A new report from the Interactive Advertising Bureau (IAB) is optimistic about digital ad spending this year. Although the growth rate has slowed down, digital ad revenues reached a record high of $225 billion in 2023, with a 7.3% increase from 2022.
The report highlights several areas that are driving growth, including:
- Digital Video: Digital video revenues, including both Connected TV (CTV) and online video, grew 10.6% to $52.1 billion in 2023. CTV/OTT is expected to be the fastest-growing media channel in 2024.
- Retail Media: Retail media ad networks grew 16.3% to $43.7 billion in 2023, and this growth is likely to continue.
- Audio Advertising: Audio advertising saw a robust expansion, growing 18.9% to reach $7 billion in 2023.
The report also notes that the industry is adapting to changes in consumer behavior and technological advancements, with a focus on privacy-preserving advertising practices, social commerce, and generative AI.
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