UK video ad spend has overtaken banner ads for the first time in the UK, rising 46% year-on-year to £699m during the first half of 2017.
According to the PwC / IAB UK Digital Adspend report, video now accounts for 35% of display advertising spend and is now the fastest-growing ad format.
The IAB’s report also revealed that outstream video spend nearly doubled, making the format the most popular choice for advertisers.
Outstream now accounts for 52% of video spend (£363 million), overtaking pre-and post-roll ads which account for 44% (£309 million).
The report also highlights the ongoing boom in mobile advertising, with mobile now accounting for 43% of all digital spend and 70% of UK video spend.
Accompanying YouGov data showed that time spent watching short video clips has almost trebled in the last three years (Sept 2014 to Sept 2017): from 51 minutes to 2 hrs 21 minutes per week.
IAB CEO Jon Mew says: “The time people spend watching online video has grown tremendously over the last few years, so it’s little wonder that video is now the fastest-growing ad format as advertisers look to tap into the changing way people consume content.”