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The first half of this year saw €754 million invested in digital advertising in Spain, 24.4% more than a year ago, driven by a rocketing online video market.

Although this is still a small share of the total amount, accounting for €69 million, instream and outstream video advertising has grown by 42.8% over the last 12 months, according to the latest report from Spain’s Internet Advertising Bureau (IAB).

If taking into account the entire display segment - in which the report includes video – both for desktop and mobile, investments reach €328 million after having grown by 20.58%. And, according to the report, investments in mobile ads are also rocketing (40% more than a year ago at €45 million).

Even though digital advertising expense is still dominated by investment in search, both video and mobile point to the future, as they have conquered a considerable market share in a very short time. Still, Spanish figures are far below other leading markets, such as the US, in which IAB reported a 114% increase in investment in original digital video programming over the past two years.

“Advertisers’ bet on both mobile and video has to be highlighted,” said Antonio Traugott, GM, IAB Spain. “24% growth during the first half of the year is very good news for the digital and the advertising industries, especially regarding the growing importance of online businesses for the advertising market.”