Report details all factors contributing to 30.5% annual growth
All 28 markets recorded double-digit growth
Brussels, Belgium, 28 June 2022 – IAB Europe, the leading European-level industry association for the digital advertising and marketing ecosystem, today released its full 2021 AdEx Benchmark Report following the release of the study highlights in May. The report is the definitive guide to advertising expenditure in Europe covering 28 markets. It details the formats and channels that contributed to digital advertising’s annual growth of 30.5 percent in 2021, culminating in a total market value of €92bn.
Commenting on the positive market growth in 2021, Townsend Feehan, CEO, IAB Europe said:
“The past two years have been challenging for many and it is encouraging to be able to report such positive growth for our industry. This is a testament to the people, products and services that help steer and grow the digital advertising industry, even in the most exceptional circumstances.”
Every market in the study experienced double-digit growth
All 28 markets covered in the study have recorded double-digit growth. Seven markets grew above the average growth rate of 30.5%, with a mix of countries from Western and Central & Eastern Europe.
The market recorded the highest growth rate since 2008
IAB Europe forecast a growth rate of 28.6% for 2021. The markets surged and exceeded expectations to achieve a growth rate of 30.5%, which is the highest growth recorded in the study since 2008. This equated to a total of €21.5bn added to the digital advertising market in 2021.
Still headroom for growth
When looking at digital ad spend per head, some key markets still lag behind the European average of €115; Spain for example at €92 and Poland at €38.
Video continued strong growth in 2021
Video was a key driver of growth both in and out of social spend. It grew by 46.2% and now accounts for 41% of all display ad spend. Video also now exceeds half of total display spend in three markets; Ukraine, UK and Italy.
Digital Audio recorded the strongest percentage growth
In 2021 digital audio grew by 50.7%, higher than all other formats. The audio market continues to grow rapidly, from a low base, reaching €700m in 2021, or 3% of display spend.
Programmatic now commands 57% of display ad spend
Programmatic, excluding social, accounts for more than half of display ad spend driven by a move to private market places and adoption in CEE markets.
Dr. Daniel Knapp, Chief Economist, IAB Europe, who compiled and presented the study commented:
“All parts of digital advertising benefited from the 2021 bonanza, but most notably those formats and approaches that enable small and medium sized businesses, e-commerce related advertising, video-based storytelling and formats that provide access to new consumer behaviour at scale, such as audio and gaming.
Although market growth in 2021 was tightly clustered in the mid-20ies for most countries, European digital ad markets are heterogeneous with a wide range of ad spend per capita allocations even in markets of similar economic power. This signals significant headroom for growth remains available.”
AdEx Benchmark is the definitive guide to advertising expenditure in Europe.
The data has been compiled by IAB Europe based on information provided by the national IAB offices around Europe. The report includes market size and value information for 2021 for the following markets: Austria, Belarus, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, the Netherlands, Norway, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, UK and the Ukraine. The data represents the calendar year 2019 January- December. This is the sixteenth AdEx Benchmark study which began in the calendar year 2006. Display includes PC-based and mobile banners, rich media and video formats.
The report provides a comprehensive perspective of digital advertising spend across Europe which is essential in benchmarking market development trends, the increasingly pan-regional nature of digital advertising investments and the role of Europe’s digital economy in a global context, attracting global start-up funding and European policy formulation.
For more information, please contact:
Lauren Wakefield, IAB Europe (email@example.com / +44 7828 514 193)
Marie-Clare Puffett, IAB Europe (firstname.lastname@example.org / +44 7973 836 917)