Advertising: Digital revenues hit record £5bn

The stellar growth in digital advertising shows no signs of slowing down, with annual revenues jumping 12.5 per cent to a record £5.4bn last year as mobile devices turbocharged demand.

Mobile ad spending leapt by 148 per cent to pass £500m and now accounts for one tenth of digital spend, according to the Internet Advertising Bureau's digital ad spend report, conducted by the accountancy firm PwC.

In a sign of how the digital market is expanding, video advertising was up 46 per cent and social media rose 24 per cent.

Fast-moving consumer goods also overtook financial services to be the biggest display advertiser.

"Marketers are becoming more attuned to the 'always on' nature of consumers who expect to engage with content wherever they are," Tim Elkington, IAB's director of research, said.