Rising budgets for online marketing
Wednesday, 04, Jun 2008 11:41
Total European spending on marketing online increased by 40 per cent to 11 billion euros (£8.7 billion) in 2007, a new report has shown.
Information released by the Interactive Advertising Bureau Europe (IAB Europe) and analysed by PricewaterhouseCoopers has shown that the amount spent in Europe through online advertising is catching up with US levels.
Across the 16 countries assessed by the report, online advertising is increasing at a rate of 40 per cent a year, the body revealed.
Of the increase, two-thirds was spent within the three largest markets, namely the UK, France and Germany.
Alain Heureux, president of IAB Europe, said spending through online advertising is rapidly increasing, even while budgets for more traditional mediums drop.
The growth is coming from smaller markets which are newly exploring the web as a platform but "also from the more mature countries as companies move their advertising budgets online for the first time", he added.
Recently, Britain's Internet Advertising Bureau revealed that British firms spent £2.8 billion marketing online during 2007.
It highlighted that, over the last three years alone, budgets for online advertising have increased by £2 billion as firms focus their resources to the internet to target consumers.