Australian internet advertising expenditure reached $15.6 billion for the financial year ending June 30, 2024, marking a 9.7% year-on-year growth, according to the latest IAB Australia Internet Advertising Revenue Report (IARR) prepared by PwC Australia.
Video advertising led the growth, increasing 18.6% to $4.1 billion. Search and directories followed, rising 10.4% to $6.9 billion. Digital audio showed strong performance, growing 23.6% to $290.2 million.
Connected TV continued to dominate content publishers’ video inventory expenditure, increasing from 47% to 55% share. This growth came at the expense of mobile and desktop expenditures, which both decreased.
Classifieds advertising revenue grows 4.3% year-on-year to $2.5 billion. However, general display advertising (excluding video) experiences a slight decline of 1.1%, falling to $2 billion.
Traditional standard display formats see a more significant drop of 13.1%, reaching $558.5 million.
“The results for the financial year 2024 show that marketers continue to increase their investment in reaching audiences across a range of digital advertising environments,” IAB Australia CEO Gai Le Roy said in a news release.
Shifts in Ad Buying Methods
The report noted shifts in purchasing methods for Internet advertising.
Agency buying via insertion order decreases from 46% to 42% year-on-year. Client direct buying increases from 15% to 18%, while programmatic purchasing rises from 39% to 40%.
Retail maintained its position as the top advertiser category for display inventory, representing a 17.7% share of ad spend.
Automotive followed at 15.4%, steadily regaining share after previous declines due to COVID-related supply issues and lack of new car launches.
The June 2024 quarter showed strong growth, with total spending reaching $4.16 billion, up 14.1% compared to the same quarter in 2023.
During this period, search and directories grew 12.1% to $1.85 billion, non-video general display increased 3.6% to $512 million, classifieds surged 20.9% to $704 million, and video grew 18.8% to $1.09 billion.
Podcast Ad Dominance
Magellan AI’s recent report showed that the top 15 brands engaged in podcast advertising spent $49.5 million in February 2024, down 9% from the previous month’s spending by the top advertisers.
The audio measurement company noted that the first quarter typically sees lighter advertising activity.
Indeed, Magellan AI’s July report noted that podcast advertising hit an upward trajectory, with spending increasing 22% year-over-year in Q2 2024.
The report analyzed data from over 100k episodes of popular podcasts, revealing that the average advertiser ad load rose from 6.44% in Q1 to 7.19% in Q2.
Acast and OMD’s June report demonstrated that podcast advertising is 34% more cost-effective than average media in driving brand awareness.
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Australian internet advertising expenditure reached $15.6 billion for the financial year ending June 30, 2024, marking a 9.7% year-on-year growth, according to the latest IAB Australia Internet Advertising Revenue Report (IARR) prepared by PwC Australia.
Video advertising led the growth, increasing 18.6% to $4.1 billion. Search and directories followed, rising 10.4% to $6.9 billion. Digital audio showed strong performance, growing 23.6% to $290.2 million.
Connected TV continued to dominate content publishers’ video inventory expenditure, increasing from 47% to 55% share. This growth came at the expense of mobile and desktop expenditures, which both decreased.
Classifieds advertising revenue grows 4.3% year-on-year to $2.5 billion. However, general display advertising (excluding video) experiences a slight decline of 1.1%, falling to $2 billion.
Traditional standard display formats see a more significant drop of 13.1%, reaching $558.5 million.
“The results for the financial year 2024 show that marketers continue to increase their investment in reaching audiences across a range of digital advertising environments,” IAB Australia CEO Gai Le Roy said in a news release.
Shifts in Ad Buying Methods
The report noted shifts in purchasing methods for Internet advertising.
Agency buying via insertion order decreases from 46% to 42% year-on-year. Client direct buying increases from 15% to 18%, while programmatic purchasing rises from 39% to 40%.
Retail maintained its position as the top advertiser category for display inventory, representing a 17.7% share of ad spend.
Automotive followed at 15.4%, steadily regaining share after previous declines due to COVID-related supply issues and lack of new car launches.
The June 2024 quarter showed strong growth, with total spending reaching $4.16 billion, up 14.1% compared to the same quarter in 2023.
During this period, search and directories grew 12.1% to $1.85 billion, non-video general display increased 3.6% to $512 million, classifieds surged 20.9% to $704 million, and video grew 18.8% to $1.09 billion.
Podcast Ad Dominance
Magellan AI’s recent report showed that the top 15 brands engaged in podcast advertising spent $49.5 million in February 2024, down 9% from the previous month’s spending by the top advertisers.
The audio measurement company noted that the first quarter typically sees lighter advertising activity.
Indeed, Magellan AI’s July report noted that podcast advertising hit an upward trajectory, with spending increasing 22% year-over-year in Q2 2024.
The report analyzed data from over 100k episodes of popular podcasts, revealing that the average advertiser ad load rose from 6.44% in Q1 to 7.19% in Q2.
Acast and OMD’s June report demonstrated that podcast advertising is 34% more cost-effective than average media in driving brand awareness.