In its newly released Local Advertising Forecast, BIA Advisory Services estimates total local advertising revenue will reach $137.5 billion in 2021, a 2.5% increase from the firm’s final post-COVID estimate for 2020 of $134.1 billion. BIA projects radio will pull in $12.6 Billion in 2021.
Back in April, before COVID hit, BIA projected radio over-the-air revenue would finsh 2020 with with $13.1 Billion. The firm then revised the radio number to $11.4 Billion when COVID had clearly become a major factor.
The firm predicts the 2021 rebound will take place due to the COVID-19 vaccine being distributed, and despite significant political advertising.
In 2021, traditional media revenue will account for 55.3 percent of total local advertising at $76.1 billion, a slight decline from 2020 levels. Digital media revenue will grow to $61.5 billion in 2021 to obtain 44.7 percent of total local media revenue, a share increase of 3.7 percent from 2020.