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New York State Ad Revenue Forecast to Hit $13.7B
RADIO ONLINE | Tuesday, June 27, 2017 |
Local ad 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. Of that, broadcast radio is set to receive $992.2 million. 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 BIA/Kelsey chief economist and SVP/Mark Fratrik. "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)
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)
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