Digital advertising revenues reached $40.1 billion in the first half of 2017, a 23 percent year-over-year increase from the same period of 2016. The Interactive Advertising Bureau (IAB), in its latest Internet Advertising Revenue Report, also found considerable growth in digital advertising investment by small and medium-sized businesses.

In its analysis for the report, the IAB found that, of the roughly nine million small and medium-sized businesses in the U.S., 75 percent or more have spent money on digital advertising. Of these, 80 percent have used self-service platforms and 15 percent have leveraged programmatic advertising.

“We’ve seen digital marketing revenues climb steadily, and this new analysis shows that there are more opportunities to be mined,” says Chris Kuist, IAB senior vice president, research and impact. “Varied audiences and advertising approaches can appeal to a wide variety of marketers in different shapes and sizes, bringing more dollars into the ecosystem and increasing the health of the interactive marketplace for all.”

Mobile is the leading digital ad format, capturing 54 percent of total revenues. Advertisers spent $21.7 billion on mobile during the first six months of 2017, a 40 percent increase from $15.5 billion over the same time in 2016, and far surpassing the $8.2 billion reported during the first half of 2015.

“We should no longer think of the internet as mobile versus desktop,” says David Silverman, partner at PwC US, which prepared the IAB report. “Advertisers are simply following consumers, who live their lives online—whether on a smartphone during a commute, on a desktop at work, or on a tablet for entertainment in the evening. Digital is an intrinsic part of every American’s day.”

The IAB’s research found that total digital video, including mobile and desktop, rose to $5.2 billion in the first half of 2017, up 36 percent from $3.8 billion during the same period of 2016. Furthermore, video on mobile overtook video on display for the first time, with mobile video reaching $2.6 billion while display video fell just shy of that same figure. Strong growth was also registered in total social media advertising, including mobile and desktop, which grew 37 percent year-over-year to $9.5 billion, during 2017’s first six months, and in total digital audio advertising, which climbed 42 percent to $603 million.

“Being nimble and accessible are hallmarks of the new digital economy,” says Randall Rothenberg, CEO, IAB. “Now, anyone with a good idea and a credit card can capture the attention of their customers directly, and this in turn represents an enormous growth opportunity for both marketers and publishers alike to help make these connections.”