Digital advertisements are great for small businesses because it’s the kind of thing that could possibly allow them to advertise to users at a low cost. Despite the fact that this is the case, the local digital advertising industry does not receive as much attention as large corporate digital advertising campaigns. A new report from Borrell Associates revealed that local digital advertising spend for 2022 is expected to be over $92 billion, or $92.8 billion to be precise, which is 9% year on year increase with all things having been looked at and taken into account.
With all of that said and now dismissed, it’s important to note that this growth rate actually fell into single digits for the first time in two years. However, about 53% of media executives working for local businesses expect their employers to increase their advertising budgets this year by 1% to 24%. This represents an increase from the 38% last year who said the same.
When it comes to budget growth in the 25% to 49% range, 29% of media executives said they expected to see budget increases of this magnitude. This is two points higher than the 27% who said the same the previous year. The budget increases are expected after an estimated 42% rise in revenue from last year due to local digital ad buys, and around 40% of people who work in the industry expect to see at least that Much more revenue growth this year as well.
Overall, about 14% of all digital ads are local businesses catering to local customers. About 36% of this money goes to OTT, but it’s also important to recognize that targeted banners are on the rise, with 16% of budgeted amounts going to them. Streaming audio seems to be a low priority at the moment, with only 4% of the budget going towards acquiring advertising space on these platforms with SEO also having such a low priority which is surprising given its popularity. previous.
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