Marketers continue to pour more money into digital advertising, according to the latest figures from the IAB and PwC US. The data indicates that spending reached $17.6 billion in Q3 2016, representing a 20% increase from $14.7 billion in the year-earlier period.
Needless to say, that represents a new high for a third quarter, also marking a 4.3% increase from Q2 2016 investment.
Online ad spending has now achieved double-digit growth in 26 consecutive quarters going back to Q1 2010 (9% growth).
It’s worth noting, though, that digital advertising is highly concentrated. In its half-year report for 2016, IAB and PwC revealed that the top 10 ad-selling companies accounted for 74% of all revenues in Q2. It was also recently reported that analysts believe that Google and Facebook together accounted for all of digital advertising revenue growth in the first half of 2016.
Facebook and Google certainly are owning the mobile app space: each of the top 8 smartphone apps last year by average unique audience were owned by one of the two companies, led by Facebook, Facebook Messenger, and YouTube.