Internet Advertising to Overtake Radio Spending

Spending on Internet advertising will overtake radio advertising next year, a forecaster predicted today. A major advertising agency CEO said the Internet would get 9.4% of the ad market worldwide in 2008, compared to 7.9% for radio, reports AP. The two media are neck-and-neck this year, with 8.1% and 8.2%, respectively.

ZenithOptimedia's chief said he expected 6.7% growth in global advertising spending next year, despite a slowing economy. He attributed this partly to the US presidential election, the Olympics, and the European soccer championships, which he forecast together would add $6 billion in ad spending worldwide. He said emerging markets accounted for the most growth, with slower growth in developed markets. (More Internet advertising stories.)