The value of online advertising across Europe is expected to double to E16bn (£11.8bn) by 2012, according to research firm Forrester.
The report predicts that online ads will account for 18% of total media spend within five years.
Online continues to dominate TV, with more Europeans spending more time online. On average, 14.3 hours a week are spent surfing the web while only 11.3 hours are spent watching TV. Meanwhile, 4.4 hours are spent reading newspapers or magazines.
The research group said search would continue to lead online advertising spend in 2011, followed by display ads and emails.
"After five years of dipping their toes into the online marketing waters, firms have come to realise that the web is a valuable medium for client acquisition, retention and market expansion," the study reports.
Research firm eMarketer predicted earlier this month that UK online advertising spend will rise to nearly £4.5bn by 2011.
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