The Rise of Digital Ad Spending

by | Apr 25, 2024 | blog, Podcast Monetization

In the fast-evolving landscape of digital advertising, 2023 marked a significant milestone in the UK as digital ad spend grew by 11% to reach £29.6 billion, outpacing the GDP growth, which stood at a mere 0.1%. This surge in digital advertising is spearheaded by podcasts, connected TV (CTV), and social video, which recorded impressive year-on-year growth rates of 23%, 21%, and 20% respectively, according to the latest report from IAB and PwC.

Podcast Advertising

Podcast advertising has shown remarkable growth, nearly catching up with streaming audio spend—£83 million versus £92 million. The immersive nature of podcasts has made them a favorite among advertisers seeking to engage with audiences in a more personal and impactful manner.

Connected TV

CTV has emerged as a dominant force in the video spending sector, accounting for 17% of total video ad spend. Interestingly, CTV display spending (excluding video) doubled year-over-year to £4 million in 2023, highlighting the growing importance of this medium in the advertising landscape.

Social Video

Social video continues to captivate advertisers with its ability to deliver high-impact content and engage with vast audiences. This category now represents a significant portion of digital display spending, driven primarily by video content, which for the first time, accounted for more than 60% of total display ad spend.

Digital Out-of-Home and Mobile Advertising

The report also highlights significant growth in digital out-of-home (DOOH) and mobile advertising sectors. DOOH saw a 12% increase in ad spend, reaching £841 million, while mobile advertising experienced an acceleration in growth from 4% in 2022 to 15% in 2023, totaling £16.7 billion.

As digital advertising continues to evolve, particularly with the upcoming changes to cookie regulations, the industry is expected to adapt and innovate. The IAB forecasts that total digital ad spend will grow by 8.3% to £32 billion in 2024. This prediction reflects the industry’s resilience and the advertisers’ increasing reliance on digital platforms that offer rich, engaging, and versatile advertising solutions.

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