This figure is a 21% increase on last year’s Q1 high of $13.2bn. 

The IAB report, conducted independently by PwC US, revealed that internet advertising in the US remains the largest in the world, with revenues of $59.6bn in 2015. This figure is expected to reach $73.5bn by 2017 – which would see it overtake broadcast TV advertising for the first time – and to grow to $93.5bn by 2020. 

Much of the growth is reportedly being driven by mobile: mobile ad revenue is predicted to account for almost half of total internet ad revenue by 2020, up from about a third in 2015. 

"These landmark revenues confirm the growing importance of interactive for brand marketers to reach consumers who are increasingly spending their time on digital screens," said David Doty, executive vice president and CMO at IAB.

"Last year the industry reached its highest level of investment at over $50bn, and this first quarter lays the foundation for what could very well be the biggest year yet for digital ad spending."

More information can be found here.