024 is shaping up to be a huge year for search advertising! It’s just been reported that U.S. search ad revenues have hit a whopping $102.9 billion.
That’s a staggering $14.1 billion more than last year! Search ads are still the big players in digital marketing, making up nearly 40% of the total $258.6 billion in U.S. digital ad revenues.
What’s impressive is that the growth didn’t just happen simultaneously. We saw consistent increases throughout the year.
15.7% in Q1, 15.2% in Q2, and so on. It’s like a steady climb throughout the year!
Other advertising channels have also been buzzing. Social media ads jumped 36.7% to $88.8 billion, video ads grew 19.2% to $62.1 billion, and display ads rose 12.4%. Retail media networks made a splash, too, expanding by 23% to $53.7 billion.
So, what’s driving this boom?
Big events like the presidential election and the Olympics certainly played a part. Despite some economic hurdles, like inflation and job cuts, the advertising sector has shown it can adapt and thrive.
