Local Ad Spending in Los Angeles to Top $9.1 Billion in 2018, with Statewide Spending Reaching $18.8 Billion
CHANTILLY, Va.--(BUSINESS WIRE)--Jun 12, 2018--Local advertising in Los Angeles will top $9.1 billion in 2018, while statewide spending is expected to exceed $18.8 billion across California’s 12 media markets, according to BIA Advisory Services’ local advertising forecast. BIA will present its California market intelligence to advertising and media executives at its LOCAL IMPACT Los Angeles conference at the Hotel Indigo on July 12.
The LA market represents 48 percent of California’s local ad spending. Key vertical markets of retail, general services and financial/insurance across the state will cumulatively spend nearly $8 billion divided between traditional and digital media, with mobile advertising experiencing the highest growth of any media. BIA’s forecasting shows that financial and insurance industry advertisers will increase its spend by at least 18 percent from 2018 through 2022.
“We’ve been monitoring a major shift in ad spend over the last five years and believe we are at a tipping point where the ad wallet will be shared almost equally between digital media and traditional media in key verticals like retail and financial/insurance in California,” said Mark Fratrik, chief economist and SVP, BIA Advisory Services.
Of the 16 advertising platforms tracked in the BIA’s forecast, the top five choices for expenditures in California for 2018 include:
Over the next five years, local Financial/Insurance digital and traditional ad spending growth in is projected to grow through:
In the top three California markets — Los Angeles, San Francisco and Sacramento – the spend by the top three verticals varies significantly, according to BIA’s forecast.
BIA will present its California market intelligence at its LOCAL IMPACT Los Angeles event on Thursday, July 12 in LA. Nationwide and local market forecasts are available in BIA ADVantage that delivers a direct view of national and local market ad spending.
BIA is the leading authority for data-centered research, analysis, strategic consulting and valuation services for the local media industry. http://www.bia.com.
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CONTACT: BIA Advisory Services
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: COMMUNICATIONS ADVERTISING MARKETING
SOURCE: BIA Advisory Services
Copyright Business Wire 2018.
PUB: 06/12/2018 12:00 PM/DISC: 06/12/2018 12:01 PM