Digital advertising grew 8% last year, providing a lucrative market for brands, according to data by media research agency MAGNA
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With smartphone apps becoming a dynamic digital space, advertisers spent over $240 billion on mobile ads, according to app analytics firm App Annie.
The average time spent by users worldwide on smartphones was 4.2 hours a day in the first three months of 2021, up by 30% from the same period in 2019. India recorded the biggest surge as consumers spent 80% more time in smartphone apps in the March-ended quarter compared with 2019, according to App Annie.
The global advertising market shrank 4.2% last year as an effect of the pandemic, with traditional marketing revenue from print, radio and out-of-home advertising decreasing more than 18%. However, digital advertising grew 8% in the same period, providing a lucrative market for brands, according to separate data by media research agency MAGNA.
Advertisers globally are estimated to spend $290 billion this year, App Annie noted. Additionally, 9 out of 10 iOS users are likely decline opt-in for user-tracking as per Apple’s new IDFA strategy, prompting advertisers to seek alternate ways to target users.