U.S. search ad revenues hit record $88.8 billion in 2023

Paid search advertising revenues reached a new high in 2023 – though annual growth continues to slow, according to a new report. In total, search accounted for $88.8 billion of a record $225 billion in U.S. digital advertising revenues, according to the IAB Internet Advertising Revenue Report: Full Year 2023, conducted by PwC. But YoY growth for search advertising is slower than the digital industry as a whole and the majority of other ad formats, according to the report. Video advertising accounted for $52.1 billion, or 23.2% of all advertising revenue, in 2023. Display advertising revenues remained high in 2023 – $66.1 billion – though YoY growth was 4%, down from 12% growth in 2022.