Online video has overtaken social media to become the new "digital darling" for companies carrying out internet advertising, a new study has found.
According to research by GroupM, consumers are "responding enthusiastically" to the fact that a growing amount of video media is being broadcast online, meaning this, along with search marketing, is deriving the internet advertising sector.
The research found that online marketing as a whole is expected to account for around 15 per cent of global spend on measured advertising by 2010, a two per cent increase on the figure that was anticipated for 2009.
This equates to an estimated $64.7 billion (£39.4 billion) investment and in the US, digital advertising will take 17 per cent of total spending by next year.
"Most of the US growth is driven by search and video, which compensates for declines in Internet display advertising and sponsorships," the report noted.
Chief executive officer of GroupM Rob Norman added that the "importance of influencing the organic listings" found on sites such as Google has risen rapidly, along with successfully harnessing the power of micro-blogging websites such as Twitter.
Ofcom recently launched a consultation into the proposal to allow advertising on video on demand services to be regulated by the Advertising Standards Agency.