The United Kingdom’s digital advertising market experienced significant growth in the first half of 2024, with online video ad spending seeing a particularly notable surge. According to the Interactive Advertising Bureau’s (IAB) # 2024 report conducted with MediaSense, online video ad investment skyrocketed by 26% year-on-year, reaching an impressive £4.12 billion. This growth rate not only exceeded the UK’s GDP growth of 0.5% but also outstripped other forms of digital advertising, including mobile, non-video display, non-mobile, and digital out-of-home, which grew by 22%, 17%, 8%, and 7% respectively.
Strength of Video Advertising
In the first half of 2024, the United Kingdom’s digital advertising market saw substantial growth, with online video ad spending showing remarkable increases. According to the Interactive Advertising Bureau’s (IAB) # 2024 report, carried out in collaboration with MediaSense, expenditure on online video advertisements soared by 26% compared to the previous year, reaching an impressive £4.12 billion. This growth rate significantly outpaced the UK’s GDP growth of just 0.5%. Additionally, this surge in online video ad spending far exceeded the growth seen in other digital advertising forms. Mobile advertising, for instance, saw a substantial yet lesser increase of 22%. Further behind were non-video display and non-mobile advertising, which grew by 17% and 8% respectively. Even digital out-of-home advertising, which includes ads displayed on digital billboards, grew by 7%. This notable trend highlights a clear shift towards online video advertising, emphasizing its increasing importance in the digital marketing landscape of the UK.
