Online advertising continues to claw its way back.
Internet ad spending for the first quarter of 2003 was an estimated $1.692 billion, up 7 percent from the previous quarter and up 11 percent from the same quarter a year ago, according to trade group Interactive Advertising Bureau.
This is the first time in two years that the industry has achieved two consecutive increases versus the previous quarter, the trade group said in a statement yesterday.
The study, done by PricewaterhouseCoopers for the IAB, is a result of surveying the top 15 online ad sellers and extrapolating, the IAB said.
The IAB's figure is somewhat in line with that of a July report by New York research aggregator eMarketer. That firm estimated online ad spending for first-quarter 2003 at $1.52 billion.
Online ad spending is still only about 2.5 percent of all ad spending. While eMarketer projects online ad spending to hit $6.3 billion this year, it projects total media spending nationally will be $248.25 billion this year.
In any case, online ad spending is on a slow but steady rebound.
“The future for interactive advertising appears to be on strong footing and poised for gradual and sustained growth,” said Tom Hyland, partner and chair, New Media Group, PricewaterhouseCoopers. “Many of the factors contributing to last quarter's uptick seem to have held momentum, including improved data for advertisers to analyze as they have now been engaged in the market for a longer period of time.”