The Interactive Advertising Bureau for Southeast Asia said the growth in digital advertising spend is outpacing traditional advertising expenditures.
Online advertising revenue between January and June 2011 totalled US$47 million, the group reported, adding that if the trend continues, online advertising revenue could top US$79 million by the end of 2011. Total online advertising revenue in 2010 was US$59 million.
The growth of online advertising expenditure in Singapore mirrors trends in Malaysia. This week industry experts predicted digital spend by Malaysian brands is expected to go up as more brands venture online.
Ken Mandel, chairman of IAB Southeast Asia, said this "strong, stable growth" in Singapore is testament to the efforts of the entire industry and reflects the "tremendous untapped potential" within the country.
He said, “Digital advertising continues to have a bigger share of an increasing pie, and we are moving closer to our ultimate vision where online advertising constitutes 20 per cent of total advertising spend. Singapore is definitely one of the best places in the region for businesses to get into the digital space.”
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