The study, by the Interactive Advertising Bureau (IAB), shows that during 2002 the web's market share increased to 1.4% of total media spend - up from 1.2% in 2001 - putting the industry on track to reach the IAB's target of 2 per cent by late 2004.
According to the IAB: "This clearly indicates the industry is on track. Interestingly, in Q4 of 2002 online market share peaked at 1.7%, with levels of spend even greater than at height of the dotcom boom."
Total online advertising spend has grown to £196.7 million - its highest ever level.
Online media has once again become the fastest-growing advertising media, according to the figures, growing three times faster than the advertising industry and faster than any other marketing channel.
The report said: "The growth has come from a significant increase in the number of traditional advertisers turning to the medium as a complementary brand-building addition to regular schedules. According to the leading online media owners, more than half of internet advertising is generated by traditional firms - suggesting the industry has crossed a threshold."
IAB chairman Richard Eyre said: "Advertisers' use of the web had been trailing that of the customers. The catch-up has begun."
Sources:
http://www.iabuk.net
http://www.brandrepublic.com/digitalbulletin/news_story.cfm?articleID=177329&Origin=DB16042003
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