Internet ad revenues climbed to an historic first half-year high of $23.1 billion, according to the latest IAB Internet Advertising Revenue Report.
The sector overall saw a 15% rise over 2013's first-half ad revenues of $20.1 billion while digital video reached $1.5 billion, a 13% increase in revenue from $1.3 billion a year earlier.
Maintaining the positive trajectory, second quarter 2014 Internet ad revenues rose to $11.7 billion, representing a 14% year-over-year increase, up from $10.3 billion in Q2 2013, according to the report prepared by PwC US.
Meanwhile, mobile revenues increased 76% to $5.3 billion at the first half of 2014, from the $3 billion (15% of total) reported at the first half of 2013, with the 2014 six-month total consisting of $2.7 billion mobile search, $2.5 billion mobile display and $103 million in other mobile formats.
"Mobile's continued rise speaks to consumers' increasing reliance on smartphones and tablets, whether on-the-go or at home," said David Silverman, a partner at PwC US. "And, digital video too is seeing gains that reflect a new 'viewing' paradigm that is taking place on interactive screens, big and small."
Social media revenues, which includes advertising delivered on social platforms, including social networking and social gaming websites and apps, reached $2.9 billion in the first half, a double-digital hike of 58% over the same period in 2013, at $1.9 billion.
The top three advertising verticals continue to account for nearly half of advertising revenue (46%), including retail at 21%, financial services at 13% and automotive at 12%.
"Consumers living online is no longer the exception — it is the rule," said Sherrill Mane, senior vice president, research, analytics and measurement, IAB. "Digital screens have become vital tools at every juncture of the day. It is no surprise that brand dollars have followed this growing movement at a steady clip."
"This report confirms the fact that brands are deepening their commitment to interactive advertising, and that mobile is seen as a crucial part of the marketing mix," adds Randall Rothenberg, president and CEO at IAB. "Moreover, with second-half revenues traditionally surpassing those in the first half of the year, this milestone achievement is potentially a harbinger of even stronger digital ad revenues to come."