Online ad sales hit $2.3 billion (€1.92bn; £1.28bn) in the first quarter of 2004 -- an alltime record according to the Internet Ad Revenue Report jointly released by the Interactive Advertising Bureau and PricewaterhouseCoopers.

The quarter's revenue is up 38.9% on the same quarter in 2003. Spend is calculated by determining the actual revenue of the fifteen largest sellers of online advertising, then extrapolating that figure to produce an industry-wide estimate.

According to Tom Hyland, chairman of PWC's New Media Group, the latest numbers indicate that the web's "business fundamentals remain solid, the technology infrastructure is advancing at a rapid pace and marketers are continuing to use the internet for all types of marketing and promotion".

Data sourced from:; additional content by WARC staff