Online advertising sector booming
13 May 2005
Online marketing and advertising will represent eight per cent of total advertising spending by 2010, according to a new five-year forecast.
Market research firm Forrester Research claims that the latest numbers and projections for the global Search Engine Optimization (SEO) and Search Engine Marketing (SEM) industry continue to look very strong and forecasts that online ad spending will reach $26 million annually by 2010.
By the end of the decade, web advertising will rival ad spending on cable/satellite TV and radio and more than half of marketers surveyed by Forrester said they planned to decrease spending in traditional advertising channels like magazines, direct mail, and newspapers to fund an increase in online ad spending.
Forrester Research forecasts that search engine marketing (SEM) will grow by 33 per cent in 2005, as online advertising, including blogs, RSS, and mobile devices, draws interest away from more traditional markets.
"Despite significant changes in consumer behaviour, there is a large disparity between the amount of time consumers are spending online and the money marketers are spending trying to reach them online," said Forrester Research principal analyst Charlene Li.
"When at-work internet use is taken into consideration, online consumers spend more than one-third of their time online -- roughly the same amount of time they spend watching TV. Yet marketers spend only 4 percent of ad budgets online versus 25 per cent on TV."
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