Growth in local digital advertising has fallen to single digits and is projected to stay at its slowest sustained pace since the Great Recession, according to Borrell Associates’ 24th annual Local Digital Advertising report.
The deceleration marks the end of the easy-growth era for local media and exposes a structural problem for legacy companies that relied on 20–25% annual digital increases to offset declines in traditional revenue. With digital now expanding in low single digits while core products continue shrinking, the old math no longer works.
“This isn’t decline. It’s normalization,” said Gordon Borrell, CEO of Borrell Associates. “Digital has matured. The easy growth is over. From here on, success won’t be defined by participation, but by who can steal share from competitors.”
The 65-page report, based on proprietary data from more than 9,000 local media operations and ad estimates across 513 U.S. markets, shows that only iHeartMedia and The New York Times posted total revenue growth in 2025 among 15 publicly traded media companies reviewed. Cumulus Media and Urban One recorded negative digital growth, while Townsquare Media, often cited as radio’s digital success story, grew less than 2% digitally.
“Some companies mistake being involved in digital for being successful at digital,” said Borrell Associates Founder Gordon Borrell. “The next phase will separate those who measure success against their specific market opportunity and systematically capture share from those who are simply tracking year-over-year growth.”
Digital now accounts for 72% of local ad spending, with no single format dominating.
Borrell Associates will present key findings from the report during a webinar on May 19, 2026, at 2:00 p.m. ET. Registration is open now.