The IAB New Zealand has released promising data showing the continuous rise of digital advertising in the country. The Q3 2023 Digital Advertising Revenue Report reveals that total digital advertising revenue in New Zealand surged to $534.8 million, marking a substantial 7.3% growth compared to the same period last year.
Angelina Farry, IAB New Zealand's CEO, commented on the financial climate, stating, "It's positive to see such strong digital advertising growth in the market. Q3 is the strongest quarter of 2023 so far, delivering solid year-on-year growth." With the third quarter demonstrating more robust results than previous quarters, the industry's future looks increasingly promising.
The data, which was drawn from the IAB New Zealand and Baker Tilly Staples Rodway report, outlines the performance of the various channels. Leading the way in Q3 2023 channel growth was social media with an impressive 20% increase from the same period in the previous year. Following close behind was search advertising, recording an encouraging growth of 11.3%.
Furthermore, within Total Display, Audio and Video topped the chart. The sector registered an outstanding 36.1% and 18.8% growth over the same period last year. In another exciting development, the report highlights that the real estate category engendered the highest growth in Total Display advertising, documenting a year-on-year spike of 63.4%.
These quarterly results reflect online advertising revenue from 15 New Zealand online publishers across their websites and commercial online services. The data released is believed to be the most accurate measurement of online advertising revenue, assisting industry insiders in understanding the financial landscape of the digital advertising market.
The Q3 2023 Digital Advertising Revenue Report comes as a significant piece of evidence supporting the strengthening digital advertising sector in New Zealand. The steady year-on-year growth, combined with the remarkable performance of different channels and categories, suggests an increasingly vibrant future for the digital advertising industry, offering businesses extended opportunities and room for innovation.