The online gift that keeps on giving
In just five years, between 2017 in 2022, online advertising revenue in the U.S. skyrocketed by more than 130 percent, amounting to nearly 210 billion dollars in the latter year. As internet advertising expands, the medium unfolds into multiple venues for brand exposure. The market forecasts that, in 2023, search will continue to lead digital ad spend, followed by video and banner. But, starting in 2024, video will concentrate most of the expenditure. The increasing addition of artificial intelligence (AI) to classic web search may, however, keep this subsegment ahead of its competitors. Yet the only digital format predicted to have a double-digit increase rate in 2023 is connected TV (CTV), at over 14 percent. Paid search and podcasts would follow, as the only ones with annual changes above eight percent.
Traditional but with a digital twist
While projections suggest that investments in several traditional channels will rise throughout the 2020s, these legacy media usually owe at least part – and, in some instances, most – of their growth to digital resources. Within the business-to-business sector, B2B marketing data spending is likely to reach almost four billion dollars by 2024. In the game industry, mobile phones have become one of the most popular devices, especially for ad-reliant options. Sources project that U.S. mobile gaming ad revenue will rise nearly 13 percent in 2023, surpassing seven billion dollars. As for outdoor media, the digital out-of-home (DOOH) subsegment will soar. Before the pandemic, it accounted for 31 percent of OOH ad spend in the U.S. In 2023, the share exceeds an estimated 36 percent, with a forecast to surpass 41 percent three years later.
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