Online Advertising on the up in Ireland
At CASTLE33, it’s vital for us to keep an eye on online advertising trends and stay up to date at all times. Therefore we decided to undertake a quick analysis of the recent 2014 IAB PwC Online Adspend Study.
Online advertising in Ireland is now worth an estimated €263m, with €1 in every €3 of digital adspend now on mobile. Let’s have a closer look at the what this means for the future of online advertising.
Display advertising generated a staggering €99m in revenue, and now represents 38% of total digital spend. Furthermore drivers of display adspend growth showed strong performance of social media and display growth in digital video. In 2015 it is expected to amount to €14.3million.
Paid-for-Search advertising has grown by 43% year on year, and remains the dominant digital format with a 52% share of total online adspend at €137m. Classified advertising online continued to perform strongly in 2014, holding a 10% share of online adspend at €27m which is great news for agencies and businesses alike.
In terms of growth rates, FMCG is the top advertiser category in Display Spend (desktop and mobile platforms). FMCG is the top spending category in cross platform display spend with a majority shareholding of display spend closely followed by Retail and Finance respectively.
Mobile advertising grew by 132% as the Irish advertising market followed the consumer’s migration to mobile. Mobile Search accounts for 70% of total mobile spend with Mobile Display advertising representing 30%. Retail takes pole position as the top-spending category on Mobile Display accounting for 15%.
Growth in mobile advertising
The overall growth in digital consumption according to Eurostat states that roughly 1 in every 2 people in Ireland now use their mobile devices to go online and search the web. CASTLE33 always take this factor into consideration when building websites and running campaigns in order to make sure they are mobile ready for users.
1 in 4 Video on Demand (VOD) viewers watch video online daily. We in 2015 are starting to incorporate this more and more into our own content as it seems to have higher retention rates among users. It’s an area all business sectors and industries should consider using more to further promote themselves.
Strong push towards social media usage
The Irish market continues to engage heavily on social networks.The latest social media usage data from Ipsos MRBI highlights that 63% of adults over the age of fifteen in Ireland have Facebook and Twitter accounts, as well as seeing a jump in the creation of Linkedin profiles amongst others.
According to Suzanne McElligott, CEO of IAB Ireland, advertisers such as P&G allocate a substantial amount of their media spend to digital marketing in order to be competitive and stay at the top; as these areas are showing highest growth rates.
Looking at display adspend specifically, it is interesting to note the growth in cross platform digital sponsorship is up 58% in 2015. This adspend reflects the global growth in brand investment on content marketing. – Ipsos MRBI Social Networking Quarterly Feb 2015
Reports compiled by PWC show that worldwide Social Media and VoD advertising have seen very strong growth rates as well. This reflects both the global growth of these formats and the high degree of engagement by consumers with social media and digital video.
For more information on the above, or if you’d like to know more about how CASTLE33 can help your business, drop us an email: [email protected]
Also, you can click here to download the infographic.