Financial/Insurance Services Among 2017 Top Five Spenders in New York State’s $13.7B Local Advertising Marketplace, According to BIA/Kelsey

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LOCAL IMPACT New York on July 12 at the IAB Ad Lab will examine advertising trends of the leading business verticals in New York, along with effects of digital competition and the opportunities of advanced TV.

“The fluctuating media landscape allows emerging digital solutions to capture more revenue dollars, and for traditional media to strengthen their value to advertisers with offerings like programmatic," Mark Fratrik, chief economist, BIA.

Local advertising spending in the state of New York will reach $13.7 billion in 2017 across the Empire State's 10 local media markets, according to BIA/Kelsey’s updated 2017 U.S. Local Advertising Forecast. The top five vertical market categories, are retail, general services , financial/insurance services, auto and restaurants, and represent more than 63 percent of the ad revenue with total local market dollars going across traditional and online/digital media. The firm will offer more detailed analysis of this forecast at the upcoming event, LOCAL IMPACT New York, taking place July 12 at the IAB Ad Lab in NYC (http://bit.ly/LOCALIMPACT-NYC.)

“Our New York state forecast reveals a similar trend to what we are seeing across the country. Most of the companies in the top verticals still pour dollars into traditional advertising choices like direct mail and TV,” said Mark Fratrik, chief economist and SVP, BIA/Kelsey. “However, when we look at the growth media in the state of New York, a few striking shifts will occur over the next five years. For example, mobile and online radio advertising are dramatically increasing in share and revenue generation.”

Of the 12 media tracked in the firm’s forecast, the top five choices for vertical expenditures in New York state for 2017 include:

  • Direct mail ($3.57 billion)
  • Online ($1.78 billion)
  • TV Over-the-Air ($1.73 billion)
  • Mobile ($1.54 billion)
  • Radio Over-the-Air ($992.2 million)

Over the next five years, the revenue and share predictions adjust, moving mobile up three spots into the number two media by 2021.

Fratrik added, “The fluctuating media landscape offers new opportunities for emerging digital solutions to capture more revenue dollars, and for other traditional media to both maintain their positions and strengthen their value to advertisers with offerings such as programmatic.”

The firm’s forecast shows that the financial/insurance services vertical in New York is projected to grow by 22 percent through 2021. During this time, financial/insurance services digital and traditional local ad spending in New York state is projected to primarily grow through the following channels:

  • Mobile (+$256.4 million)
  • Online (+$60.3 million)
  • Radio Online (+$13.1 million)
  • Email (+$8.5 million)
  • Out of Home (+$8.2 million)

BIA/Kelsey will present its New York state and nationwide market intelligence at its LOCAL IMPACT New York event (http://bit.ly/LOCALIMPACT-NYC) on Wednesday, July 12 at the IAB Ad Lab in New York City. A signature session of the half day event is the Share of Wallet session that will offer a thorough examination of where ad dollars are being spent across top media in local New York markets and where they will migrate over the next five years. Joining this session is Steve Sturm, Executive Advisor – Automotive, TVB, and Steve Walsh, EVP – Local Television, comScore, who will both offer deep dives in the advertising activities across local markets.

Other sessions during the day will examine programmatic, advertiser trends and expectations, multiscreen content strategies, ATSC 3.0 and digital buying and selling. LOCAL IMPACT welcomes speakers from comScore, Spongecell, Synacor and TVB. The premier sponsor is GroundTruth (formally xAd). Partners include New York Broadcasting Association and Broadcasting & Cable. Details and registration can be found here.

About BIA/Kelsey’s Forecasts
BIA/Kelsey offers both nationwide and local market forecasts in its ADVantage dashboard, delivering a direct view of national and local market ad spending. For more details, email mailto:advantage(at)biakelsey.com or visit http://www.biakelsey.com/research-data/forecasts/local-advertising-forecast/.

About BIA/Kelsey
BIA/Kelsey (@BIAKelsey) combines data, analytics and insights to provide its clients with the information they need for grounded financial and strategic action. Since 1983, BIA/Kelsey has been a valuable resource for many of the leading companies in media and the financial and legal community serving media and telecom, as well as the FCC and other government agencies. Today, BIA/Kelsey offers a broad range of research, consulting services and conferences to traditional and new media companies. Learn more about BIA/Kelsey at http://www.biakelsey.com.

Additional information is available at http://www.biakelsey.com, on the company’s Local Media Watch blog, Twitter, and Facebook. Sign up for the company’s newsletter: Local Media Daily that covers different areas of media and technology.

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Mackenzie Lovings
BIA/Kelsey
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