A testament to the power of digital, new data has revealed advertising agencies are spending far more within the digital domain - at least in New Zealand.
The data was released by SMI, which monitors ad spend by the top 15 media agencies in the land of the long white cloud.
While advertisers are still allocating the most dollars to television ($NZ414 million in 2014), digital ad spend is in second place ($NZ179 million) - with researchers predicting it will overtake TV within a year.
This prediction is understandable when considering the rate at which digital is growing:16.6 per cent (or $NZ25.6 million) from 2013 to 2014 alone. As for print, newspaper ad spend ranked third at $NZ82 million.
Digital as a group also proved to be the fastest growing outlet for advertisers across the top five categories: retail, financial services and insurance, telecommunications, automotive and travel, tourism and hospitality.
All five increased their digital spend last year. It jumped by 22 per cent in the financial services and insurance sector, by 19 per cent in telecommunications and by 17 per cent in automotive.
