More records were broken in 2022, with total ad revenues exceeding $200 billion for the first time to reach $209.4 billion. In spite of the fact that this is the case, many are saying that this is underwhelming since it represents a growth rate of just 10.8%. While this is still healthy, it is less than a third of the rate of revenue growth that was seen in 2021.
2022 started off strongly, with a growth rate of 21.1% being noted in the first quarter. With all of that having been said and now out of the way, it is important to note that this growth rate fell to 11.8% in the second quarter of 2022, and it further plummeted to 8.4% and subsequently 4.4% in the third and fourth quarters of the year.
Interestingly, audio ads saw the biggest growth rate of all because of the fact that this is the sort of thing that could potentially end up capitalizing on the new podcast craze. Ad revenues sources from audio ads increased by as much as 20.9%, although this still left audio ads with just a 2.8% proportion of total revenues.
As for digital video, it also registered a solid increase of 19.3%. With video ads earning $7.6 billion more than last year, they managed to acquire a 22.5% share of total ad revenues as compared to 20.9% last year.
The digital ad industry is going through a tumultuous period. The trend is quite concerning because the growth rate decreased each and every quarter in 2022. Whether or not this trend continues in 2023 remains to be seen, but it will be an essential statistic for marketers to focus on.
Read next: The US advertising industry has marked its biggest decline since January 2021 after losing 2100 jobs in March
by Zia Muhammad via Digital Information World
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