Strengthened by Political Season, BIA Projects $175.6 Billion in 2024 Local Advertising Marketplace Spending
Impact of Global Economy Expected to Keep Most Business Categories Down; Without political the increase…
CHANTILLY, Va. (March 24, 2015) – In a new report titled, “Insights into Local Advertising – Health Care Vertical,” BIA/Kelsey estimates health care organizations studied in this report will spend more than $10.7 billion on local advertising in 2015, representing 7.8 percent of the $137.9 billion total local advertising market. Of this amount, $9.2 billion (87.2 percent) will be spent on traditional media, with the remaining $1.5 billion allocated to digital/online.
“While traditional media currently earns the lion’s share of health care’s local ad dollars, we expect there will be a greater reliance on digital/online media going forward,” said Dr. Mark Fratrik, SVP and chief economist BIA/Kelsey. “Our forecast indicates digital/online will account for 20 percent of total local ad spending by health care organizations by 2019. Traditional media and digital/online marketing solution providers serving health care companies will do well to target the anticipated changes in local ad spending in this vertical category.”
Industry subcategories featured in BIA/Kelsey’s health care vertical forecast include hospitals, physicians, dentists, optometrists, chiropractors and residential care facilities. Hospitals will lead the health care vertical in local ad spending in 2015 at just under $5 billion, representing 46.7 percent of total health care local ad spending. Physicians are next with $2.5 billion (23.6 percent) in local ad spending for 2015.
The data featured in the report is drawn from BIA/Kelsey’s Annual Local Media Forecast, Media Ad View Reports and Local Commerce Monitor™ (LCM), its ongoing survey of small and medium–sized businesses. SMBs comprise a significant segment of the health care category, and those surveyed by LCM reported their top marketing priorities for the coming year include SEM/SEO, mobile advertising, print advertising and social media advertising.
Figures and tables featured in the report include:
The health care vertical report is the first in a series by BIA/Kelsey, designed to help local media organizations understand the media spending trends and behaviors of advertisers within key vertical industries. Future reports will cover these vertical categories: auto, financial, insurance, education, general stores, leisure/recreation, entertainment, real estate, restaurants/food service and technology.
More information about “Insights into Local Advertising – Health Care Vertical,” including how to purchase, can be found at https://www.bia.com/Research-and-Analysis/Reports/Vertical-Reports/Health-Care-VerticalReport.asp.
BIA/Kelsey advises companies in the local media space through consulting and valuation services, research and forecasts, Custom Advisory Services and conferences. Since 1983 BIA/Kelsey has been a resource to the media, mobile advertising, telecommunications, Yellow Pages and electronic directory markets, as well as to government agencies, law firms and investment companies looking to understand trends and revenue drivers. BIA/Kelsey’s annual conferences draw executives from across industries seeking expert guidance on how companies are finding innovative ways to grow. Additional information is available at https://www.bia.com, on the company’s Local Media Watch blog, Twitter (http://twitter.com/BIAKelsey) and Facebook (http://www.facebook.com/biakelsey). Stay connected by subscribing to the firm’s bi-monthly newsletter.