Financial/Insurance, Technology and Real Estate Driving Triple-Digit Increases in Mobile Media Ad Revenue in Chicago
CHANTILLY, Va., Sept. 6, 2012 /PRNewswire/ — According to BIA/Kelsey’s Media Ad View reports, the advertising categories of financial and insurance, technology and real estate are driving triple-digit increases in mobile ad revenues in the local market of Chicago, Illinois. These spending trends, along with other digital marketing efforts by SMBs, will be examined at BIA/Kelsey’s upcoming SMB Digital Marketing 2012 conference, Sept. 17-19, in Chicago.
Growth in mobile ad revenues is a trend seen across U.S. local markets. BIA/Kelsey projects U.S. mobile local ad revenues will grow from $784 million in 2011 to $5.01 billion in 2016, representing a 45 percent compound annual growth rate (CAGR). This equates to a 0.6 percent share of local media ad revenues in 2011, growing to a 2.7 percent share in 2016 (source: BIA/Kelsey’s U.S. Local Media Forecast: Full Edition).
In Chicago, financial and insurance advertising dollars spent on mobile media is projected to grow from $4.4 million in 2011 (0.9 percent of all financial services ad spending) to $27 million in 2016 (4.9 percent of all financial services ad spending). During the same period, in the same geographic market, spending by technology companies on mobile media is projected to grow from $4.5 million (1.1 percent of all technology ad spending) to almost $29 million (5.8 percent of all technology ad spending).
“Even as traditional media retains the largest portion of ad dollars, it’s becoming apparent that advertisers are increasingly drawn to mobile marketing as a part of overall market shifts to digital advertising,” said Mark Fratrik, vice president and chief economist, BIA/Kelsey, adviser to companies in the local media space. “The growth of mobile advertising in the Chicago market is a snapshot of what we’re seeing across the country, and our Media Ad View forecasts hone in on the specific areas where media companies can and should direct their sales staff to find new revenues.”
Another break-out growth category for mobile in Chicago is real estate. In 2011, mobile ad spending in this category in Chicago garnered $426,000 (0.6 percent of all real estate ad spending). Mobile local ad spending in this category is projected to grow to over $2.6 million in 2016 (4 percent of all real estate ad spending).
Chicago market ad spending charts for financial/insurance, technology and real estate are available online at http://www.biakelsey.com/images/realestatemav.gif, http://www.biakelsey.com/images/technologymav.gif and http://www.biakelsey.com/images/financialmav.gif.
Chicago Hosts SMB Digital Marketing 2012
BIA/Kelsey will be in Chicago later this month to host its SMB Digital Marketing 2012 conference at the Hyatt Regency McCormick Place. The conference program will cover key aspects of digital marketing, including mobile advertising, social media and deals, and will examine what’s working for sales teams, agencies and resellers.
“Chicago has emerged as a leading tech hub – one that is especially focused on serving the marketing needs of SMBs,” said Conference Co-chair Charles Laughlin, senior VP and program director, BIA/Kelsey.
A special session on Day 3 moderated by Crain’s Chicago Business Senior Reporter John Pletz, will take a look “Inside Chicago’s SMB Tech Scene” – from Groupon to GrubHub.
About Media Ad View Reports
Covering 12 media, 12 ad categories and 94 detailed business categories, BIA/Kelsey’s Media Ad View reports track local advertising spending by media for the most recent year and five years out (2011-2016) for every local market. Markets are organized by the 362 Core Based Statistical Areas (CBSAs) or TV/Radio markets. The reports also examine the distribution of online ad share by segment (e.g., classified/verticals, search, video display and other display) to reveal the actual dollars being spent on online advertising in a local market by the most important business categories. For more information on BIA/Kelsey’s Media Ad View reports, visit www.biakelsey.com/MAV, call (800) 331-5086 or email firstname.lastname@example.org.
BIA/Kelsey advises companies in the local media space through consulting and valuation services, research, Continuous 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 http://www.biakelsey.com, on the company’s Local Media Watch blog, Twitter (http://twitter.com/BIAKelsey) and Facebook (http://www.facebook.com/biakelsey).