A new report by BIA Advisory Services examines the financial health of various media sectors from 2019 to 2023. The analysis highlights the impact of the pandemic, with local advertising revenue dropping in 2020 but rebounding in 2022 before softening again in 2023. Digital media thrived during this period, while Audio (including radio) and Out-of-Home advertising lagged behind. Looking ahead, BIA predicts a 9.3% increase in local ad spending for 2024, reaching $172 billion. However, this is lower than initial forecasts due to economic uncertainty. While radio is expected to see some growth, it will likely be slower than visual media. Digital advertising is projected to dominate with nearly half (48.7%) of the total ad spend, with traditional media making up the remaining 51.3%.