Local advertising revenues for television and radio are expected to reach $34.3 billion in 2014, according to a forecast from local media consulting and research group BIA/Kelsey. That would account for a 2.8% compound annual growth rate from the $29.9 billion in revenue in 2009.
Digital revenues for those media are expected to grow more significantly in the same time frame. BIA/Kelsey predicts a 17.8% growth rate for digital. The findings are part of the group's 2010 U.S. Local Media Annual Forecast (2009-2014).
As revenues in digital media continue to grow, BIA/Kelsey has set up a new advisory service, Digital Strategies for Broadcasting (DSB), which provides research and analysis on how the changing local media landscape will affect broadcasters, vendors and technology providers.
"Broadcasters must evolve to participate in more areas of the media ecosystem," said Rick Ducey, BIA/Kelsey's chief strategy officer and program director of Digital Strategies for Broadcasting. "This means developing the right multiplatform and multiple revenue stream strategies, which in turn requires new workflow, partnerships, business models and resources."
DSB is releasing a number of upcoming reports, including research on over-the-top video, building cross-platform audiences and revenues and the success of hyper-local broadcasting. In May, BIA/Kelsey is hosting a conference, Digital Strategies for Broadcasting 2010 at the Hyatt Regency in Jersey City , N.J. May 17-19.