IAB Europe: Digital ad spend in Europe rose by 11.1% in 2023

Posted on Monday 17 June 2024 | IAB UK

According to IAB Europe’s AdEx Benchmark 2023 study, digital advertising spend in Europe grew by 11.1% last year to 96.9bn

The European digital advertising market has grown by 11.1% to an all-time market high of 96.9 billion, according to IAB Europe’s AdEx Benchmark Report for 2023. The study is the definitive guide to advertising expenditure in Europe, with data collected across 29 national markets to provide a total spend figure for Europe. For the first time this year, the report includes additional quarterly data, offering a deeper insight into the complex dynamics that contributed to digital advertising’s growth over the last three years.

Key findings from the study include:

  • The European market grew 11.1% YoY vs a 7.3% YoY growth rate for the U.S and 11% for the UK
  • Digital ad spending remained concentrated in the top European markets with the UK, Germany, France, Spain, and Italy making up 69% of total digital ad spend
  • Social ad growth rebounded in 2023 and grew by 18.2%, while display was up 12.7%. Video advertising played a crucial role in the growth of total display, increasing by 20.9%
  • Audio experienced an increase of 23.1%, with the data showing that podcasts were integral to driving total digital audio spend (+32.5%)
  • CTV grew by 23.5% in 2023 to outperform non-social video

Speaking about the latest data, Daniel Knapp, Chief Economist at IAB Europe, said: “Digital advertising defied all odds in 2023 and grew by 11.1%. This can be attributed to interest rates improving, and the economy stabilising, giving advertisers greater confidence once more.

“As businesses have transformed to become increasingly more digital, advertising has evolved from a siloed function to a more integral part of the overall marketing strategy, helping to fuel 2023 growth.”

The full AdEx Benchmark Report 2023 can be downloaded here.

To find out more about the UK’s digital ad market – which grew 11% to £29.6bn in 2023 – explore IAB UK’s Digital Adspend report here.

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