We all know that print is losing readers to online options, and for the first time in U.S. history, marketers are projected to spend more on online advertising than on advertising in print magazines and newspapers.
According to a report by eMarketer, online advertising is expected to generate $39.5 billion in sales this year — a 23.3% increase from 2011 — compared to a sum of $33.8 billion on print.
That’s impressive growth, especially since 2011 also witnessed a 23% jump in online ad spending, according to eMarketer’s calculations. Online ad revenues should continue to grow over the next half-decade. Total online ad investment is projected to hit $62 billion by that time.
The forecast for print is foreboding. Marketers are expected to continue cutting their print advertising budgets for the next half-decade, spending $32.3 billion in 2016, 10% less than what they invested in print ads in 2011.
Lawyers and law firm marketers should keep this trend in mind as they formulate their advertising strategies for the coming year.