A recent study from Pricewaterhouse Coopers shows that Internet advertising surpassed radio ad revenue in 2008. The "Internet Advertising Revenue Report" found Web advertising growing to $23.4 billion last year, a 10.6 percent increase over 2007. A recent RAB report put radio's ad revenue total for '08 at just under $19.5 billion in 2008, roughly $4 billion less than what Internet advertising brought in.
According to the study, the only other category to experience ad revenue growth in '08 was Cable TV. Total non-Internet media revenue, which includes radio, was down 2.4 percent in 2008. Internet ad revenue, while up last year, did not see the same increases as it had in previous years and even fell in Q1 and Q2.
The New York Times quotes PWC partner David Silverman, who noted that Internet advertising was "one of the few things that actually grew in fourth quarter 2008."