According to recent data from Standard Media Index's U.S. Ad Market Tracker, and reported by Joe Mandese of MediaPost, digital advertising spend grew in February as advertising spend in traditional channels declined.
Digital Advertising Showed Double Digit Growth In February 2021
Advertising spend for digital media grew 18% in February 2021 compared to a year prior. This number reflects the effectiveness of digital advertising strategies advertisers have continued to increasingly adopt as they shift away from traditional media channels, like TV and radio. In fact, TV advertising spend declined 26.7% during the February 2020 to February 2021 period.
Many big brands, like P&G, increased their investments in digital advertising this year after seeing the impact of shifting consumer behaviors in 2020, including more time online, more ecommerce spending and more mobile usage.
Digital Advertising Spend Expected To Continue Expansion Worldwide
Worldwide, digital advertising spend was estimated at $333 billion in 2020 and is predicted to grow to $389 billion this year and to $526 billion in 2024. Retail brands are the biggest spenders when it comes to digital advertising, followed by automotive, financial services, telecom and consumer products.
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