IAB/PwC figures show that online advertising grew by 20.5% to hit €65m in the first half of 2011, with social media and online video the strongest growth categories.
"The record 20% growth tracked in our H1 2011 report highlights that digital advertising has moved centre stage in the media mix. With the continued growth in online usage and increased time being spent online digital advertising is now a significant driver for brand growth for advertisers," said Suzanne McElligott, Chief Executive of IAB Ireland, of the results.
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Figues demonstrated that online advertising is the only growth area in an industry that has been dealing with decreased spending on other media. Online ad spending ranks number 3 in total media spend, outperforming radio, outdoor, cinema and magazines.
According to Bartley O'Connor, Advisory Consulting, PwC, "'the strong growth in online advertising highlighted by the most recent IAB\PwC study demonstrates the level of activity and vibrancy of the online industry in Ireland at a time when many other industries are experiencing difficulties. We are now at a tipping point where all businesses need to consider their digital strategy and how they will capture the opportunities associated with the migration to digital platforms."
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