Baltic digital market numbers are revealed for 2022
The IAB Europe AdEx Benchmark 2022 study revealed the growth of digital advertising in Europe, and the figures of the digital advertising market in the Baltic countries have become clear.
Despite economic and political instability, digital advertising spending in Europe grew by 9.8% to €86 billion. EUR market value, according to the IAB Europe AdEx Benchmark study conducted by the European Digital Advertising and Marketing Association (IAB Europe). The study, now in its 17th year, analyzes digital advertising spending, survey data is collected in 29 European countries, excluding Russia and Belarus. This year, the Baltic markets were also included in the survey for the first time. Among the Baltic countries, the largest digital market budget is recorded in Lithuania. Here it reaches 157 million euros.
“Continuing investment in digital advertising requires an understanding of market dynamics and growth drivers. That's why we're publishing the Adex Benchmark, the definitive study of digital ad spend in Europe. It can be used as a guide for advertisers' decision makers. We are very pleased to welcome Estonia, Latvia and Lithuania to the European IAB family and to include ad spend data from these markets for the first time. This allows the markets of the Baltic countries to compare themselves with their European counterparts and take systematic steps for further market development," says Daniel Knapp, Chief Economist of IAB Europe.
European brands are digitizing their businesses to increase efficiency and also shifting their advertising budgets to the digital space. Thus, despite the unstable macro environment, digital advertising in Europe is growing rapidly. This confirms the importance of the digital advertising market, its standardization, and efficiency.
"We, IAB Baltics, are happy that the data of the Baltic countries has entered the European advertising expenditure map for the first time. This is an important development, but we understand that we still have a long way to go to have the most accurate and complete data possible. We sincerely thank those who contributed and invite other market participants to join," says Mindaugas Reinikis, CEO of IAB Baltics.
Data from the Baltic States revealed that the digital advertising market in the Baltic States amounts to 386 million euros, and the overall market growth is higher than the European average. In the Baltic countries, it accounts for 14.2 percent. The largest digital advertising budget is recorded in Lithuania - EUR 157 million. Latvia and Estonia have 114 and 115 million euros, respectively.
"One of the main goals of establishing IAB Baltics was to bring together the participants of the Baltic digital marketing sector so that they could discuss relevant topics, share knowledge and contribute to market growth. Market measurement, standartisation, sertification, education- these are areas IAB will eventualy cover," says Digna Degtjarova, IAB Baltics board chairwoman.
The European Digital Advertising and Marketing Association aims to standardize the evaluation and interpretation of the digital advertising market mechanism across European countries. Defined categories that are used in the organization's reports, market reviews and general communications. Among the studied categories are general visual advertising, advertising using video formats, visual and text advertising on social networks, for example, Facebook, Instagram, LinkedIn, advertising displayed according to specific word queries in search engines, etc.
"Working with IAB Europe, our members and local research partners, we estimate that local digital advertising markets in Estonia, Latvia and Lithuania will have a much larger share of media spend than previously thought." Similar to other European markets, the total number of local digital media is greater than all other forms of traditional media combined. Based on 2022 data, we can say what advertisers have been saying for some time - with digital surpassing traditional media spenditure, advertising is now digital by default and digital has taken a leading role" says Kaarel Oja, IAB Baltics founding board member and Adex taskforce lead.