(Brand Republic)
Online advertising revenues will overtake traditional television ad revenues by 2009, as internet adspend jumped 38% last year, according to a report by the Internet Advertising Bureau.
The IAB said that faster broadband speeds and greater ownership of laptops propelled internet advertising spending by 38% on a like-for-like basis last year to £2.8bn, taking its market share to 15.3%, up from 11.4% in 2006.
That represented a slowdown from 41% growth in 2006 and 66% in 2005, but it beat the IAB's forecasts of 35%.
The internet, which is now the biggest medium behind TV and press display advertising, is expected to sidestep the downturn in other media to overtake TV advertising revenues next year, the report said.
Guy Phillipson, chief executive of the IAB, said: "To grow 38% from £2bn to £2.8bn is a very powerful performance.
"It's clear marketing directors now recognise the value of online to drive their business and more and more are using rich media and video to build their brands, just as they do on TV."
The increasing popularity of social networking websites, the availability of cheap laptops, wireless connectivity and TV on demand, such as Channel 4's 4oD, were also cited as key drivers behind growth last year.
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