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The internet will become the world’s third-most popular advertising medium, following TV and print, in 2008 - overtaking radio for the first time, according to Carat.
The media communications agency predicts that the internet’s global share of ad spend will jump to 8.6 percent in 2008, from 7.3 percent in 2007, while radio will drop to 7.4 percent share. Television will remain on top, with a 41.2 percent share (down 2 percent), followed by newspaper and magazine combined share of 36 percent (down 1 percent), according to the Press Gazette.
Carat predicts that ad spend in the U.K. will rise just 2.5 percent in 2008, following a 6.3 percent rise in 2007 - that’s down from the original forecast of 4.3 percent.
Jerry Buhlmann, chief executive of Aegis Media, which owns Carat, said that, while overall the global ad spend picture is still one of growth, it is clear that the worldwide economic issues are affecting how and where advertisers are spending their money.
Like Carat, ZenithOptimedia in June predicted that internet advertising will overtake radio spending in 2008. Online spending will grow 26 percent in 2008, with 9.5 percent of advertising budgets worldwide to be allocated to online media, Zenith said. Radio will account for about 9 percent of advertising budgets this year.
Zenith also said that within a couple of years, internet advertising will surpass magazines.
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