BIA/Kelsey: NY State Ad Spend Expected to Hit $13.7B in 2017
CHANTILLY, VA.—Local advertising spending in the state of New York will reach $13.7 billion in 2017 across the Empire State’s 10 local media markets, according to BIA/Kelsey’s updated 2017 U.S. Local Advertising Forecast. The top five vertical market categories, are retail, general services, financial/ insurance services, auto and restaurants, and represent more than 63 percent of the ad revenue with total local market dollars going across traditional and online/digital media.
“Our New York state forecast reveals a similar trend to what we are seeing across the country. Most of the companies in the top verticals still pour dollars into traditional advertising choices like direct mail and TV,” said Mark Fratrik, chief economist and senior vide president of BIA/Kelsey. “However, when we look at the growth media in New York, a few striking shifts will occur over the next five years. For example, mobile and online radio advertising are dramatically increasing in share and revenue generation.”
Of the 12 media tracked in the firm’s forecast, the top five choices for vertical expenditures in New York state for 2017 include:
· Direct mail ($3.57 billion)
· Online ($1.78 billion)
· TV Over-the-Air ($1.73 billion)
· Mobile ($1.54 billion)
· Radio Over-the-Air ($992.2 million)
Over the next five years, the revenue and share predictions adjust, moving mobile up three spots into the number two media by 2021.
“The fluctuating media landscape offers new opportunities for emerging digital solutions to capture more revenue dollars, and for other traditional media to both maintain their positions and strengthen their value to advertisers with offerings such as programmatic,” Fratrik added.
The firm’s forecast shows that the financial/insurance services vertical in New York is projected to grow by 22 percent through 2021. During this time, financial/insurance services digital and traditional local ad spending in New York state is projected to primarily grow through the following channels:
· Mobile (+$256.4 million)
· Online (+$60.3 million)
· Radio Online (+$13.1 million)
· Email (+$8.5 million)
· Out of Home (+$8.2 million)
BIA/Kelsey will present its New York state and nationwide market intelligence at its Local Impact New York event on Wednesday, July 12 at the IAB Ad Lab in New York City.
Get the TV Tech Newsletter
The professional video industry's #1 source for news, trends and product and tech information. Sign up below.