Internet ad revenue forecast to hit $2.5 bln in 2028: Report

ISTANBUL

Internet advertising revenues in Türkiye are forecast to increase to $2.5 billion in 2028, according to a report by PwC.

Last year, internet advertising revenues totaled $1.5 billion, said PwC’s Global Entertainment and Media Outlook 2024-2028 report.

At a 9.8 percent compound annual growth rate (CAGR) through 2028, revenues are expected to reach $2.5 billion.

After the pandemic, annual growth remained strong, reaching 30.5 percent in 2022 and 22.9 percent in 2023, according to the report.

Double-digit annual growth is expected to continue until 2025, slowing to 5.7 percent by 2028, it added.

Paid search ads are the fastest-growing segment in the Turkish internet advertising market, the report said, adding that this is followed by video ads, other display ads and classified ads.

Global advertising revenue is expected to grow at a 6.7 percent CAGR through 2028, according to the report.

Global advertising revenue to hit $1 trillion in 2026 with revenues in 2028 to represent double the revenues of 2020 as streaming services look to consolidation and live sports to drive growth, it said.

Global advertising revenue is projected to account for more than half (55 percent) of total entertainment and media industry revenue growth over the next five years.

Internet advertising is the largest and one of the fastest-growing components of the advertising industry, according to the report.

It grew 10.1 percent in 2023, adding $52.5 billion in new revenues, and is projected to rise at a 9.5 percent CAGR through 2028, when it will account for 77.1 percent of total ad spending.