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Online advertising revenue tops $21 billion for the first time in 2007, however growth is slowing.

Following reports from IDC, the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers (PwC) said that Internet advertising revenues for 2007 are estimated to grow to $21.1 billion, a 25 percent increase over $16.9 billion for 2006.

Q4 2007 revenues summed to almost $5.9 billion, making it the highest quarter ever reported and representing a 13 percent rise over the third quarter of 2007 and a 24 percent increase over the fourth quarter of 2006. All four quarters reported in 2007 include record level revenues.

It is however expected that growth will slow as the Internet commands a bigger share of the advertising market. Internet represents less than 10 percent of all U.S.ad spending, thus there is plenty room for growth even at a slower rate.