Turkiye Leads Europe in Digital Ad Growth with 118% Increase in 2023

Rapid Expansion Makes Turkiye the Fastest-Growing Digital Advertising Market in Europe

In a standout performance, Turkiye achieved a remarkable 118% growth in digital advertising investments in 2023, making it the fastest-growing market among European countries. According to the 2023 AdEx Benchmark Report by IAB Europe, the digital advertising sector across Europe grew by 11.1%, reaching an all-time high market value.

The report highlights Turkiye as the eighth-largest market in terms of digital ad investment size among 29 countries, maintaining its position as the fastest-growing market for the second consecutive year with its record-breaking growth rate.

IAB Europe, which has been publishing the AdEx Benchmark Report for 18 years, compiles data from IAB offices across 29 countries to provide a comprehensive guide to advertising investments in Europe. For the first time, the report includes quarterly data offering deeper insights into the dynamics driving the growth of digital advertising over the past three years.

Digital Ad Market Grows by 11.1%

The digital advertising market in Europe grew by 11.1% in 2023, reaching a value of €96.9 billion and outpacing the U.S. market’s annual growth rate of 7.3%. Thirteen markets, including Turkiye, saw double-digit growth, with the UK, Germany, France, Spain, and Italy accounting for 69% of Europe’s digital ad investments.

Turkiye’s digital ad investments reached €3.476 billion by the end of 2023, achieving a growth rate of 50% when adjusted for inflation, which is 4.5 times higher than the European average.

Video ad investments grew by 13% across Europe, while social media investments, which grew by 18%, accounted for 48% of video ad spend. In Turkiye, social media’s share of video ad spend was 59%.

Turkiye Tops Growth Rates in Ad Formats

In terms of format-specific growth rates, Turkiye led Europe with 180% growth in video ads, 215% in audio ads, and 91% in search engine advertising. It also ranked second in display advertising with a growth rate of 131%.

Burak Ertas, Chairman of the Interactive Advertising Bureau (IAB) in Turkiye, commented on the impressive growth, stating, “The shift from traditional to digital media and the burgeoning e-commerce sector have driven Turkiye’s remarkable digital advertising growth. Turkiye consistently ranks in the top 10 digital advertising markets in Europe and has achieved the fastest growth rate over the past two years. With an inflation-adjusted growth rate of 50%, it is evident that digital advertising in Turkiye is developing robustly and steadily.”

Source: Trthaber / Prepared by Irem Yildiz

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