Groundbreaking: Latvia Joins IAB Europe Digital Ad Study!
The European Digital Advertising and Marketing Association (Interactive Advertising Bureau – IAB Europe) has compiled data on the European digital advertising industry turnover in the annual "IAB Europe AdEx Benchmark" study. This study is particularly significant for the Baltics, as data from Estonia, Latvia, and Lithuania have been included in European digital advertising and marketing research for the first time. It was a long wait, but we got there: Latvia joins IAB Europe Digital Ad Study!
"Previously, we only had access to the carefully conducted research of the Latvian Advertising Association on the volume of the Latvian media advertising market, but there were no data on the expenditures of Latvian advertisers on global media platforms. It was previously reported that the volume of the Latvian media advertising market in 2022 was 84.4 million euros, including 21.4 million euros on the Internet. We can also measure how much global companies such as "Google" and "Facebook" have circulated in Latvia. We can conclude that the actual advertising turnover in Latvia is at least twice as large," specifies the Chairman of the Board of the digital advertising agency "Top Media," Mārtiņš Kažemaks.
"The local digital advertising market in Estonia, Latvia, and Lithuania has attracted much larger advertising expenditures than was previously thought. As in other European markets, its total volume is larger than all traditional media forms combined. Based on 2022 data, we can confirm that digital advertising has become the main form of advertising," informs the Chairman of the Board of the digital advertising agency "Top Media," Mārtiņš Kažemaks.
In Europe, the turnover of the digital advertising industry has grown by almost 10%, reaching 86 billion euros, shows the "IAB Europe AdEx Benchmark" study. The total market growth in the Baltics is more significant than the average in Europe; in the Baltic States, it is 14.2%. Data from the Baltic countries show that the digital advertising market in the Baltic countries is 386 million euros. The most significant digital advertising turnover is recorded in Lithuania – 157 million euros; for Latvia and Estonia, it is 114 and 115 million euros.
"We are very pleased to welcome Estonia, Latvia, and Lithuania to the European digital advertising and marketing family and, for the first time, include advertising expenditure data from these markets. This allows the Baltic market to compare itself with its European partners and take systematic steps for further market development," says the Chief Economist of the European Digital Advertising and Marketing Association "IAB Europe," Daniels Knaps.
The digital advertising agency "Top Media" became a European Digital Advertising and Marketing Association "IAB Europe" member in November 2022.
"Digital marketing and advertising technologies continue their rapid development while facing increasing pressure from legislators to ensure the privacy of internet users and full control over their data. The European Digital Advertising and Marketing Association "IAB Europe" will play a significant role in finding balanced and transparent solutions. Therefore, "Top Media" is ready to enthusiastically participate in the association's activities and make its contribution to the development of the digital marketing sector in the Baltic region and Europe," commented the Chairman of the Board of "Top Media," Mārtiņš Kažemaks.
The European Digital Advertising and Marketing Association "IAB Europe" aims to standardize the evaluation and interpretation of the digital advertising market mechanism in all European countries.
Since 2013, "Top Media" has been operating as a global digital marketing agency, focusing mainly on the development of exporting companies and the management of large-scale advertising campaigns on "Google Ads" and "Facebook Ads." Since 2022, "Top Media" has received "Google's" highest level partner status – 2022 Premier Partner, with 30 million euros invested in client advertising campaigns. Among "Top Media's" Latvian clients are "Tet," "Rimi," "Omniva," "Porsche," and others.