European online ad spend has shown double digit growth according to an Interactive Advertising Bureau report.
Spain's ad spend increased by 20% followed by Poland with 18%, Italy 15%, Hungary 11%, UK, France and Bulgaria 10%, Romania 8%.
It is predicted if European ad spend continues to increase at the same rate, its online ad industry market value could overtake the US by summer 2011.
New companies are planning online ad campaigns every day for the first time. Greater reach, return on investment and customer interaction has motivated this move.
According to the CEO of the IAB, Alain Heureux, the growth is partly due to the fact that companies that are already advertising online are allocating a greater portion of their budget to the medium.
Performance based techniques are being used for branding and more targeted marketing to give better results, also cross media campaigns making use of various media including TV, Radio and Outdoor.
HitSearch Director Andrew Redfern commented "Double digit growth in advertising spend in not a surprise in the UK digital space, as it is a more mature market compared to Poland, Spain and Italy.
Given the return on investment nature of the digital area these figures underpin the huge part the digital industry is having in the UK economy."
Adapted from Business and Leadership's article "Double-digit growth for online ad spend"