Internet advertising revenues reached a record $23 billion last year, rising modestly during the fourth quarter as the economy headed further south, according to an Interactive Advertising Bureau report released Monday.
During the fourth quarter, Internet advertising rose a modest 2.6 percent to $6.1 billion during the three-month period, according to the bureau.
"Though some categories in the fourth quarter slowed or even dipped, reflecting the current economic challenges, the overall performance is up, confirming interactive's ever-growing importance to the successful marketing mix," David Silverman, a partner with PricewaterhouseCoopers, said in a statement. PricewatershouseCoopers conducted the study on behalf of the IAB.
Last year, Internet advertising revenues rose 10.6 percent to $23 billion over the previous year, according to the report.
Retail, financial services, computing, and automotive were the largest industries to capture the attention of online advertisers.
Search advertising continued to drive growth, with a 19.8 percent increase last year over the previous year. And while digital video accounted for only a $734 million slice of the entire Interactive advertising pie, it posted steep growth--more than doubling.