Investment in online video ads hit £4.12 billion in the first six months of 2024, marking the fourth consecutive year of H1 double-digit growth for the format.
Revealed as part of the Interactive Advertising Bureau’s (IAB) H1 2024 update, conducted with media advisor MediaSense, the sector grew by an impressive 26% year-on-year.
In total, the UK’s total digital ad market grew by 16%, with overall spend reaching a considerable £16.22 billion – indicating the seemingly exponential growth of online.
“This data shows that established trends – particularly the growth of video advertising and dominance of mobile spend – have accelerated in the first half of 2024,” IAB UK CEO, Jon Mew said.
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“Advertisers are increasingly utilising digital channels to deliver across the marketing funnel and build brands, with recent effectiveness research showing that marketers believe online channels deliver more emotional impact than offline media.
He added: “I see that reflected in the fact that video – a highly engaging and creative format – is leading the charge when it comes to spend growth.”
Far outstripping the UK’s cautious GDP growth of 0.5%, video spend grew faster than mobile (22%), non-video display (17%), non-mobile (8%) and digital out-of-home (7%).
