Australia: Online advertising generated close to $1.4 billion in 2007
Australia: Online advertising generated close to $1.4 billion last year, equating to just over 10 percent of the estimated $12 billion generated by the advertising industry as a whole. General internet ad growth slowed to 21 percent last year from 56 percent the previous year. Total internet ad spending rose 34 percent last year.
For the industry to achieve growth in the coming year, it will need to close the gap between its share of media time and its share of advertising revenue, says InPage C.E.O. Grant Jackson. The key to achieving this it to support online advertising audience measurement through an agreed standard, should this not happen the internet advertising sector may risk losing tens of millions of dollars.
The Australian reports, in an attempt to accelerate the createation of a standard measure for the online advertising industry, A number of senior media industry figures have joined the board of the online advertising body the Interactive Advertising Bureau Australia.
Since the IAB formed a committer to investigate and come up with a way of measuring the online audience, it has been struggling to come up with a measure that will be acceptable to advertisers, internet research companies and online content companies.
Senior industry figures, namely, Yahoo7: chief Rohan Lund, BigPond media director Bill Burton, News Digital Media’s: Nick Leeder, Fairfax Digital’s: Nic Cola and Ninemsn’s: Tony Faure have reportedly joined the board of the IAB in an attempt to build urgency behind the task, it has been suggested that media companies are also planning to contribute additional resources to the IAB so that it can hire a full-time chief executive officer.
The board is asking for interested candidates to apply.
According to a report in The Australian not all IAB media company members have met the call for new funding to be made available and to support the creation of an online measurement standard.
Calls for new funding to be made available to support the creation of an online measurement standard have largely been ignored by IAB’s media company members.
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