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Note: Exchange Rate; includes advertising that appears on desktop and laptop computers as well as mobile phones, tablets, and other internet-connected devices, and includes all the various formats of advertising on those platforms; net ad revenues after companies pay traffic acquisition costs (TAC) to partner sites; includes Sogou ad revenues from 2021-2023; excludes Hong Kong

Additional Note: All numbers are EMARKETER estimates. Digital ad revenues include banner ads and other (static display and ads such as Facebook's News Feed Ads and X's Promoted Posts), classified ads, email (embedded ads only), rich media (including in-stream and outstream video ads), search ads (including contextual text links, paid inclusion, and paid listings), sponsorships, lead generation (referrals); rich media data for 2017-2022 includes in-stream and outstream video ads; data prior to 2017 includes only outstream video ads. Mobile messaging (SMS, MMS, and P2P messaging) is excluded.

Methodology: Estimates are based on the analysis of various elements related to the ad spending market, including macro-level economic conditions, historical trends of the advertising market, historical trends of each medium in relation to other media, reported revenues from major ad publishers, estimates from other research firms, data from benchmark sources, consumer media consumption trends, consumer device usage trends, and EMARKETER interviews with executives at ad agencies, brands, media publishers, and other industry leaders.

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