Local broadcast TV will see a modest 11% increase in 2024 -- a Presidential/Olympic year -- to $23.8 billion, according to BIA Advisory Services.
In addition to political advertising, automotive advertising -- a core advertising category for local TV stations for decades -- is projected to rise from its current doldrums to $192.6 million. BIA says this will be the largest increase since 2019.
“After a few challenging years related to the pandemic, followed by supply chain and economic issues, we are forecasting significant increases in 2024 for local TV advertising,” said Tom Buono, founder and chief executive officer of BIA Advisory Services.
Local over-the-air platforms will climb 4.6% to $21.7 billion, from around an expected $19 billion this year.
BIA estimates that local TV station-owned connected TV ad spending will grow 30.4% to around $3 billion, while local TV digitally-owned local business will climb 11.3% to reach $2.1 billion.