On today’s Business Beat, Jeff shares a sneak peek at the 2022 Benchmarking Report on Local Media’s Digital Revenue and Borrell Associates estimates that local digital advertising will grow by 9% to a total of $93 billion in total sales in 2022 and that spend is projected to account for roughly two-thirds of all ads.
Tune in to today’s Business Beat to learn more about the Borrell Associates report:
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Good morning, Paul!
Hot off the presses, Borrell Associates plans to release its 2022 Benchmarking Local Media’s Digital Revenues report this week and we’ve got the scoop right here on the Business Beat. At a high level, the report estimates that local digital advertising will grow by 9% to a total of $93 billion in total sales in 2022 and that spend is projected to account for roughly two-thirds of all ad spending. Fifty-three percent of all local media buyers expect to see their budgets grow in 2022 and nearly a third of those media buyers expect their budgets to grow between as much as 25% and 50%. Correspondingly, 40% percent of media sellers expect revenues to grow accordingly in 2022.
Now to generate its report, Borrell interviewed 220 local media managers between April 1st and April 6th of this year. And of those participating nearly a third work for print media while 30% worked for broadcast TV or cable TV, 36% work for radio and 6% for a combination of those companies or for local pure play online media. One big shift worth highlighting from the report is that spend on search engine marketing to companies such as Google is being shifted to social media spend to companies like Facebook, Instagram and TikTok.
The report also lists the projected best-selling digital marketing products and channels in 2022 and they include the following, just to mention a few highlights. No. 1, video marketing. We know video’s hot. It’s going to be even hotter in 2022. No. 2, targeted banner ads, and No. 3, also high on the list, streaming audio.
So, there you have it, Paul. Local spending on digital advertising continues to accelerate. Go to startupnation.com to learn more about what the Borrell study indicates and make sure if you’re going to spend your precious dollars on marketing as a small business, you do your homework and spend it on the products and channels that are most effective today.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.