New research shows that online ad spending increased by about 15 per cent last year, with the lion’s share of that attributable to growth in search and social channels.
Online ad spending reached nearly $14.2 billion last year, according to IAB Canada’s 2022 revenue study.
According to a report on the study from Media In Canada, search ads accounted for 46.9 per cent of online spending, a year-over-year increase of 16.8 per cent. Social media advertising grew by 10 per cent to take a 25% slice, followed by video 12.4 per cent and display.
IAB predicts that internet advertising will grow another by 11.4 per cent in Canada this year to $15.8 million and 7.4 per cent to $17 million in 2024.