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BIA – TV Ad Revenues Up 9.3% over 2023

As reported in TV Tech, BIA Advisory Services has updated its projections for 2024. Overall, it is now predicting a 9.3% increase in 2024, amounting to $172 billion. BIA predicts that  TV over the air (OTA) will be up 28.3% and TV digital will grow by 24.9%. Political advertising is the key driver of the increase. 

“The 2024 forecast update shows a small increase in expectations for local political advertising. BIA estimates $11.1 billion in spending this year, up 15.5% from 2020. Local television will continue to get the largest share of the spending, with forecasted increases in local political advertising going to CTV/OTT. 
The split between traditional and digital advertising shows that digital has a slightly smaller share, 48.7% of the overall advertising spend at $84 billion. Traditional media ad revenue is slated at 51.3% of the ad spend at $88 billion. Growth is occurring in both types of media. TV OTA (+28.3%) and TV digital (+24.9%) are both projected to grow this year, even when looking at forecast estimates with and without political advertising.”  

You can see the complete analysis in TV Tech here.

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