According to the BIA/Kelsey updated Annual U.S. Local Media Forecast, total U.S. local media ad revenues are expected to grow from $132.9 billion in 2013 to $151.5 billion in 2017, representing a 2.8% compound annual growth rate, growing faster than the firm originally forecast earlier this year. Faster growth in online/digital advertising revenues will drive that faster overall growth, increasing at a 13.8 percent CAGR from $26.5 billion in 2013 to $44.5 billion in 2017. That compares with a CAGR of 0.1 percent during the same period for traditional advertising revenues, which will remain flat, growing slightly from $106.4 billion in 2013 to $107 billion in 2017. Local Media Ad Spend Forecast (2012-2017; $ in Billions) YearTotal Local Ad SpendTraditional Media Online/Digital Media 2012 $132.0 $108.9 $23.1 2013 132.9 106.4 26.5 2014 137.5 106.8 30.7 2015 141.0 105.7 35.3 2016 147.2 107.5 39.7 2017 151.5 107.0 44.5 Source: BIA/Kelsey, November 2013 (Steady shift toward digital media; Total media CAGR 2.8%, Traditional 0.1%, Online/digital 13.8%) Mark Fratrik, chief economist, BIA/Kelsey, says “… a range of factors will drive local ad revenues… through the end of the forecast period… slightly improving U.S. economy, positive outlook by investors, the 2014 elections and Olympics, as well as ad spending around the Affordable Health Care Act… “ Location targeted mobile advertising revenues, which are growing at a faster pace than overall mobile advertising, will increase from $2.9 billion in 2013 to $10.8 billion in 2017, accounting for 52 percent of overall U.S. mobile ad spending in 2017. Total mobile ad spending will grow from $7 billion in 2013 to $20.7 billion in 2017. Local vs. National Ad Spend in Mobile (US$ in Billions) YearTotal MobileLocation TargetedNon-location Targeted 2012 $3.65 $1.36 $2.29 2013 7.03 2.85 4.18 2014 10.15 4.35 5.80 2015 13.94 6.60 7.34 2016 17.22 8.45 8.76 2017 20.68 10.81 9.87 Source: BIA/Kelsey, November 2013 In addition the forecast breaks out the share of ad revenues attributed to print and over-the-air (O-T-A) versus online/digital for Yellow Pages, newspapers, television and radio. The following represent individual media segment shares of the overall local media market by 2017: