This represents a growth of about 86 per cent from the city-state's online ad revenue of US$40 million in 2008, said Michael Yap, Deputy CEO of Singapore's Media Development Authority.
Overall, the Singapore interactive advertising sector has demonstrated a 36.5 per cent CAGR recorded for the 24-month period ending 31 December 2010, said the report. "This two-year trend demonstrates steady average growth over a turbulent economic period with confidence that the Singapore online market continues to experience strong growth in 2011," it said.
The report cited a number of factors for the industry’s dynamic growth. These include considerable investment from existing local and multinational operators, which has seen a steady increase in several energetic new companies to the marketplace. The local search advertising industry, which recorded a notable 112 per cent CAGR over the 24-months period ended 31 December, 2010, also continues to drive the growth of interactive advertising.
However, the report found that search advertising spend remains under-represented and claims only 37 per cent share of the overall revenue for full year 2010, compared with 40 to 50 per cent in more developed markets.
Display advertising still holds majority share of interactive advertising in Singapore. With the growth of advertising exchanges and the emergence of demand and supply side platforms, this is expected to be an exciting area to watch in the coming 18 to 24 months, said the study.
To lead future developments, IAB Singapore recently appointed Ranji David to the role of executive director.
David brings with her 12 years of experience in marketing communications and the digital space. She has worked in these roles within the F&B and automotive industries before taking a break to found contemporary Christian lifestyle brand Allthings 828.
In her newly-created role as executive director, David is tasked with driving IAB's initiative which include education and training, standards and guidelines, reserach, events and industry outreach. David will also be focused on providing current IAB members with greater support and visibility via networking events and digital courses.
"With annual industry spend figures for 2010 at US$75 million, Singapore’s digital industry is definitely growing at full speed. The creation of the executive director role and David’s appointment are strategic steps for IAB SE towards our goal of the digital space representing 20 per cent of total advertising spend by 2020," said Ken Mandel, chairman, IAB SE Asia Singapore Chapter.