Investments in media and advertising in Turkey reached 17.47 billion Turkish liras ($2.48 billion) in 2020, an audit and consulting giant Deloitte Turkey announced on Thursday.

The investments in media totaled 13.97 billion Turkish liras ($1.99 billion), while that for advertising reached 3.49 billion Turkish liras ($497 million), Deloitte’s report showed.

Last year, retail trade, health, and cleaning sectors posted the highest increases in media and advertising investments.

While investments in digital and television media increased by 39% and 23%, respectively, they decreased in radio (10%), outdoor advertising (15%), press (28%). Overall investments increased by 24% year-on-year in 2020.

The digital medium took the lion’s share of the investments with 54%, followed by television (36%), outdoor advertising (5%), press (3%), radio (2%), and cinema (0.2%).

Turkey, in terms of the size of media investments, is the world’s 31st largest market, with a share of 0.33% in total volume.

The report also showed that investments in media and advertising worldwide increased by 5.6% in 2020, compared to the previous year, to reach $605 billion. Digital media outlets’ share in overall investments was 52% in 2020, which was 40% in 2017.

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