Wasted digital advertising spending reached $97.1 million in the first quarter, according to Next&Co’s quarterly Digital Media Wastage report.

Based on 33 audited companies, Next&Co found that the retail sector had the highest amount wasted on digital advertising at $28.1 million.

Although the figures are 3.85 per cent lower than the previous corresponding period, Next&Co emphasised that the data shows brands are still wasting a significant amount on digital advertising.

The finance sector came in second, wasting $26.2 million, followed by insurance at $12.6 million.

“Wasted advertising dollars have a flow-on effect across the business, affecting everything from
day-to-day operations to recruitment, production and more,” said John Vlasakakis, Next&Co co-founder.

“Brands could improve their overall budget and costs by investing in better understanding their digital advertising platforms and audiences.”

Meanwhile, across digital platforms, wasted digital advertising on Facebook and Instagram stood at $49.5 million.

Moreover, $38.8 million was wasted on Google, while $6.8 million was wasted on LinkedIn
and $1.9 million on Bing.