Alex Gurkin's Local Video Advertising Forecast
Alex Gurkin is an expert in local advertising. He specializes in traditional and digital video platforms. His insights are valuable for businesses optimizing ad spend in 2024 and beyond.
Overall Market Growth
1 2023
U.S. local ad revenue baseline.
2 2024
Projected to reach $172 billion, 9.3% growth from 2023.
3 2024 Digital Digital media will account for $84 billion.
4 2024 Traditional Traditional media will bring in $88 billion.
Video Advertising Segments
Over-the-Air TV
Dominant player, over half of local video spend in 2024.
Local Cable TV
15.8% of local video advertising revenue in 2024.
CTV and OTT
8.7% of local video revenue in 2024, growing rapidly.
Growth Projections by Platform
CTV/OTT
1
Fastest-growing, 38.3% CAGR from 2020 to 2024.
2 Mobile Video 7.7% CAGR through 2027, driven by smartphone usage.
PC/Laptop Video
3
11.1% CAGR through 2027, strong targeting capabilities.
4 OOH Video Moderate 2.4% CAGR through 2027.
Impact of Political Advertising
1 Even-Year Growth
Strong advertising growth in even-numbered years due to political campaigns.
2 Non-Political Growth
4.7% CAGR from 2024 to 2027, excluding political spending.
3 Platform Impact
Political advertising drives revenues for TV and CTV/OTT platforms.
Traditional vs. Digital Video Revenue
CategoryCurrent StatusFuture
Trend
Traditional VideoCurrent leaderMaintaining lead
Digital VideoRapidly growingNarrowing the gap by 2027
Shifts in Media Spending
Cross-Platform Measurement
Driving shift towards more accountable and targeted video media.
Consumer Journey
Focus
Video investments tied to various stages of the consumer purchase journey.
New Premium
Inventory
Platforms like Netflix entering the ad-supported streaming market.
Strategic Insights for Advertisers
First-Party Data
Leveraging data for competitive edge in activating audience segments.
Contextual Advertising
Renewed interest due to reassessment of efficacy and cost-effectiveness.
Short-Form Videos
Growing popularity on social media, especially for mobile engagement.
Future Outlook
Overall Market
Expected to slow down with -1.5% CAGR from 2024 through 2027.
2 Digital Advancements
CTV/OTT and new media channels create growth opportunities. 3
ATSC 3.0 rollout provides future growth, but significant ad revenues not expected soon.
NextGen TV
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