The popularity of social media has boosted UK online advertising last year by 14.4 per cent to £4.8bn according to figures prepared for the Internet Advertising Bureau by PwC.
Retail and consumer facing industries account for 27% of all online display advertising. “Online display advertising is becoming more attractive to consumer-facing businesses, and it is retail and consumer advertisers who are increasing their ad spend budgets the most.”
According to Tim Elkington, Director of Research & Strategy at IAB.
The IAB said 39.7 million people in the UK who access the Internet each month, spent 27% of that time on social networks. Advertising spend on social media rose by almost 75% to £240m. Advertisers now spend more than
£1 in every four on the Internet, according to the IAB. It is likely that in 2012 advertising spending will have overtaken the amount spent on press advertising.
“More and more companies are setting up Facebook pages and they are increasingly spending advertising money to drive traffic through to those pages, or trying to recruit fans, said the IAB.
Watch a video of the IAB report key highlights.
Sources AIB, Telegraph, FT