The local Australian online advertising market is continuing to grow, reaching a whopping $2.455 billion for the quarter ending in 30 September 2022.
Data obtained by the Interactive Advertising Bureau (IAB) in the Australia Online Advertising Expenditure Report showed an increase of 6.5 percent compared to the same period in 2021.
However, the overall online advertising growth softened by 4.9 percent compared to the June 2022 quarter as advertiser spend across general display and search has been pulled back due to uncertain economic conditions. Classifieds spend saw an increase of 4.7 percent that was driven by record job ad volumes. The report also highlighted that general display advertising decreased 4.9 percent in spend followed by search and directories with 8.4 percent.
The report also outlined that classified advertising holds 19 percent share of spend at $644 million with search and directories at 42 percent at $1.475 million and general display held at 39 percent at $1.336 million.
The winner of advertising methods
As video advertising maintains its popularity, it outperformed the overall general display market. However, the report outlines that growth decelerated as advertisers pulled back on their spend due to market conditions. However, connected TV continued its steady increase in share of content publishers’ video revenue to an increase of 49 percent, as the desktop has decreased slightly to 31 percent with the share at 31 percent and mobile at 20 percent.
IAB Australia CEO Gai Le Roy says the overall results for digital advertising investment were “positive for the September quarter with the classified listings market being the standout performer driven in a large part by the employment market.”
“The display market was softer than we have seen in previous quarters and while we are seeing some caution around marketing investment, the comparative quarter in 2021 was bolstered by Olympic-related ad dollars.”
The IAB is an independent industry association aligning the industry stakeholders to develop solutions for the issues faced by the market and develop standards that are integral to the operation of digital advertising.
The report also highlighted that retail advertising still held its leading position, while real estate and automotive was also in the top five. However, entertainment was a standout. While the spend in the finance category decreased.