SINGAPORE: Online advertising expenditure levels are increasing rapidly in Singapore, according to new figures.

Trade body IAB Singapore and business services firm PricewaterhouseCoopers estimated web adspend reached SG$95.5m ($77.2m; €54.1m; £47.8m) last year. (A detailed discussion of their findings, revealed at ad:tech Singapore, can be accessed by Warc subscribers here.)

The total for 2010 constituted a 48.3% improvement on the previous 12 months, and equated to a 6.9% share of all domestic advertising outlay.

In setting an agenda for growth, the IAB wants digital media to account for 20% of ad revenues by 2020.

Longer term IAB/PwC analysis provides room for optimism on this score, given that demand has climbed dramatically in the recent past.

More specifically, internet ad sales have surged from SG$51.4m in 2008 to SG$64.6m in 2009 and SG$95.5m in 2010, demonstrating a heightened desire among brands to leverage the web as a means of engaging consumers.

"Local advertisers are really starting to realise that online is important in Singapore," said Ken Mandel, chairman of the IAB. "This wasn't the case in 2008."

A full breakdown of sector spending, and details regarding the split between search and display advertising, is available in the full report.

Data sourced from Warc