Small- to medium-sized businesses (SMBs) and national brands will account for about $50.5 billion each of the total, with non-SMB local businesses contributing the balance ($39 billion).
The $140.7 billion in local media revenue is projected to reach $163.4 billion in 2019, with spending by SMBs and national companies both growing over 18%. Non-SMB local businesses are forecast to increase 10.7%.
In terms of media type, the bulk of locally targeted budgets will go to traditional media, at $37.7 billion, with $12.4 billion earmarked for digital. BIA/Kelsey plans to provide further details on the breakout of spending across a dozen media categories -- including radio, over-the-air TV, mobile, social and online -- when it releases its full forecast later this month.
The local media research firm said it moved the timing of its annual forecast from the spring to the fall to align with the strategic planning of its clients.