The internet is one of man’s greatest inventions with nearly 10million homes in Britain alone connected to it via a broadband connection, it will surely surpass TV as the main focus of our entertainment focus.
However, when it comes to pulling in the cash it deserves from advertisers the web is still something of a lightweight. Online now commands 8.5% of UK marketing budgets (£1.3bn) up from 1.4% in 2001 (£200m). Despite its rapid rise, the web will overtake newspapers advertising revenue share this year, the internet receives relatively little ad cash relative to the amount of attention it recieves from consumers. The European Interactive Advertising Association reckons that Brits spend 20% of their leisure time online, nearly double it’s share of marketing budget.
If ever there was a clarion call for agencies to think up a more engaging way of interacting with consumers, to create a killer online advertising application then this is it. Banners clearly don’t cut it and given the richness of the online world there must be something better? There’s an extra 100% of budget up for grabs!