Local media research firm Borrell Associates has actually bolstered its outlook for 2008 local ad revenues, raising its forecast 2.5 percent, from around $12 million to $12.3 million. The firm also sees local Web ad dollars taking up a larger share of the interactive ad spending pie next year, when local online ad revenues are expected to increase 11 percent over 2008, to around $13.6 million.
Borrell expects local paid search advertising to grow almost 22 percent next year while national paid search will lose share, dropping from $12.4 million this year to $9.3 million next year.
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