Next year, another expected record for political advertising spending, coupled with the Winter Olympics, will fuel sharp overall growth for local TV ad revenues -- up 28% to $21.37 billion for TV stations, according to estimates from BIA Advisory Services.In 2022, political advertising will pull in another political advertising record for broadcast TV, totaling $3.8 billion for the midterm elections versus $3.05 billion in 2018, according to Kantar.
Overall, BIA says, total U.S. local advertising spending -- including TV, newspapers, out-of-home, magazines, local, OTT, email and all local digital platforms -- will climb 11.4% to $173.3 billion. Traditional media ad spending will hit $88 billion and digital media revenue will come in at $85 billion.
Total local media political advertising spending is projected to come in at $8.4 billion.
This year’s local TV ad-spending growth is estimated to end, with a decline versus 2020 --$16.64 billion versus $18.14 billion. This is largely due to comparisons to political advertising in 2020 -- boosted by Presidential campaign ad spending, which amounted to $3.5 billion.
Local TV stations also look to continue to make gains in related digital media advertising spending -- up 18% to $1.87 billion.
BIA notes that digital revenue associated with local television includes revenue that a local station has on its website and mobile apps. The OTT forecast is in a separate category.
BIA says radio advertising will climb 4% to $11.37 billion in 2022, with digital radio advertising revenues up 15% to $2.17 billion.