Despite claims that Web promotions do not work, global spending on Internet advertising is expected to balloon to $33 billion by 2004, according to fresh figures from Forrester Research.
Charlene Li, senior analyst at Forrester, said: "Spending for online advertising is being driven by a self perpetuating cycle. As the online audience continues to grow and ecommerce accelerates, more and more marketing dollars will be drawn to the Web. These trends will be enhanced by the arrival of new technologies that improve the accountability of Web advertising."
Forrester projects that online ad spend in Europe will total $5.5 billion by 2004, representing 5.1 per cent of total advertisement expenditure in the region.
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