Online advertisement market in the US grew by 23 percent in the first quarter, raking in a whopping $7.3 billion. During last year’s first quarter, advertisers had spent $5.9 billion on online ads.
According to figures released by the Interactive Advertising Bureau and PricewaterhouseCoopers, this is the highest first quarter revenue level for the industry. However, it is not the best quarter performance ever, with the $7.45 billion Q4 2010 revenue beating it to the top spot.
The figures come as online advertising generated a record $26 billion in revenue in 2010, an increase of 19 percent from 2009.
The growing popularity of websites like Facebook, Twitter and Netflix has helped boost the digital marketing and advertising market.
“The consistent and considerable year-over-year growth we’re seeing demonstrates that digital media is an increasingly popular destination for ad dollars, and for good reason,” said Randall Rothenberg, President and CEO of the IAB.
“As Americans spend more time online for information and entertainment purposes, digital advertising and marketing has emerged as one of the most effective tools businesses have to attract and retain customers.” he added.
The revelation comes as the IDC reported that Google overtook Yahoo as the biggest display advertiser in the first quarter of 2011.