Facebook and Google are the reason UK TV ad spending just flew past a record $7 billion
It's a rise of 7.4% compared to the year before, the largest percentage rise since the recession.
Perhaps surprisingly, it was digital powerhouses like Facebook and Google which led this growth. Digital companies are often said to be taking away TV ad revenue, but on average they spent 60% of their own marketing budgets on TV ads in the UK. This totaled around £500 million (about $704 million).
Facebook invested the most of any new TV advertiser at £10.8 million (about $15.2).
Lindsey Clay, chief executive of Thinkbox said in a press release sent to Business Insider: "TV advertising works, it works better than anything else, and it works for all budgets. Nothing else has TV's reach, scale and connection with audiences; no other form of advertising is as trusted. Advertisers of all sizes, from global technology companies to local businesses, know this and have voted with their investment. Online businesses in particular recognize the impact TV advertising has and have significantly increased their investment recently. This is something we expect to continue in 2016."
Investment bank Liberum said in a report: "This seems rather ironic given the frequent commentary that TV spending will move online but it backs our view that TV advertising is the most effective medium for advertisers."