BIA Unveils Local Over the Top (OTT) Advertising Forecast at TVB Forward 2019 Conference; Revenue to Hit $2.13B by 2024
CHANTILLY, Va., Sept. 26, 2019 /PRNewswire-PRWeb/ -- BIA Advisory Services Over the Top (OTT) Revenue Forecast
BIA Advisory Services tracks the billions of advertising dollars that flow into local media. The firm has recently expanded their forecast to include local OTT advertising. The firm estimates that 2019 will generate $857 million in revenue, increasing nearly 148% to $2.13 billion by 2024.
"OTT offers a considerable opportunity for broadcasters to grow revenue," said Tom Buono, Founder and CEO of BIA Advisory Services. "As consumers shift their viewing habits, OTT delivers an opportunity for broadcasters to extend the value of their traditional over-the-air content and diverse audiences."
BIA's OTT ad forecast focuses on the local activation of OTT video impressions on Connected TVs. This ad inventory can be both competitive and complementary, in the case of TV groups, for local linear TV ad budgets including local TV and local cable. BIA defines OTT advertising as locally targeted advertising included on streaming video that is delivered to TV sets via Internet connections.
Mark Fratrik, Chief Economist and SVP at BIA Advisory Services, expanded on the firms' coverage of OTT saying, "The industry has reached a stage where there are several existing and emerging OTT players that have a high growth potential. By partnering with them, broadcasters can drive new revenue. I believe we're at the tip of the opportunity, which is why we're working closely with OTT firms to analyze revenue opportunities."
In early October, BIA will release their U.S. Local Advertising Forecast for 16 media, including OTT. BIA's forecast is available for all 210 local television markets and is based on a proprietary forecasting methodology of the local advertising marketplace. Forecast data is delivered by the local advertising intelligence dashboard, BIA ADVantage.
TVNewsCheck Forecast - Local Broadcast TV Advertising
According to a consensus of TV station groups surveyed by TVNewsCheck in September 2019 survey, TV spot revenue, including political, will decrease by 16.6% in 2019. Core advertising, which excludes political, will fall 1.4%.
Looking ahead to 2020, the survey consensus says that total spot will jump 19%, thanks to a surge in political advertising.
"The double-digit growth is all the more remarkable given the story in core. It will fall, on average, 1.3%, according to the survey, due mostly to dwindling dollars from automotive, retail and quick service restaurants and displacement by all the political ads," says Harry A. Jessell, editor of TVNewsCheck.
Contact:
MacKenzie Lovings
BIA Advisory Services
(703) 606.3481
mlovings@bia.com
Robert Udowitz
BIA Advisory Services
(703) 621.8060
rudowitz@bia.com
SOURCE BIA Advisory Services
