2020 has been hard for a lot of people thanks to the COVID-19 pandemic, but there has been some good news.
According to Interactive Advertising Bureau (IAB) Australia’s latest PwC Online Advertising Expenditure Report, digital ad expenditure hit $9.5bn in 2020, with Q4 2020 accounting for $2.9bn of that. This means that Q4 2020 accounted for a 20.3% increase compared to Q4 2019.
Despite all the disruption and doubts regarding the economy, IAB’s data shows that digital ad expenditure for 2020 grew by 2% compared to 2019. Q4 was the point of recovery, with general and display both chalking up good growth rates, at 26.8% and 21.1%, respectively.
As a result, general display’s total share of Australia’s digital ad expenditure went up to 41%, 2% up from 2019. IAB noted that all display formats saw growth in 2020, a good sign of investment diversity for Q4 2020.
Video ads saw investments total to $642.7mn in Q4 2020 for Australia, which is a 41% increase from 2019 according to the IAB’s data. Across the whole of 2020, video ad expenditure hit $1.9bn, a 17.2% increase from 2019.
IAB also recently published Attitudes to Digital Video Report, which showed that a lot of ad agencies (68%) expect that digital video ad investment will go up by 2021, showing that the outlook for the industry, from people like king kong sabri suby, is positive.
Additionally, 94% of IAB’s respondents reported that they were satisfied with the performance of digital video when it comes to increasing brand awareness.