
More local media-buying executives -- who buy
broadcast TV -- are looking to make cutbacks on TV advertising in the upcoming year, according to Borrell Associates.
Nearly 18% of local media buyers say they anticipate cutting back
on legacy TV. Newspapers are next with 17%, while magazine media buying comes in at 15% and radio at 14%.
Borrell says that overall, 57% of TV buyers plan to make cuts on some
media in 2023.
Local ad buyers are least likely to make cuts on search-engine marketing (1.8%). This is followed by streaming video/OTT (2.2%); content marketing (2.6%) email
(3.4%); social media (4.0%) and streaming audio (4.2%).
In the middle of the group are direct mail (8.7%), cable TV (6.9%), outdoor (6.3%), events/sponsorships (5.4%), print
directory (5.2%) and website ads (4.6%).
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Borrell’s research came from a survey of 496 buying executives in 2022 who bought broadcast TV.
“It’s not too surprising to see where they might be cutting,” says Mike Cassetta, director of business development for RevContent, which sponsored the research.
Still, Cassetta says, broadcast TV advertisers might look at this data and gain some insights, including buying digital media they have not pursued to date.
“I
wouldn’t discount streaming audio or podcasting,” says Cassetta. “The typical local advertiser hasn’t advertised on a podcast because they don’t know how or they perceive
it is too complicated or too expensive, or because they haven’t been pitched on it.”