forecasts to include local over-the-top (OTT) advertising. Presenting at TVB Forward 2019, the firm estimates that 2019 will generate $857 million in OTT revenue, increasing nearly 148 percent to $2.13 billion by 2024.
“OTT offers a considerable opportunity for broadcasters to grow revenue,” said Tom Buono, Founder and CEO of BIA Advisory Services. “As consumers shift their viewing habits, OTT gives broadcasters an opportunity to extend the value of their traditional over-the-air content. We’ve added OTT to our forecast to scope the revenue opportunity.”
BIA’s OTT ad forecast focuses on the local activation of OTT video impressions on Connected TVs. This ad inventory can be both competitive and complementary, in the case of TV groups, for local linear TV ad budgets including local TV and local cable.
BIA defines OTT advertising as locally targeted advertising included on streaming video that is delivered to TV sets via Internet connections.
Mark Fratrik, Chief Economist and SVP at BIA Advisory Services, expanded on the firms’ coverage of OTT saying, “The industry has reached a stage where there are several existing and emerging OTT players that have a high growth potential. By partnering with them, broadcasters can drive new revenue by delivering their valuable content and diverse audiences. I believe we’re at the tip of the opportunity and we’re working closely with OTT firms to analyze revenue opportunities.”
In early October, BIA will release its U.S. Local Advertising Forecast for 16 media, including OTT. BIA Advisory Services forecast is available for all 210 local television markets and is based on a proprietary forecasting methodology of the local advertising marketplace. Forecast data is delivered by the local advertising intelligence dashboard, BIA ADVantage.
About BIA Advisory Services
BIA Advisory Services is at the forefront of local media analysis, creating and delivering unique data to examine traditional and digital advertising revenue, advertiser trends and activities, local market profiles and ownership/operational details and the trends and technologies guiding today’s media business.
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 service to help clients discover the path to their best opportunities. Learn more about our offerings at http://www.bia.com.
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