Internet advertising for the 1st quarter of 2004 reached record levels, according to a new report.
The amount of revenue spent on internet advertising totalled nearly $2.3 billion during the first three months of the year, the highest ever recorded.
The figures from the Interactive Advertising Bureau and PricewaterhouseCoopers show that internet advertising spending rose by 38.9 per cent compared with Q1 2003 and 3.9 per cent compared with Q42003.
The quarterly figures suggest that the industry's growth rate this year may be even steeper than the ten to 15 per cent predicted by many analysts.
"Clearly, we're thrilled with the numbers. However, they are just one side of an enormously compelling story," said Greg Stuart, President and CEO, IAB. "The last two years have offered marketers the opportunity to collect research and data that proves, beyond a shadow of a doubt, Internet advertising accomplishes key marketing goals as well, if not better, than any other ad medium. The proof is in the results."
The IAB survey includes online advertising revenues from websites, commercial online services, free e-mail providers, and all other companies selling online advertising. Search-related ads have driven the industry's recovery, with all other formats declining seven per cent in 2003 from the previous year.
IAB began tracking revenues in 1996.

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