Sharply higher political advertising next year will drive up overall local TV advertising by nearly 27% to $21 billion, according to BIA Advisory Services.
BIA says over-the-air local TV will grow 28% to $19.3 billion, with digital up 11% to $1.7 billion versus 2021 -- to $15.1 billion and $1.53 billion, respectively.
Following a record 2020 year for political advertising, BIA expects another big political total for 2022 -- this for the midterm Congressional elections.
Local TV-based political advertising -- over the air, digital video, and OTT local platforms -- is expected to amount to $3.4 billion.
BIA expects the top five markets for next year’s political advertising will be New York City, Los Angeles, Atlanta, Phoenix and Philadelphia.
Traditional over-the-air TV is estimated to take a 44.8% share of all local media political advertising.
BIA estimates OTT ad spending will shoot up 40% in 2022 to $1.64 billion. In 2024, that number will surpass $2 billion.
Looking at the broader local advertising picture -- TV, print, radio, direct response and other platforms -- BIA expects ad revenue to return to growth this year, landing at near $148 billion.
In 2020 -- due to the COVID-19 pandemic -- this dipped $10 billion versus 2019, sinking to $138 billion.