Internet ad revenues reach $1.6 billion

ISTANBUL

Internet advertising revenues in Türkiye reached $1.6 billion last year, according to PwC’s Global Media and Media Outlook report.

The report projects that internet advertising revenues in Türkiye will rise to $2.3 billion by 2027, representing an 8.6 percent compound annual growth rate.

However, TV ads both in Türkiye and globally are still important, said Murat Çolakoğlu, entertainment and media industry leader at PwC Türkiye.

The Turkish market has grown by 36 percent in 2021 and 35 percent in 2022 since the pandemic, exceeding $448 million dollars, he added.

“According to the research, growth will slow, but the size of this segment is expected to reach $539 million in 2027 at a CAGR [compound annual growth rate] of 3.8 percent,” said Çolakoğlu, noting that the podcast segment continues to develop in Türkiye.

The number of monthly podcast listeners increased by 13.8 percent and reached 11 million in 2022, which is an indication of the potential the sector has, he said.

The report projects that global advertising will surpass consumer spending as the largest category in 2025.

Internet ad spending, which grew 8.1 percent in 2022, is a powerful catalyst for growth, it said.

Between 2022 and 2027, global advertising revenue will rise from $763.7 billion to $952.6 billion, representing a 4.5 percent CAGR, according to the report.

“This trajectory puts advertising on a path toward becoming the first of the three major entertainment and media categories to reach $1 trillion in annual revenue. Internet access, the third major category, will surpass consumer spending in 2026.”

According to the report, total global entertainment and media revenue rose 5.4 percent in 2022 to $2.32 trillion.

“Each of the next five years, the rate of growth will decline sequentially so that by 2027, the revenue will grow just 2.8 percent from 2026,” it said.