that Amazon, Facebook and Google are expected to take in nearly 70% of digital spending in the U.S. by 2021.
The IAB report said mobile and video are leading digital marketing's growth, with mobile reaching $69.9 billion, up 40% from the previous year. Ad revenue from digital video increased from $11.9 billion in 2017 to $16.3 billion in 2018.Social media advertising revenue grew 30.6% in 2018 to $28.9 billion, but the report notes that expansion has been slowing and is "well below" the 46.6% compound annual growth rate of social from 2012 to 2018.
PwC U.S. partner David Silverman said social's slowing growth may have to do with the "law of large numbers." "The total number of dollars flowing into social has gotten to be relatively significant at 27% of the overall pie, up from 8% [in 2012]," he said. "A lot of the growth in the industry has been driven by social media."The report calls out digital ad revenue stemming from e-commerce and the emergence of the direct-to-consumer economy as a key driver of some recent growth.
"There's growth being driven by the direct-to-consumer market in that the types of companies doing direct-to-consumer lean on the types of advertising available through digital advertising much more heavily than perhaps traditional advertising," Silverman said. He said those companies are looking for return on investment, ability to track their advertising, look at consumer behavior and be able to target certain people where they're making purchase decisions.
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