Serbia’s digital advertising industry surges by 27.5% in 2023

The digital advertising industry in Serbia experienced significant growth last year, with a 27.5% increase in spending, rising from 83 million euros in 2022 to 106 million euros in 2023. Despite this growth, per capita spending on digital advertising in Serbia remains among the lowest in Europe at €12.6, significantly below the European average of €115.

Here’s a breakdown of the marketing spend and growth by category:

1. Display advertising
   • Value: 68.9 million euros
   • Growth: 27.2%
2. Paid Search
   • Value: 20.2 million euros
   • Growth: 45%
3. Classifieds and directories
   • Value: 11.6 million euros
   • Growth: 10%
4. Local display
   • Value: 7.39 million euros
   • Change: Decrease of 3% from 7.62 million euros in 2022
5. Online video advertising
   • Value: 19.31 million euros
   • Growth: 21.6%

Social network advertising

• Total Spending: 36.47 million euros
• Growth: 42%
• Dominant Platform: Meta (Facebook) with 33.8 million euros
  • Other notable platforms:
    • LinkedIn: 1.2 million euros
    • Twitter/X: 598,000 euros
    • Snapchat: 400,000 euros
    • VIBER: 337,000 euros

Growth rate by segment

• Social Category: 42% growth, highest among all segments
• Search: 45% growth
• Influencer Marketing: 25% growth, still a relevant investment area

In summary, Serbia’s digital advertising landscape is expanding rapidly, with significant growth in social media advertising and paid search. Meta platforms dominate the social media advertising space, and influencer marketing continues to be a key area for investment. Despite these advancements, the overall spending per capita remains low compared to the European average, indicating room for further growth and investment in the sector.