Latest / IAB Europe podcasts / Digital Dawn – AdEx Benchmark 2025: Two Decades of Measuring Europe’s Digital Advertising Market

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Digital Dawn – AdEx Benchmark 2025: Two Decades of Measuring Europe’s Digital Advertising Market · IAB Europe podcasts

• 0:04
  SPEAKER_01: Hello and welcome to Ivy R's podcast Digital Door, the podcast that brings insights and learnings from the digital advertising and marketing industry to light, spark new ideas into existence, and help our industry to thrive.
• 0:19
  SPEAKER_01: In each episode, we invite a different guest from across the industry to share their inspiring insights and explore innovative ideas.
• 0:27
  SPEAKER_01: From DEI and AI to the latest technical advances across a variety of channels, we cover it all with thought leaders from across Europe.
• 0:37
  SPEAKER_01: Whether you're tuning in for a deep dive into emerging trends or to hear first hand experiences from the people shaping our industry, you're in the right place.
• 0:46
  SPEAKER_01: Enjoy.
• 0:48
  SPEAKER_01: Hi everyone and welcome to our special edition of our podcast, where I'm very excited to be joined by our chief economist, Daniel Knapp, who has just presented live from London the results of our latest ADEX benchmark survey.
• 1:03
  SPEAKER_01: Daniel, welcome to the podcast.
• 1:05
  SPEAKER_00: Thanks for having me, Lauren.
• 1:06
  SPEAKER_01: So before we get into the numbers, we always like to start our podcast with something a little bit fun.
• 1:11
  SPEAKER_01: So we'd really love to know what the peak of your week has been.
• 1:14
  SPEAKER_01: Other than obviously finally seeing ADEX benchmark go live, what has been a highlight for you over the last week?
• 1:20
  SPEAKER_00: Well, I had a little micro win.
• 1:22
  SPEAKER_00: My favourite pair of socks was Missing in Action, and I finally found both of them again after three months.
• 1:28
  SPEAKER_00: So that was a nice antidote to the statistical work this week.
• 1:32
  SPEAKER_01: Well done.
• 1:32
  SPEAKER_01: I I feel like it's a win if you can find the other one because I feel like I often lose one and they don't ever reappear.
• 1:38
  SPEAKER_01: So well done on that one.
• 1:39
  SPEAKER_01: That is definitely a peak of the week.
• 1:41
  SPEAKER_01: So we have just released the 20th edition of IAB Europe's ADEX benchmark report.
• 1:46
  SPEAKER_01: For those that may not be familiar with ADEX, could you give a little summary of what that is?
• 1:51
  SPEAKER_01: And then why is this report still such an important benchmark for the European digital advertising industry?
• 1:57
  SPEAKER_00: ADEX is short for ad expenditure, and it is the IAB Europe's ad expenditure or ad spend study that we started in 2006-2007, and have been measuring the size and the health and the composition of the digital ad market in Europe since.
• 2:18
  SPEAKER_00: It's a study that looks at the sales side, i.e.
• 2:21
  SPEAKER_00: how much money is arriving at the sales side.
• 2:24
  SPEAKER_00: So when you think of spend, it's not what leaves the pockets, but what in a sense arrives at the sell side of the ecosystem.
• 2:32
  SPEAKER_00: It is after discounts and rebates, but before commissions in the old parlance.
• 2:39
  SPEAKER_01: Brilliant.
• 2:40
  SPEAKER_01: And why do you think it is still so important to the industry that we have this?
• 2:44
  SPEAKER_01: I mean 20 years on, it's still still the benchmark that we relate to.
• 2:50
  SPEAKER_00: In 2025, digital ad spend in Europe was over 130 billion euros.
• 2:58
  SPEAKER_00: That's a huge industry.
• 3:00
  SPEAKER_00: That's the GDP of Morocco, Slovakia, Kuwait.
• 3:04
  SPEAKER_00: Our industry has matured significantly over the last years, not just in terms of spend, but also in terms of structure and composition.
• 3:12
  SPEAKER_00: But with any industry, it's important to benchmark and understand where the industry currently stand?
• 3:19
  SPEAKER_00: What has worked in the past, what is likely going to work in the future, how are consumption, how are technology shifts, how are changing preferences in media planning and buying now with the introduction of AI, how is it changing, how media spends get allocated, and how can strategies be drawn from that?
• 3:37
  SPEAKER_00: And of course, there's also the policy angle.
• 3:39
  SPEAKER_00: This study really shows what an important factor in the overall European economy digital advertising is.
• 3:48
  SPEAKER_01: Definitely.
• 3:49
  SPEAKER_01: And I mean you kind of mentioned one of the top line sort of stories from the findings there that, you know, ad spend has reached 131 billion.
• 3:59
  SPEAKER_01: Um why um how would how would you think feel we could sort of characterize the year overall that we've just seen?
• 4:08
  SPEAKER_00: It was a year of resilient growth despite global headwinds.
• 4:12
  SPEAKER_00: Macroeconomic uncertainty was still before 2026, but still then on a record high, that's pre-Iran war, etc.
• 4:19
  SPEAKER_00: Global supply chains disrupted, lots of uncertainty where things are going, in particular as we're now entering an era where probably politics dominates economics and not the other way around, which was the uh post-Second World War default.
• 4:31
  SPEAKER_00: So it was a resilient year with uh 10.5% growth, but it's a story of bifurcation because hardly anything actually grew by 10.5%.
• 4:42
  SPEAKER_00: We saw close to no growth at all, or actually growth in the uh higher double digits, with um video growing strongly, retail media growing strongly, audio growing strongly, but uh, for instance, display formats actually slightly contracting.
• 4:57
  SPEAKER_00: So we see, in a sense, uh kind of strong emphasis on certain growth drivers, and then parts of the industry are at least decelerating, if not money shifting out of them.
• 5:10
  SPEAKER_00: So I think that's a that's a key story.
• 5:12
  SPEAKER_01: Um and last year we actually saw a really strong rebound.
• 5:15
  SPEAKER_01: Does 2025 feel like a normalization of growth or a continuation of that momentum?
• 5:21
  SPEAKER_00: The rebound we saw in 2024 was uh on the basis of a fairly weak 2023, and we also had more adverse macroeconomic conditions in 2025.
• 5:31
  SPEAKER_00: Now, when we look historically, and you uh suggested it historically at ad spend before the pandemic era, which introduced a lot of noise, you know, with stronger of the 30% in 2021, for instance.
• 5:46
  SPEAKER_00: But before that, digital advertising was growing roughly between 11 and 13 percent year on year.
• 5:51
  SPEAKER_00: And of course, that was when digital was far less mature in terms of its share of total media budgets.
• 5:58
  SPEAKER_00: Now it's 70%.
• 6:00
  SPEAKER_00: Back then it was 45 and 50 percent.
• 6:03
  SPEAKER_00: So if we look at the maturity versus the growth, we can see there is a story of resilience there.
• 6:09
  SPEAKER_00: But of course, when we look where's the growth coming from, it's driven a lot by automation, by quests of efficiency.
• 6:17
  SPEAKER_00: We've spoken a lot in other contexts around the kind of financialization of advertisers, i.e., advertising of um CFO type metrics coming in, proof points, or advertising showing that it delivers top, bottom line business growth, more metrics-oriented.
• 6:31
  SPEAKER_00: So we saw lots of components in the industry that deliver or seemingly deliver that, grow, grow strongly.
• 6:37
  SPEAKER_00: And of course, I'm sure we're gonna come to it.
• 6:40
  SPEAKER_00: Already saw kind of first contours of the AI contribution emerge as well.
• 6:44
  SPEAKER_01: Yeah.
• 6:45
  SPEAKER_01: Um, and we're gonna go into a little bit more detail around some of the stats and and what we're seeing.
• 6:50
  SPEAKER_01: But but what what did surprise you most about this year's data?
• 6:53
  SPEAKER_01: Was there anything that really stood out to you that would be particularly interesting for us to explain to the audience?
• 6:59
  SPEAKER_00: I think two things.
• 7:01
  SPEAKER_00: One, the continued growth of retail media now is 17.8% of the entire search market now is actually retail media, continues to grow strongly despite calls that we have reached the eclipse the hype cycle, and that the hard money is gonna follow the easy money, etc.
• 7:20
  SPEAKER_00: It was a good year.
• 7:22
  SPEAKER_00: But also that despite the obvious stories, of course, around social growth, and we're not even recording influences in this study, that we see strong pockets of growth more kind of in the upper funnel streaming media, in SVOD or A-Bot advertising or B Vod advertising, where of course, of course, many local and European companies contribute and thrive.
• 7:43
  SPEAKER_01: Yeah.
• 7:44
  SPEAKER_01: Um and you just you were talking a bit about sort of video um formats there.
• 7:47
  SPEAKER_01: So so in terms of kind of key growth growth drivers, so video was one of actually the clearest growth stories that we saw in this year's SAT.
• 7:55
  SPEAKER_01: So it was grew by 19.6% to reach uh 34 billion euros and is now accounting for more than half of all display investment in Europe for the first time.
• 8:05
  SPEAKER_01: Um what is driving this continued investment in video?
• 8:08
  SPEAKER_01: I think we touched on it a little bit there, but perhaps in a bit more detail.
• 8:12
  SPEAKER_00: Yeah, let's first look at it from a video ecosystem perspective.
• 8:16
  SPEAKER_00: So who's actually capturing the growth?
• 8:18
  SPEAKER_00: Because not every sense video vertical, if you will, grew in the same way.
• 8:25
  SPEAKER_02: Yeah.
• 8:26
  SPEAKER_00: Fast growth came from SVOT.
• 8:27
  SPEAKER_02: Yeah.
• 8:28
  SPEAKER_00: Think of subscription video on demand services, which um um have introduced Airtiers, for instance.
• 8:33
  SPEAKER_00: Think of Netflix, think of an Amazon Prime, think of local streaming platforms, you know, RTL Plus and others.
• 8:40
  SPEAKER_00: Um strong growth there.
• 8:41
  SPEAKER_02: Yeah.
• 8:42
  SPEAKER_00: Then overall broadcast video on demand, so kind of free video on demand advertising, also less growth than than last year, obviously, but still a nearly 15% growth there.
• 8:51
  SPEAKER_00: And then we saw all other things grow at around at around 10%.
• 8:56
  SPEAKER_02: Yeah.
• 8:56
  SPEAKER_00: So that's one thing.
• 8:57
  SPEAKER_00: But why is that where's the growth coming from?
• 9:00
  SPEAKER_00: A couple of factors.
• 9:01
  SPEAKER_00: The first one is that video reaches mid and upper funnel audiences, traditionally, and we saw a shift of that from a linear environment to a digital environment, measurability of orchestrating it with kind of wider media decisions.
• 9:17
  SPEAKER_00: But we also see in a typically, in particular in the SWOT and the V Wod space, has a constrained space.
• 9:26
  SPEAKER_00: You need high entry costs to actually have a kind of good production video ad.
• 9:30
  SPEAKER_00: Actually, those costs come down and new advertisers coming in.
• 9:33
  SPEAKER_00: And then the other thing that we see videos increasingly being integrated with performance media channels.
• 9:39
  SPEAKER_00: Think of the uh kind of YouTube and search ecosystem, think of search and television advertising, for instance, think of something like PMAX, but of course also social video, where you have, in a sense, brand exposure and kind of recommendations to purchase at the same time.
• 9:55
  SPEAKER_00: So all of those factors contributed to the growth.
• 9:58
  SPEAKER_01: Yeah, and you you just touched on social there.
• 10:00
  SPEAKER_01: Um so social advertising also continued to grow strongly um in 2025, increasing by 19.2% to reach 35.5 billion.
• 10:09
  SPEAKER_01: Um, and you said there social video was, you know, one of the fastest growing formats at 25.7%.
• 10:15
  SPEAKER_01: What does this tell us about how advertisers responding to changing media consumption?
• 10:19
  SPEAKER_01: Again, you kind of touched upon it there, but perhaps um dive into that a little bit more.
• 10:24
  SPEAKER_00: Yeah, social platforms have of course changed a lot.
• 10:26
  SPEAKER_00: Vertical video is thriving everywhere, one platform is copying the other in terms of consumer product to capture consumer attention to ensure that platform dual time is being maximized.
• 10:37
  SPEAKER_00: But underneath this is an entirely different consumption logic.
• 10:41
  SPEAKER_00: Instead of just in a sense, searching for content, people are finding content through the algorithm.
• 10:46
  SPEAKER_00: So it's a more kind of in a sense passive consumption mode.
• 10:51
  SPEAKER_00: Video is typically a lean forward medium, is a more passive consumption mode, where in a sense the algorithm suggests what you watch.
• 10:57
  SPEAKER_00: And this is something that we see, particularly in social, of course, and um video, short short form vertical video is perfect for that.
• 11:04
  SPEAKER_01: Yeah, of course it is, yeah.
• 11:05
  SPEAKER_01: We're all probably doing that ourselves.
• 11:07
  SPEAKER_01: Um and we cannot um have a conversation about ADEX um this year without talking about um retail media.
• 11:13
  SPEAKER_01: So retail media was brought into the study for the first time, I think last year.
• 11:18
  SPEAKER_01: Um and you know, there's a lot of hype around the the topic of uh of retail media.
• 11:23
  SPEAKER_01: But the ADEX data is kind of showing that real growth that people are talking about.
• 11:27
  SPEAKER_01: Um this year it or in 2025 it grew um by 16.7% to reach 13.3 billion.
• 11:34
  SPEAKER_01: Um, just a caveat that is just on-site, correct?
• 11:38
  SPEAKER_00: That's a good good chart, yes.
• 11:39
  SPEAKER_00: So for those who are familiar with our wider retail media research, um the numbers are larger, but that is because we take a retail media ecosystem-centric view, right, where we look at money generated through advertising on retailers on an operated properties, but also off-site through programmatic social search, in a sense where the retailer uses their first-party data to then buy ads on behalf of half advertisers elsewhere.
• 12:03
  SPEAKER_00: That's not in this study, as we are already counting that elsewhere, because here you know it it would be double counting.
• 12:09
  SPEAKER_00: Um the numbers show that retail media continues to grow.
• 12:13
  SPEAKER_00: Of course, Amazon is a large proportion of that.
• 12:16
  SPEAKER_00: And we do see real growing pains in retail media.
• 12:18
  SPEAKER_00: We have a fragmentation of retail media networks in Europe.
• 12:22
  SPEAKER_00: And um, in a sense, as we always say, the easy money is gone.
• 12:25
  SPEAKER_00: So um after you've launched sponsored products, now it's about measurement, it's about demonstrating incrementality of becoming more than a single media surface to um navigate in different channels, proof points need to be delivered, etc.
• 12:40
  SPEAKER_00: Those pains are real and those challenges are substantial for the industry to address.
• 12:45
  SPEAKER_00: But I think the good news is that even if you factor out Amazon, it's happening against a backdrop of robust growth.
• 12:52
  SPEAKER_00: It's always easier to innovate when you see the growth than when the growth has has evaporated.
• 12:59
  SPEAKER_01: Yeah.
• 12:59
  SPEAKER_01: And what do you think it is that's turning that interest in this space into that investment piece?
• 13:05
  SPEAKER_01: Like what is helping that to what is helping that to grow so much?
• 13:09
  SPEAKER_00: Well, a fascinating panel um after the after the uh release of the edX study, and um um one note from that was of course that if you look at a company like Walmart, who said to public markets that you know over a third of the profit now comes from retail media.
• 13:23
  SPEAKER_00: Retailers traditionally have razor thin margins, in particular in grocery, right?
• 13:26
  SPEAKER_00: On a on a carton of milk or earn close to zero.
• 13:31
  SPEAKER_00: You need a microscope to see how much money you actually make from that.
• 13:34
  SPEAKER_00: But retail, but media is such a high margin world, it is completely alien to um culturally to retailers, to have such frothy margins.
• 13:43
  SPEAKER_02: Yeah.
• 13:43
  SPEAKER_00: And they started to communicate this to public markets and how margin in margin-rich this was, so this is kind of fueling investment in the space.
• 13:50
  SPEAKER_00: And of course, advertisers want to be close to the point of purchase and to influence purchase decision across the entire farm from television down to the purchase.
• 13:58
  SPEAKER_00: And a lot of purchase decisions are not being made in advance, but when you're close to checkout, when you're at the aisle, buying the next one.
• 14:08
  SPEAKER_00: Exactly.
• 14:08
  SPEAKER_00: Right.
• 14:09
  SPEAKER_00: So this is why it's uh it's a useful medium.
• 14:12
  SPEAKER_00: And also, of course, it's linked to the first-party data that the retailer has, right?
• 14:17
  SPEAKER_01: Yep.
• 14:18
  SPEAKER_01: And we also um have covered in the study um paid search and classifiers, um, which also remained in growth but lagged um a bit further behind some of the other formats.
• 14:29
  SPEAKER_01: What do you think that tells us about where advertising momentum is moving?
• 14:32
  SPEAKER_00: So if you look at classified sites themselves, they are changing businesses where they are uh moving away from listing fees more towards programmatic advertising or even winter media advertising.
• 14:43
  SPEAKER_00: So I think a lot of growth that we traditionally saw there is being accounted for elsewhere.
• 14:48
  SPEAKER_00: Because what we have here is a format-centric view.
• 14:51
  SPEAKER_00: And we're not saying classified and directories companies are not growing through advertising.
• 14:55
  SPEAKER_00: It's just that they're monetizing differently now.
• 14:58
  SPEAKER_00: I think that's it.
• 14:59
  SPEAKER_00: And of course, that market still depends a lot also on the job market, for instance, which is has been weakening already throughout 2025.
• 15:08
  SPEAKER_00: So this is something that you see reflected in those numbers.
• 15:11
  SPEAKER_00: Search remains strong, and it's a mature channel, of course, but um company result has been growing strongly.
• 15:17
  SPEAKER_00: If we look at some um of our data, we see that retail media search, or what we're called kind of vertical search, uh, grew faster than this traditional horizontal search.
• 15:26
  SPEAKER_00: But there are always questions about how do you count for search growth, actually.
• 15:30
  SPEAKER_00: Measuring the long tail is extremely difficult.
• 15:32
  SPEAKER_00: And also, if you look at bundled products like a PMAX, for instance, where the algorithm makes a decision is it gonna be a YouTube ad, or is it gonna be a search ad or is it gonna be a programmatic display ad, that makes sizing and allocating budgets to certain channels far more difficult than it was before.
• 15:49
  SPEAKER_00: And I think the future of ad spending or ad sizing needs to think more about ecosystems, combinations of channels that are being delivered by one company rather than distinct channels because it's increasingly academic and theoretical to separate out individual channels.
• 16:07
  SPEAKER_01: Yeah, that makes sense.
• 16:08
  SPEAKER_01: Um be interesting to see how the how that changes in the kind of next coming years.
• 16:12
  SPEAKER_01: Um and so audio as well, if we if we just stick a little bit um more into some of the channels and formats.
• 16:18
  SPEAKER_01: So audio is um also being a growing part of the a smaller piece, but a growing part of the digital advertising conversation for a while.
• 16:26
  SPEAKER_01: I know we've talked about it um in you know the last couple of years, um, the study.
• 16:32
  SPEAKER_01: Um what are we seeing in this year's data?
• 16:34
  SPEAKER_01: What's the audio picture looking like?
• 16:37
  SPEAKER_00: Audio continued to grow double digit.
• 16:39
  SPEAKER_00: Many thought it was just, in a sense, a uh pandemic bonanza, but it has continued to show kind of resilience, serious format.
• 16:46
  SPEAKER_00: It's not growing as fast as some predicted, it's not gonna substitute video, it's remains a niche.
• 16:51
  SPEAKER_00: It's just around 1.2 million euros right now.
• 16:54
  SPEAKER_00: Um, but what we also saw was um that the um podcast growth, which was extraordinary in recent years, has slowed down, and the kind of gap between podcast growth and audio streaming growth is gonna is kind of narrowing.
• 17:09
  SPEAKER_00: Of course, host red ads, in particular in podcasts, are extremely valuable, high credibility, and of course, if not done well, can also cast doubts on the reputation of a podcaster.
• 17:19
  SPEAKER_00: So there's always a balance of kind of scale and which brands you accept.
• 17:23
  SPEAKER_00: Um, so that kind of high value advertising, if you will, is being supplemented with more kind of very often also increasingly kind of programmatic broad-reach advertising um across streaming audio.
• 17:34
  SPEAKER_00: Important thing to note when we think of audio, it's not necessarily only what could what you could say acoustic ads, but a lot of audio streaming platforms, for instance, and online radios also monetize with videos.
• 17:50
  SPEAKER_01: Yes, of course they do.
• 17:50
  SPEAKER_00: With better ads.
• 17:52
  SPEAKER_00: Uh think of the number of podcasts that are actually being consumed as a video.
• 17:55
  SPEAKER_01: Yeah.
• 17:56
  SPEAKER_01: We even do some of our own sometimes as video.
• 17:59
  SPEAKER_01: Sadly, not this one today.
• 18:00
  SPEAKER_01: We're just audio today, but next time.
• 18:03
  SPEAKER_01: So, you know, moving maybe a little bit more towards sort of regional trends or or thoughts.
• 18:08
  SPEAKER_01: So the report now covers 30 markets, 30 national markets, which for the first time last year I believe we we made up to 30.
• 18:16
  SPEAKER_01: Why is it important when we're looking at you know the data that we do look beyond the overall European growth figure and understand some of the regional variation and trends that are happening?
• 18:26
  SPEAKER_00: Individual markets are very nuanced.
• 18:28
  SPEAKER_00: There are, of course, macroeconomic factors, each country, size, maturity, digital infrastructure, etc., but also very different media buying traditions.
• 18:39
  SPEAKER_00: You still see, for instance, in Germany the newspaper industry far stronger and more resilient than in the UK.
• 18:46
  SPEAKER_00: In the Nordics, kind of the legacy of directory media continues to this day compared to search, for instance.
• 18:54
  SPEAKER_00: How media can be packaged and bundled is both a cultural question, uh media agency practice, but also a regulatory question.
• 19:04
  SPEAKER_00: So all markets are very different in Europe.
• 19:08
  SPEAKER_00: This is something that particular American companies, ad tech companies who came to Europe realized very early on that an Amia hub in London isn't sufficient.
• 19:18
  SPEAKER_00: And this is exactly why this local nuance in the study is important.
• 19:22
  SPEAKER_00: And it's important for local markets themselves as well, because they can compare, see where am I, where should I be, given the structural indicators of um purchasing power, of you know, size of the population, digital infrastructure, of the type of, let's say, broadcasters, publishing houses that I have, where should my market actually stand versus where it currently stands?
• 19:44
  SPEAKER_00: And I think nowhere is that as obvious as in the world of uh of programmatic.
• 19:50
  SPEAKER_01: Yeah, I can appreciate that for sure.
• 19:52
  SPEAKER_01: Um looking kind of ahead, future outlook, based on this year's um ADEX findings, what signals would you be watching out for as we look ahead to the 2026 report?
• 20:05
  SPEAKER_00: Clearly, how the further proliferation of AI is driving I wouldn't say spend, but spend allocation.
• 20:12
  SPEAKER_00: Influencing it, yeah.
• 20:14
  SPEAKER_00: Where media is being spent and who's spending it, as it is, for instance.
• 20:18
  SPEAKER_00: That's clearly one thing I would watch out for.
• 20:20
  SPEAKER_00: Also, what is real local growth, i.e., coming from Europe endemic demand from European companies versus things coming from abroad.
• 20:31
  SPEAKER_00: You know, we saw when we look at, for instance, the the volume of uh small parcels arriving in in the EU, over 90% are coming from China.
• 20:38
  SPEAKER_00: Um Sheen, Timu, etc., have been, in a sense, hugely active in the European ad market to see whether things are changing here.
• 20:46
  SPEAKER_00: So those will be the things I watch out for.
• 20:49
  SPEAKER_00: And also to see, in particular, how resilient and innovative local and national media are and um what part of the um ad budget they can continue to capture.
• 21:00
  SPEAKER_01: Yes.
• 21:00
  SPEAKER_01: So where do you expect advertisement investment to potentially accelerate then next year?
• 21:06
  SPEAKER_00: Um right now we're not seeing a significant acceleration, possibly if the economy improves slightly, um, but I likely put the market at around 8.59% next year.
• 21:20
  SPEAKER_01: Okay, you heard it here first.
• 21:22
  SPEAKER_01: Let's see.
• 21:22
  SPEAKER_01: Let's see 12 months on.
• 21:24
  SPEAKER_00: Happy to be proven wrong.
• 21:26
  SPEAKER_01: And do you think video, retail media, we've we've called them out as kind of key growth areas this year.
• 21:31
  SPEAKER_01: Do you think they're likely to remain the growth engines, or do you think there'll be other areas that might gain some momentum?
• 21:38
  SPEAKER_00: I don't expect massive changes in what contributes to growth, rather more an emphasis on this factor.
• 21:43
  SPEAKER_00: So this kind of bifurcation of strong growth versus nearly no growth that we saw this year is going to become more extreme in 2027 for the 2026 report.
• 21:54
  SPEAKER_01: Great.
• 21:55
  SPEAKER_01: So we've covered everything that I was planning to discuss.
• 21:58
  SPEAKER_01: So what we as we started with something fun with your peak of the week, we like to try and also finish with something a little bit fun.
• 22:04
  SPEAKER_01: So we're going to do a very short, quick fire round.
• 22:07
  SPEAKER_01: So I hope you're ready.
• 22:08
  SPEAKER_01: So, Daniel, one industry buzzword you'd happily retire.
• 22:12
  SPEAKER_00: ROAS.
• 22:14
  SPEAKER_01: Why?
• 22:15
  SPEAKER_00: Vanity metric that isn't driving results and keeps our industry empirically disarnished.
• 22:24
  SPEAKER_01: It's holiday season, so it's doom destination time, although I do know that you did just maybe potentially go on holiday, but if you go anywhere in the world right now, where would it be?
• 22:33
  SPEAKER_00: To be honest, still, it's always the uh the siren call of Italy for me.
• 22:38
  SPEAKER_01: Yeah, I thought you might say that.
• 22:39
  SPEAKER_01: And I do know what I think that would be right up the top of my list as well.
• 22:42
  SPEAKER_01: Like you can't beat Italian food, lovely sunshine, crystal clear waters.
• 22:46
  SPEAKER_01: And then finally, can you describe the ADEX results in three words?
• 22:52
  SPEAKER_00: Bifocation, consolidation, AI.
• 22:57
  SPEAKER_01: Daniel, thank you so much for spending time um chatting with me today.
• 23:01
  SPEAKER_01: Really enjoyed learning a little bit more about the results that we've had from this year.
• 23:05
  SPEAKER_01: Um we will add a link to the final report uh in the show notes for everyone to find.
• 23:09
  SPEAKER_01: But yeah, thank you for listening and we look forward to talking again soon.
• 23:13
  SPEAKER_01: Thank you for tuning in.
• 23:14
  SPEAKER_01: We'll be back with a new episode very soon.
• 23:16
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• 23:21
  SPEAKER_01: For more information on Iab Europe, you can visit our website at www.iabeurope.eu or contact us via at iub Europe on Twitter.
• 23:31
  SPEAKER_01: Thanks for listening and stay safe.