IAB Report Dives into 2024 Digital Advertising Data
IAB just released its Internet Advertising Revenue Report for 2024 and the results of the study indicate the digital advertising industry saw ad revenue climb to $259 billion, a 15% year-over-year increase from 2023. IAB says, “This record growth reflects the industry’s ability to adapt to evolving technologies, regulatory changes, and shifting consumer behaviors. In parallel, the streaming landscape continues to shift, with ad-supported streaming becoming dominant and live sports driving premium ad investments.” Other takeaways from the study including that Digital Video is the fastest-growing format, with revenue increasing 19.2% YoY to $62.1 billion, now accounting for 24% of total ad revenue, and that Podcast advertising revenues show a strong YoY growth of 26.4%, a significant acceleration from 5.5% last year. IAB adds, “This growth was fueled by shifting consumer media habits, with cord-cutting driving greater engagement with on-demand audio, and podcasts emerging as a key platform for political advertisers seeking to connect with voters ahead of the election.” Overall, digital audio – including podcasting – has continued to grow, earning $7.6 billion in revenue with an 8.5% YoY growth from FY23 which is a slowdown in growth compared to last year’s 18.9% rate. Podcasting however saw a surge in growth at 26.4%, while other related formats such as Streaming Music and Radio stifled overall Audio growth. IAB concludes, “As audio consumption trends rise our data suggests that there will be continued digital audio advertising expansion and growth in the year ahead as brands and platforms invest more in podcasts, streaming music, and voice-based advertising.” See more about the study here.