Digital media advertising spend grew 43% in 2021

/ 9th March 2022 /

A new report by media agency Core estimates that digital media advertising spend grew by 43% in 2021, with predictions of a further increase of 11.6% in 2022.

Digital media advertising has been increasing year on year since 2020, particularly with national titles in 2021, where ad spend increased to €33.5m. The forecast for 2022 is an increase to €37.4m.

There was also growth in print advertising revenue, with a 2.9% rise to €82.6m in 2021.

Investment in online advertising across social media, search engines, classified ads and display grew by 26.2% to c.€600m through 2021.

Core expects digital platform spend to rise to c.€700m over the next 12 months.

Google and Meta, made up of Facebook and Instagram, were the big winners in online ad spend during 2021, accounting for 85% of the online spend at a total of €510m.

And the coming year will see that trend continue as the sector grows by 16% to c.€700m with Google and Meta continuing to grow by 13% and 23% respectively in 2022.

Digital Media Advertising — Digital media advertising has been increasing year on year since 2020, particularly with national titles in 2021, where ad spend grew to €33.5 million and predictions for this year will see spend rise to €38m.

The TV market witnessed significant growth in 2021, 22% to €260m, showing confidence has returned to the industry. This year, Core predicts 7% growth in TV advertising investment to €277m.

Things are also looking up for cinema advertising following two poor years due to COVID restrictions keeping the doors closed. Advertising revenue in 2021 was up 69% to €2.2m with revenue expansion to €4m expected for 2022.

There will be a rise in radio and digital audio, made up of podcasts and streams, with radio rising 3% to €112m and digital audio reaching c.€10m in 2022, up 16%.

Aidan Greene, CEO of Core, commented: "As the world re-opens, consumers are now choosing their preferred way to be educated, entertained, and empowered in their consumer decisions. While digital is a common theme that runs through this year’s report, understanding the blend of media and digital with the most effective and creative content is critical to brand growth."

Online video advertising was also on the increase, and as Facebook pushes reels and short-form videos on their platform it is unsurprising that expectations should see an increase of 22% or €44m, bringing the total for the sector, which includes the likes of Instagram, to €250m.