• by Joe Mandese  @mp_joemandese, May 10, 2018

Digital ad spending set a new record in 2017 -- topping $88 billion, an increase of 21% from 2016, according to the just-released IAB Internet Advertising Revenue Report. 

Much of the growth was fueled by the expansion of mobile usage and advertising.

Mobile now represents a 57% share of the total digital advertising pie in the U.S. marketplace.

 Total mobile ad spending reached $49.9 billion in 2017 -- an increase of 33% from 2016.

Other highlights include:

• Digital video hit a record $11.9 billion in 2017, a 33% year-over-year increase from $8.9 billion in 2016

• On mobile devices, video revenue surged by 54% to $6.2 billion, representing the first time that mobile video revenues have surpassed desktop video

• Social media advertising commanded $22.2 billion last year, rising 36% over $16.3 billion in 2016

• Search revenues reached nearly $40.6 billion in 2017, up 18 percent from $34.6 billion in 2016

• Banner advertising is up 23% to $27.5 billion, 67% of which is derived from mobile banners

• Digital audio, measured for the second time in a full-year report, is up 39% to $1.6 billion from $1.1 billion in 2016