Despite the economic decline of 2008, internet advertising reached $23.4 billion, setting a new record high. Records have been set for five consecutive years, according to data from the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers.
Search grew 19% over 2007, maintaining its role as the driving force behind the continued (yet slowed) growth in internet advertising.
Meanwhile, digital video is on the rise, more than doubling revenues from $324 million in 2007 to $734 million in 2008.
The fourth quarter of 2008 was the first time a single quarter surpassed $6 billion.
"We are seeing an ongoing secular shift from traditional to online media as marketers recognize that ad dollars invested in interactive media are effective at influencing consumers and delivering measurable results," said Randall Rothenberg, president and CEO of the IAB. "In this uncertain economy, where marketers know they need to do more with less, interactive advertising provides the tools for them to build deep, engaging relationships with consumers--the experience marketers gain from this will deliver dividends especially after the economy turns around."