Marketers increasing investment ‘across a range of digital advertising environments’ as internet spend ticks over $15b
Internet advertising spend in Australia has seen a year-on-year growth of 9.7% for the financial year ending 30 June 2024.
As confirmed in the Interactive Advertising Bureau’s (IAB) Australia Internet Advertising Revenue Report (IARR) released on Monday, the figure has reached $15.6 billion.
According to the report, video advertising grew 18.6% to reach $4.1 billion, search & directories increased 10.4% to reach $6.9 billion, classifieds advertising revenue grew 4.3% year on year to $2.5 billion, while general display (excluding video) advertising fell by 1.1% year on year to $2 billion.
Meanwhile, traditional standard display formats fell by 13.1% to $558.5 million, though digital audio increased 23.6% to reach $290.2 million.
Retail remained the top advertiser industry category for display inventory, representing 17.7% share of the ad spend, followed by automotive at 15.4%.
June 2024 Quarter Data
- $4.16bn, up 14.1% compared to the 2023 June quarter
- Across advertiser categories, auto advertising spend has continued to surge post-COVID. For the June quarter auto advertising reached 14.9% of content owner investment, just behind retail at 15%. Finance at 7.9%, Entertainment (7.9%) and Health & Beauty (6.1%) round out the top five industry categories for the financial year.
- Search and directories grew 12.1% ($1.85bn); non-video general display grew 3.6% ($512m); classifieds grew 20.9% ($704m) and video grew 18.8% ($1.09bn)
- Within non-video general display, audio was a strong contributor to growth (up 15.9%) across both streaming audio and podcasting, whilst standard display dropped 4.5%.
“The results for financial year 2024 show that marketers continue to increase their investment in reaching audiences across a range of digital advertising environments,” IAB Australia CEO, Gai Le Roy, said.
“While video and audio formats continue to grow the overall market, there is still a strong skew towards driving short term sales results with strong investments in search and social.
“In the June quarter results we saw a solid growth uptick in the classified listings revenue category, which was up 21% versus the previous June quarter, led by automotive and real estate activity.”
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Neil Griffiths is the Managing Editor of Mumbrella. He joined the company in October 2023.
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Gai Le Roy
IAB
IAB Australia Internet Advertising Revenue Report
Interactive Advertising Bureau
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