A report issued today by the IAB (Interactive Advertising Bureau) and prepared by PwC (PricewaterhouseCoopers) quantifies the strong growth of online ad revenue. Online video advertising revenue reached $1.5 billion in the first half of this year, marking a 13 percent increase over online video ad revenue for the first half of 2013.
Overall online ad revenues grew to $23.1 billion for the first half of 2014, a record high. That number is a 15 percent increase over ad revenues from the first half of 2013.
The three top-spending verticals for online ad revenue were retail (21 percent), financial services (13 percent), and automotive (12 percent).
By showing the growth of ad revenues in key areas, the report shows shifts in how and where people access the internet.
“Mobile’s continued rise speaks to consumers’ increasing reliance on smartphones and tablets, whether on-the-go or at home. And, digital video too is seeing gains that reflect a new viewing paradigm that is taking place on interactive screens, big or small,” writes David Silverman, a partner at PwC.
Search remains the online ad revenue leader. The report finds that mobile has now overtaken banner ads for the number two spot. Digital video spending was actually down slightly as a percentage of total revenue due to the strong growth in mobile advertising.
The IAB has made the full revenue report available for free online (no registration required).