New types of Internet advertising are helping to fuel the major growth in online advertising spend, which is expected to soar by 76% between 2005 and 2008, according to forecasts by ZenithOptimedia Group.
ZenithOptimedia said new forms of online advertising such as search and datafeed, coupled with more effective ways of measuring it and tracking consumers' responses, were making the medium more attractive.
ZenithOptimedia Group forecasts that Internet ad expenditure will grow 76% between 2005 and 2008, while adspend in other media will grow by substantially less. Radio is to grow by 10% and cinema by 27%.
In its latest foreceast ,the media agency says that the pace of development has caused it to upgrade its forecasts yet again.
"We now forecast the Internet to account for 7% of worldwide ad expenditure by 2008, up from our 6.5% forecast in April and 6.0% in December."
Internet expenditure accounted for 4.7% in 2005 and ZenithOptimedia expects it to overtake outdoor this year, a year earlier than it predicted three months ago.
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