Digital ad sales have slowed
“Digital ad sales slowed significantly in 2022,” Ad Age’s Asa Hiken reports, “dragged down by economic tightening and social media’s smallest increase in the past decade, according to the Interactive Advertising Bureau’s latest annual study conducted by PwC.”
The details: “Digital ad sales grew 10.8% last year compared to 35.4% the year prior,” Hiken notes. “Still, total revenue hit $209.7 billion, surpassing $200 billion for the first time and up $20.4 billion from 2021. The next largest advertising sectors by revenue were TV, which grew 2% year over year, and video games/esports, which rose 16.4%.”
Essential context: “The IAB views the relative slowdown as both a return to normal from the unusually large, post-pandemic growth of 2021 and a result of economic uncertainty experienced in the latter half of 2022. The fight to bring down inflation has sparked a tightening in the economy, which has compelled various industries to pull back their marketing spend.”
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