Yelp’s ad revenue increased by 13% to a record $1.28 billion in the final quarter of 2023. Ad clicks for the year were up by 5%, with the average cost per click (CPC) increased by 9%.

The services sector brought in $793 million in advertising revenue from services businesses, marking a 14% increase from the previous year. This was driven by the home services category which experienced a 20% growth in annual revenue. The restaurants, retail, and other sectors also saw a 10% increase in ad revenue, reaching a record $483 million.

Self-serve and multi-location channels accounted for approximately 50% of Yelp’s 2023 advertising revenue. Self-serve revenue increased by approximately 20% year over year and multi-location revenue grew by approximately 15% year over year.

Yelp is increasing its focus on services categories in 2024 and is strategically shifting its focus to generate more quality leads for advertisers.

For more information, read Yelp’s full Q4 2023 earnings report.

source: Yelp ad revenue jumps 13% to record $1.28 billion

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