Total expected to jump 148% to $2.13B by 2024

Local over-the-top advertising revenue is expected to be $857 million in 2019, up 43%, according to a new estimate from BIA Advisory Services.

BIA expects OTT revenue to adjust 148% to $213 billion by 2024.

“OTT offers a considerable opportunity for broadcasters to grow revenue,” said Tom Buono, founder and CEO of BIA Advisory Services. “As consumers shift their viewing habits, it’s an opportunity to extend the value of traditional over-the-air content. We’ve added OTT to our forecast to track this growing area and scope the revenue opportunity.”

Related: BIA Sees Local Political Advertising Topping $6.5B

BIA defines OTT advertising as locally targeted advertising included on streaming video that is delivered to TV sets via internet connections. BIA’s OTT ad forecast focuses on the local activation of OTT video impressions on Connected TVs. This ad inventory can be both competitive and complementary with local TV and cable inventory.

“The industry has reached a stage where there are several existing and emerging OTT players that have a high growth potential,” said Mark Fratnik, chief economist and senior VP at BIA. “By partnering with them, broadcasters can drive new revenue by delivering their valuable content and diverse audiences. I believe we’re at the tip of the opportunity and we’re working closely with OTT firms to analyze revenue opportunities.”