A recent article in Inside Radio reported that economic analyst Gordon Borrell has updated its local media advertising forecast. Unfortunately, the growth appears to be in digital and not traditional broadcasting:
“Thanks to fluctuations and volatility, an advertising forecast that came out last month – or even last week – may no longer be an accurate barometer. Case in point: In a forecast preview last week, Borrell Associates said local advertising will inch up 0.6% in 2023. But by the time it formally released its 2023 local advertising forecast this week, the number was revised upwards by almost three points. Now the local media financial advisory firm says total local advertising will climb 3.2% next year. “We have new information that puts local spending at a far higher rate than we had thought,’ CEO Gordon Borrell says.
In other words, when evaluating advertising forecasts these days, remember that they represent this particular moment in time.
Despite all the flux, one thing that hasn’t changed is digital advertising (+7.7%) will continue to grow at a faster rate than non-digital (-5.9%).”
You can see the complete article in Inside Radio here.
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