Global mobile ad spend to reach $362 bn in 2023

NEW DELHI: As mobile captures share of ad wallet, global mobile ad spend is expected to reach $362 billion in 2023, a new report has shown.

According to data.ai report, mobile will take over the share of advertising wallet as more time than ever before is spent in apps, with total hours on the track to surpass four trillion on Android phones alone in 2022.

In 2022, the global mobile ad spend was $336 billion.

Moreover, the report also said that the economic headwinds and privacy regulations will dampen mobile gaming spend in 2022 and 2023.

Consumer spend in mobile gaming will drop -5 per cent in 2022 to $110 billion from the consumer squeeze due to the economic downturn.

In 2023, 14 more titles will join the coveted $2 billion app club.

About 11 of the 14 titles in the app store on gaming are expected to surpass $2 billion in consumer spending. Seven apps and games will join the $3 billion app club in 2023, according to the report.

Furthermore, the global hours spent on mobile are expected to surpass six trillion hours in 2028.

Increasing mobile centricity, advancements in connected technologies, growth of casual and core gaming, 5G roll-out, demand for digital connection, self-expression, and deepening personalisation of apps will drive sustained growth in time spent on mobile devices.

Video streaming and user-generated content will continue to fuel growth in the next six years, said the report.