Internet advertising revenues reached an all-time high of $21.7 billion in 2007, according to the Internet Advertising Bureau (IAB) and PricewaterhouseCoopers. This was 26% higher than 2006 and surpassed radio advertising and cable television advertising in total U.S. ad spending.
Display advertising, and email, which both have the potential of using stock photos, were $4.455 billion and $424 million, respectively. In addition, digital video advertising was $324 million and rich media, including broadband video, was $1.657 billion. The segment of the Internet advertising business that uses photos was up 32% from 2006, and growing faster than other types of Internet advertising. The video advertising segment alone grew 66%.
David Doty, senior vice president of thought leadership and marketing for IAB, pointed out that as technology advances and the availability of broadband access expands, consumers now expect video to be part of the online experience. â€œAs more companies discover the fact that Internet advertising is both accountable and effective, more companies are using it,â€ Doty said.
David Silverman, partner, Assurance, PricewaterhouseCoopers, pointed out that the data defied economic woes: â€œDespite the current state of economic uncertainty, 2007 was another record year and the 13th consecutive record quarter. Interactive advertising is not just the future, it is the here and now. It represents a meaningful and growing component of U.S. advertising and marketing spend.â€