SYDNEY: Online advertising expenditure will top $2 billion for the first time this year, the Interactive Advertising Bureau is set to reveal next month.
At last night's IAB Awards, chief executive Paul Fisher revealed that online ad spend will break through the $2 billion barrier this year for the first time. Last year, online ad spend totalled $1.8bn in the financial year ending June 2009.
Fisher said the growth is being driven by spend in the finance, automotive and communications sectors across search and display advertising.
"Search and directories, general display and online classifieds are all growing. The finance, automotive and communications sectors are all powering strong display growth.
Looking ahead, Fisher said: "The prospects for growth in online video are exciting, social media use is exploding, catch up TV is finally catching up and consunmers are spending moire time online."
News of online ad spend topping $2 billion comes ahead of next month's IAB PricewaterhouseCoopers Online Advertising Expenditure Report, which is released on a quarterly basis.
At last night's award ceremony, ZenithOptimedia won "Best of Show" for its Lion Nathan "Tooheys Extra Dry - Six Beers of Separation" campaign.
Publicis Mojo Melbourne and Soap Creative each secured two category wins. Other industry awards were won by FNUKY, Mediacom, Whybin/TBWA/Tequila, Experian Hitwise and Leo Burnett.
"The record number of entries this year is a reflection of the strong growth in digital and interactive advertising in this market," Fisher said.
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