In spite of growing pressures on global advertising spend; ZenithOptimedia’s buoyant confidence on online ad spending is undiminished. The internet is all set to become the third largest advertising medium displacing magazine from its current position.

While addressing 35th annual UBS media conference, Steve King, CEO of ZenithOptimedia, a communication strategy firm has stated that as per the prediction spending on internet advertising will grow by 6.7 percent this year compared to last year’s 5.3 percent. He further predicts, by 2010, ad spend on the medium will increase by 69%. In comparison to today’s 8.1 percent, internet will grab 11.5 percent budget of advertising industry.

In Europe, according to Times Online, Britain, Denmark, Norway and Sweden are four countries where internet advertising accounts for more than 15% pf total ad spend. Zenith, however, optimistically, believes that by 2010, online advertising would grab 20% budget in these four countries while for rest other it would be 15%.

In North America, advertisers are going to spend $195 billion on ads next year, which is healthily 4.1% more than last year. Globally, while clocking a 6.7% rise, ad spend will touch $486 billion.

Adweek report 144348