2022 was a record year for digital as the medium continues double-digit growth, says the Internet Advertising Bureau. The IAB and PricewaterhouseCoopers released their annual Internet Advertising Revenue Report on Wednesday, revealing that digital advertising revenues totaled over $200 for the first time.
Year-over-year growth in 2022 hit 10.8% overall after strong growth in Q1 and Q2. Digital video, digital audio, and programmatic were the main beneficiaries of diversifying buyer spending, while social media revenue growth slowed down. The report also noted the importance of privacy and regulation in changing the advertising industry and the shift towards first-party data solutions.
The report states that digital audio is driving mobile revenue growth, with the increase in consumption of podcasts and the rollout of 5G expected to continue to impact mobile ad revenues positively in 2023. As such, the report also suggests that radio companies may wish to continue their activity in the podcast space given the digital ad trends.
