Digital Advertising Grew to a $32 Billion Industry in the First Half of 2016

A 19% year-over-year increase

According to a new report from the Interactive Advertising Bureau, revenue from digital advertising, driven largely by search and mobile, reached $32.7 billion for the first half of 2016, an increase of 19 percent from $27.5 billion last year.

The IAB and PwC's half-year report tracked ad spending from January through June, comparing it to 2015.

In terms of the types of digital ads, mobile accounted for 47 percent of internet revenue, totaling $15.5 billion. That was up 89 percent from $8.2 billion in the first half of 2015. Search, which made up 50 percent of revenue, represented $16.3 billion in ad spending. Social media revenue hit $7 billion in the first six months of 2016, up from $4.4 billion last year.

Meanwhile, digital video increased 51 percent from $2.6 billion in 2015 to $3.9 billion. When only looking at mobile video, spending for smartphone and tablet ads represented a little more than half of total online video spending, or $1.6 billion.

Retail was No. 1 when it came to the industries that were the biggest spenders on digital ads, generating 21 percent of total spending. Finance contributed 13 percent, and automotive accounted for 12 percent.