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Publishing

Web spending hits new record in third quarter

NEW YORK (Reuters) - U.S. Internet advertising revenue rose 25 percent in the third quarter to about $5.2 billion, a new record, according to data released on Monday.

The report by the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers LLP showed online advertising revenue has hit new highs in each of the first three quarters of 2007.

Revenue for the first nine months of 2007 totaled $15.2 billion, up nearly 26 percent from the $12.1 billion recorded during the first nine months of 2006, the report said.

“The continued robust growth of the industry indicates that marketers increasingly understand and appreciate the benefits of interactive advertising,” IAB Chief Executive Randall Rothenberg said in a statement. “Marketers large and small have come to accept digital media as the fulcrum of any marketing strategy.”

The boom in online advertising has driven media and technology companies to build up their online advertising businesses, partly through acquisitions.

Among recent deals, Google Inc agreed to pay $3.1 billion for ad serving and tracking company DoubleClick, while Microsoft Corp bought online marketer aQuantive Inc for $6 billion.

Reporting by Paul Thomasch; editing by John Wallace

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