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iabpwc/e&mIAB internet advertisingrevenue report2017 first six months resultsAn industry survey conducted by PwC and sponsored byInteractive Advertising Bureau (IAB)December 2017Any trademarks included are trademarks of their respective owners and are notaffiliated with, nor endorsed by, PricewaterhouseCoopers LLP, its subsidiaries oraffiliatesPwC | IAB internet advertising revenue reportTable of contentsBackground . 1Executive summary .2Year-to-date revenues continue to show strong growth .3Detailed findings .4Shift from desktop to mobile expands .5Continued historical quarterly revenue trends.6Historical revenue mix first half vs. second half. 7Revenue concentration.8Ad format second quarter 2017 results.9Ad format half year 2017 results. 10Historical Trends: Desktop vs. Mobile.11Shifts occurred across the Search and Digtial Video formats . 12Digital Video Mobile catches up to desktop . 13Social media advertising revenue . 14Digital audio - on track to exceed last years full-year revenue of $1.1B. 15Revenues by pricing model . 16PwC | IAB internet advertising revenue report 1BackgroundAbout the IAB internet advertisingrevenue reportConducted by PwC Advisory Services LLC (“PwC”) on an ongoingbasis, with results released quarterly, the “IAB Internet AdvertisingRevenue Report” was initiated by the Interactive AdvertisingBureau (IAB) in 1996. This report utilizes data and informationreported directly to PwC from companies selling advertising on theinternet as well as publicly available corporate data.The results reported are considered to be a reasonablemeasurement of internet/online/mobile advertising revenuesbecause much of the data is compiled directly from informationsupplied by companies selling advertising online. The reportincludes data reflecting desktop and mobile online advertisingrevenues from websites, commercial online services, ad networksand exchanges, mobile devices, and email providers, as well asother companies selling online advertising.The report is conducted independently by PwC on behalfof the IAB. PwC does not audit the information andprovides no opinion or other form of assurance withrespect to the information. Only aggregate results are publishedand individual company information is heldin strict confidence with PwC. Further details regarding scope andmethodology are provided in the appendix tothis report.David SilvermanPwCPwC | IAB internet advertising revenue report 2Executive summaryIAB internet advertising revenue report 2017 second quarter and firstsix months highlightsInternet advertising revenues (“revenues”) in the United States totaled $40.1 billion for the first six months of 2017,with Q1 2017 accounting for approximately $19.4 billion and Q2 2017 accounting for approximately $20.8 billion.Revenues for the first six months of 2017 increased 22.6% over the first six months of 2016.Key trends underlying Half-Year (HY) 2017 resultsRevenues increase 22.6% in HY 2017Internet advertising revenues in the United States totaled $20.8 billion in the second quarter of 2017, an increase of7.4% from the 2017 first-quarter total of $19.4 billion and an increase of 23.1% from the 2016 second-quarter totalof $16.9 billion. Year-to-date revenues through June 2017 totaled $40.1 billion, up 22.6% from the $32.7 billionreported in 2016.The shift to mobile continuesAdvertising revenues delivered on mobile devices totaled $21.7 billion in HY 2017, a 40% increase from the priorhalf year revenues of $15.5 billion. Advertising delivered on a mobile device now make up 54% of total internetadvertising revenues.“Being nimble and accessible are hallmarks of the newdigital economy. Now, anyone with a good idea and acredit card can capture the attention of theircustomers directly, and this in turn represents anenormous growth opportunity for both marketers andpublishers alike to help make these connections.” Randall Rothenberg, President and CEO, IAB“We should no longer think of the internet as mobile vsdesktop. Advertisers are simply following consumers,who live their lives onlinewhether on a smartphoneduring a commute, on a desktop at work, or on atablet for entertainment in the evening. Digital is anintrinsic part of every Americans day.” David Silverman, Partner, PwCPwC | IAB internet advertising revenue report 3Year-to-date revenues continue to showstrong growthHY 2016 vs. HY 2017 (billions) )$32.7$40.1HY 2016 HY 201722.6%Revenues for HY 2017totaled $40.1 billion,$7.4 billion (22.6%)higher than in HY 2016Source: IAB/PwC Internet Ad Revenue Report, HY 2017PwC | IAB internet advertising revenue report 4Detailed findingsRevenues totaled $20.8 billion in Q2 2017Total second-quarter revenues were $3.9 billion (23.1%) higher than in the second quarter of 2016 and $1.4 billion(7.4%) higher than in the first quarter of 2017.Source: IAB/PwC Internet Ad Revenue Report, HY 2017$16.9$20.8Q2 16 Q2 1723.1%Q2 2016 vs. Q2 2017($ billions)$19.4$20.8Q1 17 Q2 177.4%Q1 2017 vs. Q2 2017($ billions)PwC | IAB internet advertising revenue report 5Shift from desktop to mobile expandsFor Q2 2017, mobile increased its share of internet advertisingrevenue to 54%2017 second-quarter revenues increased 23.1% on a year-over-year basis, resulting in a 10-year compound annualgrowth rate (CAGR), 2008-2017, of 15.4%. On a year-over-year basis, mobiles advertising revenue increased 40%,increasing its share of total revenues from 47% in HY 2016 to 54% in HY 2017. The result is a 6-year compoundannual growth rate (CAGR) of 76.8%, reflecting an increase in total revenues from 2012 2017.$5.7 $5.4 $6.2 $7.7$8.1 $8.6 $8.9 $9.9 $8.7 $9.4$0.7$1.6 $2.8$4.4 $8.2$11.4$5.7 $5.4 $6.2$7.7$8.8$10.3 $11.7$14.3$16.9$20.82008 2009 2010 2011 2012 2013 2014 2015 2016 2017MobileNon-Mobile1515.4%Overall CAGR7676.8%Mobile CAGRSource: IAB/PwC Internet Ad Revenue Report, HY 20172008 2017 ($ billions)PwC | IAB internet advertising revenue report 6Continued historical quarterlyrevenue trendsQuarterly growth continued upward trendFrom the momentum built in 2010, internet advertising continues to show strong growth. After a recurringseasonal dip in Q1, Q2 2017 revenues continued to trend upward, although they remained below the high mark setin Q4 2016.Since 2010, a strong seasonal trend has emerged for internet advertising revenues. With each annual cycle, revenuepeaks in the fourth quarter, and is followed by a dip in the first quarter.Quarterly revenue growth trends 1996 2017 ( $ billions)$0$5$10$15$20$2519961996199719981999199920002001200220022003200420052005200620072008200820092010201120112012201320132014201520162017Source: IAB/PwC Internet Ad Revenue Report, HY 2017PwC | IAB internet advertising revenue report 7Historical revenue mix first half vs.second halfFirst half revenues reached $40.1 billionApplying historical seasonal data, the first six months of 2017s revenues ($40.1 billion) are on an expected annualrun-rate to make 2017 the highest year in revenues, and on pace to exceed last years previous highest annual totalof $72.5 billion.$10.0 $11.5 $10.9 $12.1 $14.9 $17.0$20.1 $23.1 $27.5$32.7 $40.1$11.2 $11.9 $11.8 $13.9$16.8 $19.5$22.7$26.4$32.1$39.8?$0$10$20$30$40$50$60$70$80$902007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Last 6 months First 6 monthsHistorical revenue mix, first half vs. second half revenues($ billions)Over the past ten years,second half revenues averaged53% of the annual totalSource: IAB/PwC Internet Ad Revenue Report, HY 2017PwC | IAB internet advertising revenue report 8Revenue concentrationTop 10 companies command 75% of revenues in Q2 2017Online advertising revenues remain concentrated with the 10 leading ad-selling companies, accounting for 75% oftotal revenues in Q2 2017, consistent with the percentage reported in Q2 2016. Companies ranked 11th to 25thaccounted for 9% of revenues in Q2 2017, a two percentage point decrease from the 10% reported in Q2 2016.The concentration of top 10 revenues have fluctuated over the past ten years, between 69% and 75%.$0$5$10$15$20$25200420052006200720082009201020112012201320142015Top 10 Top 25 Remaining 16%9%75%20162017% share of total revenues2017Q2 ShareSource: IAB/PwC Internet Ad Revenue Report, HY 2017PwC | IAB internet advertising revenue report 9Ad format second quarter 2017 resultsSearch related revenues as a percentage of total revenues decreasedwhile digial video revenues continue to increase The Search format totaled revenues of $9.7billion in Q2 2017, up 15% from Q2 2016 ($8.4billion). The Search formats representation of47% of total internet advertising revenue for Q22017 is a slight year-over-year decrease fromQ2 2016s 49%. Digital video totaled $2.7 billion for Q2 2017,up $0.7 billion or 33%, from Q2 2016s$2.1 billion. The Display-related* format totaled revenues of$9.3 billion in Q2 2017, up 29% from Q2 2016($7.2 billion). Display-related* advertisingincludes Banner Ads (31% of revenuesor $6.5billion), and Video (13% or $2.7 billion). Dislay-related* formats representation of 45% of totalinternet advertising revenue for Q2 2017 is aslight year-over-year increase fromQ2 2016s 43%. The Other* category, which accounted for 9%of Q2 2017 revenues is primarily comprised ofClassifieds ($0.8 billion), Lead Generation($0.7 billion), and Audio ($0.3 billion).* Display-related formats include: Banners (Banners, Rich Media, and Sponsorship) and Video.* Other includes: Classifieds, Lead Generation, Audio, and Unspecified Other (“Unspecified Other” category was notspecified by respondents).* Amounts may not equal 100% due to rounding and omission of minor categories.* Certain prior year amounts have been reclassified to conform with the current year presentation:Ad formats -Q2 2016Total-$16.9billion*Q2 2016 Q2 201749%30%12%9%47%31%13%9%SearchBannerVideoOther*Ad formats -Q2 2017Total-$20.8billion*($ millions) As originally reported As revisedSearch $8,354 $8,270Banner $5,204 $5,145Video $2,025 $2,001Other $1,306 $1,473Source: IAB/PwC Internet Ad Revenue Report, HY 2017*PwC | IAB internet advertising revenue report 10Ad format half year 2017 resultsThe growth of display-related advertising revenue held for the firstsix months of 2017 The Search format totaled revenues of $19.1billion in HY 2017, up 18.4% from HY 2016($16.2 billion). The Search formats representation of 48% oftotal internet advertising revenue for HY 2017is a slight year-over-year decrease from HY2016s 49%. Digital Video totaled $5.2 billion for HY 2017,up $1.4 billion or 35.8% from HY 2016. The Display-related* format totaled revenues of$17.6 billion in HY 2017, up 28% from HY 2016($13.7 billion). Display-related* advertisingincludes Banner Ads (31% of HY 2017 revenues,or $12.4 billion), and Video (13% or $5.2billion). Display-related* formats representation of 44%of total internet advertising revenue for HY2017 is a slight year-over-year increase fromHY 2016s 42%. The Other* catgory, which accounted for 9% oftotal HY 2017 revenues was primarilycomposed of Classifieds ($1.5 billion), LeadGeneration ($1.3 billion), and Audio ($0.6billion).* Display-related formats include: Banners (Banners, Rich Media, and Sponsorship) and Video.* Other includes: Classifieds, Lead Generation, Audio, and Unspecified Other (“Unspecified Other” category was notspecified by respondents).* Amounts may not equal 100% due to rounding and omission of minor categories.* Certain prior year amounts have been reclassified to conform with the current year presentation:Ad formats -HY 2016Total-$32.7billion*HY 2016 HY 2017Ad formats -HY 2017Total-$40.1billion*49%30%12%9%47%31%13%9%SearchBannerVideoOther*($ millions) As originally reported As revisedSearch $16,325 $16,160Banner $9,980 $9,863Video $3,880 $3,832Other $2,554 $2,884Source: IAB/PwC Internet Ad Revenue Report, HY 2017*PwC | IAB internet advertising revenue report 11Historical Trends: Desktop vs. MobileThe Shift to Mobile continues Mobile ad revenues continued to gain share, representing 54% of total HY 2017 revenues, as compared to 47%of total revenues reported in HY 2016 and 30% in HY 2015. Mobile, like Desktop, is comprised of multiple formats.93%86%77%70%53%46%7%14%23%30%47%54%0%10%20%30%40%50%60%70%80%90%100%HY 2012 HY 2013 HY 2014 HY 2015 HY 2016 HY 2017Desktop MobileSource: IAB/PwC Internet Ad Revenue Report, HY 2017PwC | IAB internet advertising revenue report 12Shifts occurred across the Search andDigtial Video formatsAcross desktop and mobile platforms, Search slips while DigitalVideo gains The Search format experienced minor growth across both desktop and mobile platforms, 4% and 37%respectively; however, the format also saw a reduction in percent of total revenue across both platforms, aloss of two perecentage points on desktop and one percentage point on mobile. For HY 2017, the Digital Video format grew across both desktop and mobile platforms, 15% and 65%respectively.($ millions) As originally reported (mobile) As revised (mobile)Search $7,431 $7,266Banner $6,004 $5,887Video $1,628 $1,580Other $455 $785Source: IAB/PwC Internet Ad Revenue Report, HY 2017* Display-related formats include: Banners (Banners, Rich Media, and Sponsorship) and Video.* Other includes: Classifieds, Lead Generation, and Audio.* Amounts may not equal 100% due to roundingand omission of minor categories.* Certain prior year amounts have been reclassified to conform with the current year presentationDesktop Ad formatsHY 2016 v HY 2017Mobile Ad formatsHY 2016 v HY 2017*50%23%14%12% SearchBannerVideoOther*52%23%13%12%46%37%12%5%SearchBannerVideoOther*47%38%10%5%$18.4billion$17.2billion$21.7billion$15.5billion2016*20172016*2017PwC | IAB internet advertising revenue report 13Digital Video Mobile catches up todesktopIn HY 17, mobile video revenue pulls along side desktop video revenuefor the first time Total digital video, including mobile anddesktop, rose to $5.2 billion in HY 2017, up 37%from $3.8
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