Online advertising in 2020’s fourth quarter gained 29 percent from the same period in 2019, the latest indication that an economic rebound from the COVID-19 pandemic may be in sight, according to a new report by ad organization the Interactive Advertising Bureau.

According to the IAB’s latest quarterly findings, Q4’s $45.6 billion in Internet advertising accounts for the highest quarterly revenues on record for digital advertising in 20 years. Overall, online ad spends in 2020 topped $140 billion, revealing a year-over-year increase of 12.2 percent.

Digital video advertising revenues saw the greatest gains—experiencing 20.6 percent year-over-year growth—and now comprise 18.7 percent of all online ad spends. Social media advertising followed—growing 16.3 percent year-over-year—and now accounts for 29.6 percent of all online ad spends.

The report also found that seven of every $10 spent on digital advertising now goes to mobile.

Finally, the IAB report discovered that revenue from programmatic advertising grew nearly 25 percent last year—or $14.2 billion—to total $71.2 billion. Programmatic ads now account for 88 percent of ad spends, up from 82 percent last year.

The findings appear in the IAB’s latest "Internet Advertising Report," a quarterly estimate of U.S. interactive advertising revenues. That report is sponsored by the IAB and was conducted by PricewaterhouseCoopers US.