Media Study Forecasts Quadruple Rise in Internet Spending

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A study released yesterday by merchant bank Veronis Suhler said that Internet advertising will grow more to $24.4 billion by 2004, surpassing network and cable television and consumer magazines. The study said that advertiser spending grew 9.1 percent to $165 billion in 1999 and is projected to maintain an annual growth rate of 8.6 percent to reach $249.1 billion in 2004. Fueling that growth will be continued spending by advertisers on all media, which has been the fastest-growing sector in the U.S. economy for the past five years. The report also said that Americans' media use increased 3.8 percent to 3,339 hours per person in 1999 and is predicted to reach 3,786 hours.
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