Internet advertising fuelling Australian GDP to value of $17.1bn
The online advertising industry contributed $3.4bn last year and is indirectly be responsible for another $13.7bn, says a new PWC report.
The announcement:
Australia’s online advertising market is responsible for contributing $17.1 billion to economic output (GDP) providing over 162,000 direct and up to 238,000 indirect jobs according to a new report, Digital Dollars, released today by PwC. The report which was commissioned by IAB Australia, found that the sector’s contribution to GDP is forecast to reach $26.5 billion by 2017 with a compound average annual growth rate (CAGR) of 7.5 percent, outpacing other sectors of the economy.
The report also identified the benefits that economic activity of the online advertising industry has on the Australian economy overall. Using a newly developed social welfare framework which is based on the approach adopted by the Productivity Commission, the report found that the ad supported digital ecosystem is generating over $70 billion of value to consumers, producers and the broader community.
