The internet is once again Britain’s fastest growing advertising medium, after online ad revenues surged 18.7% last year.

According to a new study from the Interactive Advertising Bureau UK and PricewaterhouseCoopers, web adspend rose to £196.7 million ($309.6m; €285.6m) last year from £165.7m in 2001.

Such expansion, boasts the IAB, means internet advertising is growing at three times the rate of the industry as a whole and at a faster rate than any other media outlet – though this is hardly surprising given that the web is still an emerging marketing channel.

The internet also boosted its share of the ad market, rising from 1.2% of total outlay in 2001 to 1.4%. Its share peaked at 1.7% in Q4, when online spend was even higher than during the dotcom boom. The IAB has set a target of 2% share by autumn 2004.

Data sourced from: IAB (UK); additional content by WARC staff