The online advertising industry in Europe experienced an average growth rate of 40 per cent last year, according to a new study.

Research carried out by the Interactive Advertising Bureau Europe (IAB Europe) indicates that the European online advertising market was worth €11.2 billion (£8.9 billion) in 2007, up from €7.2 billion in 2006.

Alain Heureux, president of IAB Europe, said that the online advertising industry continues to grow despite the uncertain global economic climate.

"Not only is the growth coming from some of the smaller markets which are seeing significant increases in their market value, but also from the more mature countries as companies move their advertising budgets online for the first time," he continued.

Nicki Lynas, senior manager at PricewaterhouseCoopers, which analysed the findings, added: "The development of the more mature markets in Europe is a sign that they are seeing increasing amounts of investment from a wider range of advertisers than ever before."

Last month, communications agency Society Media claimed organisations should be aware of the benefits of online marketing, as the internet can help them achieve immediate low-cost results.


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