The year 2017 marked an advertising milestone that has been coming for a long time, with advertisers for the first time spending more on digital than on traditional television, Recode reports.
Citing data from Magna, the research arm of media buying firm IPG Mediabrands, the story reports that digital ad spending reached $209 billion worldwide, or 41% of the market, while TV sales totaled $178 billion, or 35%.
The report notes that TV ad sales continue to hold their own, remaining flat or growing slightly in recent years. But at the same time, digital has been rising rapidly.
“Next year, Magna expects digital ad spending to grow by 13 percent to $237 billion, while TV ads will grow 2.5 percent to $183 billion, thanks in part to one-off events like the Olympics and the U.S. mid-term elections,” Recode reports.
Magna anticipates that digital will make up half of all ad spending by 2020.