Fueled by “impressive YoY growth,” paid search advertising revenues hit a new high in 2024, according to a new report.
In total, search accounted for $102.9 billion of a record $258.6 billion in U.S. digital advertising revenues, according to the IAB Internet Advertising Revenue Report: Full Year 2024, conducted by PwC. That is a $14.1 billion increase compared to 2023.
Why we care. Paid search becomes more expensive and challenging every year, with less transparency. But advertisers continue to pour money into paid search because it drives results for brands and businesses.
Paid search is still king. Search continues to own the largest market share of advertising – 39.8%. That is up from 39.5% last year, but down from 40.2% in 2022, 41.4% in 2021 and 42.2% in 2020.
- YoY growth of search advertising was three times the YoY growth seen in 2023, according to the report.
By the numbers. Of note from the IAB report:
- 2024 was a year of consistent YoY growth (15.7% in Q1; 15.2% in Q2; 14.7% in Q3, and 14.3% in Q4) – though the growth rate slowed as the year went on.
- Social media ad revenue rose to $88.8 billion in 2024, a 36.7% YoY increase.
- Video advertising increased to $62.1 billion, up 19.2% from 2023. It now accounts for 24% of all internet advertising revenue.
- Display advertising revenues jumped to $74.3 billion, which is YoY growth of 12.4%.
- Retail media networks reached $53.7 billion, a 23% YoY increase.
The state of digital advertising. Robust. Helped by the presidential election and Olympics, advertising spend returned its strongest level of growth since 2021. This despite ongoing issues like inflation, high interest rates and job cuts.
2025 outlook. Advertisers will have to adapt to a more complex and “outcomes-focused” marketplace, where agility, accountability and relevance are king, according to the IAB.
The report. You can read the Internet Advertising Revenue Report Full-year 2024 results here (PDF).
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