According to research issued by the Interactive Advertising Bureau UK and PricewaterhouseCoopers, for the year ending December 31 2003, £353.6m was spent on online advertising, up from £196.7m in 2002.
The medium now accounts for 2.5% of the overall adspend in the UK, although this figure is below that from the Bellwether Report published yesterday, which gave online spend a 3% share of the market. Whichever figure is the most accurate, the industry is on course to beat its own target to double in size every three years.
Danny Meadows-Klue, chief executive of the IAB, said: "The whole marketing industry is changing and online is at the heart of the new media mix that's evolving. The internet has tackled head-on the major challenges of media fragmentation, achieving cut-through, improving targeting, reaching at-work audiences and delivering accountability of client spend."
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