BIA ADVISORY SERVICES has lowered its 2023 U.S. Local Advertising Forecast estimate from $165.7 billion to $161.7 billion, citing a "mixed start in the economy this year and the tempered growth in digital advertising." Traditional media, including radio broadcasting, is expected to earn $84 billion, while digital revenue is projected at $78 billion, reduced from the previous estimate of $81 billion. Radio digital revenue is projected to see a 4.1% increase for the year.“After .
The outlook for local advertising in 2022 is a little less positive than originally thought, according to BIA ADVISORY SERVICES, which has decreased its prior estimate for 2022 from $173.3 billion to $167.4 billion. The research firm cited "headwinds from overseas conflicts, continuing supply chain issues and deep cuts in ad spending from large verticals like automotive" and "slower than anticipated growth" for the move, despite also predicting strong political ad spending .