The Interactive Advertising Bureau released new numbers today that show record-breaking growth in online ad sales. Their third quarter 2010 study showed a 17% increase over the same period in 2009 — a full $6.4 billion in ad revenue.
When revenue is up, it’s always a good thing, but these numbers point to a combination of factors which is very encouraging. Number one, the increased spending shows that more companies are realizing the power of the Internet. It’s unlikely that their ad budgets have gone up 17%, so it’s likely that they’re taking ad dollars away from print and moving it over to digital.
The other half of the equation is the consumer. Marketers are going digital because consumers are responding. It’s no longer about technological newbie clicking on a banner at to shoot an arrow at a moving target. Consumers have gotten more tech savvy and so have advertisers.
Said Randall Rothenberg, President & CEO, IAB;
“The Internet has transformed consumers’ lives and how they experience entertainment, information and brands. Marketers have embraced digital media because that’s where they can engage with their consumers. This vibrant, innovative industry is creating jobs and contributing to the growth of the U.S. economy.”
With video, social media marketing, search marketing, expanding ads, interactive ads and yes, even the old stand-by, the basic banner ad, there have never been so many ways to promote a product or service.
It’s a good time to be in the business.