According to the NZ Interactive Advertising Bureau website, all categories of online advertising continued strong year-on-year growth according to the quarterly IAB Insight report – covering Q3, 2008 – which was released by the Interactive Advertising Bureau of New Zealand and PricewaterhouseCoopers yesterday.
Despite a tightening economy, total online advertising was up 22.3% on the same quarter last year, and all categories showed double-digit growth on Q3 last year.
"Online advertising spend has experienced strong growth in 2008, particularly when considered in the context of recent economic conditions. This is indicative of the appeal of interactive advertising, where advertisers have the ability to quickly gauge the market response and act accordingly," says Chris Perree, Partner at PricewaterhouseCoopers.
Mark Evans, CEO of IAB NZ says trends in NZ are mirroring those seen overseas. "Year-on-year growth continues at pace in New Zealand. This quarter things have slowed a little from the type of hockey-stick growth curves we’ve been seeing as people stand back and take stock of what’s happening globally, but we’re still expecting strong growth to continue into next year and beyond."
All the feedback I am getting at Pingar reflects the same story. This sector is growing and it is growing strongly. It is often said that economic downturns create opportunities. My own take is that if online advertising can continue current growth trends when times are tough, just imagine what will happen when economies finally free up again.
At a time of growing global pessimism, that is a comforting thought for those close to me.
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