In the newly released IAB Internet AdvertisingRevenue Report 2024, we learn about record-setting revenue for the category as a whole, powerhouse growth for video advertising, and year-over-year growth (but slowing growth) for digital audio advertising.
“The digital advertising industry reached new heights in 2024, with ad revenue climbing to $259 billion, a 15% year-over-year increase from 2023.” — IAB/PwC Internet Advertising Revenue Report
Within that last point — slowing escalation for digital audio advertising — lies a heated story for podcasting, whose 2024 revenue surged 26.4 percent.
The Five-year Overview
An interesting dynamic is clearly revealed by the IAB in two connected five-year timelines:
- Advertising format by share
- Advertising format by revenue
Both are below:
We see steady revenue growth for audio advertising, even as the share metric dropped slightly from 2023 to 2024.
Podcast Advertising Surge
Narrowing down to podcasting as an advertising growth story, the IAB shows a 10-year picture of relentless — sometimes astonishing — growth.
As we see below, podcast advertising experienced a healthy26% surge in 2023-2024, just as two years previous before a desultory 2022-2023 nudge upward. Those contrasting metrics — 5% for 2022-23 and 26% for 2023-24 — represent a more-than 5x jump in revenue growth for podcast advertising.
Type and Location
Looking at broad strokes, the IAB report emphasizes the internet, and programmatic buying. The two are considered separately.
Internet advertising’s year-over-year growth (2023 – 2024) was a robust 14.9%, as shown below. Most dramatically, the graph illustrates the internet’s growth dominance of TV advertising, video games, newspapers and magazines, B2B, and out-of-home.
TheProgrammatic Juggernaut
“Programmatic advertising continues to grow,” the IAB asserts, illustrating that growth with the following chart.
As a footnote to this chart, the IAB observes that 61% of programmatic revenue came from real-time bidding platforms. The remaining 39% is attributed to private marketplace buying.
The IAB Internet AdvertisingRevenue Report 2024 is freely available HERE. While we are glad to summarize chosen highlights, we always recommend the source.
