Here’s a horrifying thought for old media fans and those wistful for the way things were.
By the end of 2014, according to new figures out from eMarketer today, more money will have been spent on mobile advertising than on newspaper, magazine and radio advertising. Mobile ad spending is set to surge by 83 percent in 2014, bringing in $8.04 billion more dollars than it did last year.
It all means that this year is all set to record the biggest spike in overall ad spending we’ve seen in 10 years, with a 5.3 percent jump.
Mobile advertising is now the third most dominant ad medium, with TV way, way, way out in front and still set to record solid, 3.3 percent growth in 2014, and desktop advertising in second place, but now officially on the wane.
It’s not unexpected, but each new forecast ticks up considerably from the one that came previously. eMarketer’s results for 2014 were $3 billion higher than its forecast from August 2013.
This surge is built on our own addictions. We’re spending an almost inhuman amount of time on our smartphones, which is projected to rise to an average of two hours and fifty one minutes per person in 2014, an increase of 30 minutes from 2013. Our propensity to stuff our faces into our phones is proving to be a pretty lucrative habit.
By 2018 — maybe even sooner if the current trends are to be believed — more ads will be served digitally than on TV. By 2016, mobile ad spending should surpass desktop, according to eMarketer and two years after that it will be worth over 70 percent of the digital advertising market. A figure that again, could end up much greater than forecast given that Facebook, Twitter and Instagram, all which pull all, or a majority, of revenue from mobile have started inking traditional agency deals worth many hundreds of millions of dollars. The shift of resources toward mobile is starting to happen at a greater rate.
All this growth already, and the common consensus still remains that people are still figuring out the medium and the technology powering it and how far it can be taken.