Borrell has released its 2013 Local Advertising Outlook, and while overall ad spending is expected to increase 7.5 percent this year, the company predicts a decline for local radio ad dollars. Overall local ad dollars nationwide are expected to grow by 8.2 percent to $96.2 billion in 2013.
However, local radio is one of only two categories in which Borrell predicts a decline, along with local magazines/shoppers/alt newsweeklies. Local radio ad revenue is expected to reach just over $11 billion, with national ad revenue at $2.9 billion this year. Altogether, radio is expected to make up 5.3 percent of total 2013 ad revenue.
Borrell is most optimistic about online ad revenue, as local digital ad revenue is predicted to grow by 31 percent to $24.5 billion from $18.7 billion in 2012. This would give digital the #1 share of local ad revenue in 2013, officially supplanting newspapers.