Digital Publishers’ Display Advertising Revenues Stabilised in Q4 2024, reveals AOP and Deloitte

Published: 25 Mar 2025

Video and audio revenues show strong growth as subscriptions slow

London, UK, 25^th March 2025: The latest Digital Publishers’ Revenue Index (DPRI) from the Association of Online Publishers (AOP) and Deloitte reveals that display advertising revenues have stabilised after a prolonged period of steep decline. Overall, digital revenue growth was flat at -0.02% year-on-year (YoY) compared to Q4 2023 for a total of £173.97 million.

For many years, the DPRI has reported significant declines in display revenues, often in the double digits. This trend was bucked In Q4 2024, when display revenues declined by just 0.72% YoY, for a total of £63.52 million. Subscription revenues have also stabilised, though in the other direction: the trend towards growth has slowed, sitting at 3.26% YoY for a total of £48.85 million.

With both display and subscription revenues — which represent the two largest categories by a significant margin — seemingly settling, growth has been bolstered by video and audio revenues, which continued their longstanding upwards trends at 16.5% and 43.1% YoY respectively, for a combined total of £14.36 million.

Video and audio growth was offset by significant declines in sponsorship revenues — the third largest category — which fell by 5.76% YoY for a total of £21.91 million, down from £23.25 million. Smaller revenue categories that also saw declines were recruitment (-28.13%), other classified (-69.39%), and off-platform (-12.35%).

Revenue growth was reported by 60% of respondents, a huge upswing from the prior quarter, when just 30% responded positively. This follows more than a year of quarter-on-quarter declines in the share of publishers that reported growth, and the first time since Q3 2023 that more publishers have reported growth than not.

Andy Cowen, lead partner for telecoms, media and entertainment at Deloitte, said: “This quarter's results offer a glimmer of hope in what has been a challenging period for digital publishers. The stabilisation of display advertising, coupled with the significant growth in video and audio, suggests that publishers are adapting to the evolving digital landscape. However, the reliance on these emerging formats, alongside the slowdown in subscription revenue, underlines the need for a diversified revenue strategy to unlock future growth."

Richard Reeves, Managing Director at AOP, commented: “While we can’t look at one report as indicative of a trend, it is massively encouraging to finally see a break in long-term declines in display advertising and the share of publishers seeing growth. If this is indeed the start of a period of stabilisation, then the next step is growing the total revenue pot, which has been flat for far too long. Should subscriptions plateau — as ongoing trends indicate — video and audio may be the near standard-bearers for revenue growth and diversification.”

-ENDS-

Notes to Editor

UK Digital Publisher Revenue (based on revenues for AOP publisher members) AOP & Deloitte DPRI report
	MAT to Dec 2024 vs. MAT to Dec 2023 (% change)	Q4 2024 vs. Q4 2023 (% change)
Total DPRI revenue	0.83%	-0.02
Display advertising	-8.4	-0.72
Subscriptions	5.57	3.26
Online Video	-0.96	16.15
Digital Audio	22.56	43.1
Sponsorship	1.85	-5.76
Recruitment	-24.23	-28.13
Other Classified	-25.3	-69.39
Miscellaneous	38.44	9.79%
Off Platform	36.34	-12.35

About the DPRI Report

The Q4 2024 DPRI report — conducted by AOP and Deloitte — is based on a survey of 13 UK digital publishers comprising nine B2C publishers and four B2B publishers. The aim of the report is to provide an overview of revenue levels across multiple channels and platforms — as well as insight into publisher sentiment — and to benchmark these findings against previous quarters.

While the DPRI revenue index records a look-back of data over Q4 2024; the publisher sentiment index considers Board member observations given in Q1 2025 to provide a timelier understanding of current feelings. This is a reporting change implemented in 2019.

The information contained in this press release is correct at the time of going to press.

About Association of Online Publishers

Association of Online Publishers (AOP) is an industry body representing digital publishing companies that create original, branded, quality content. AOP champions the interests of media owners from diverse backgrounds including newspaper and magazine publishing, TV and radio broadcasting, and pure online media. For more information, please visit

www.ukaop.org.

About Deloitte

In this press release, references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

For more information, please visit www.deloitte.co.uk.