NEW YORK: Internet advertising revenue in the US reached a record $12.4bn in Q3 2014, representing a year-on-year increase of 17%, according to the latest data from the Interactive Advertising Bureau (IAB) and PwC US.

The figure also marked a 6.5% quarterly increase from Q2 2014, which delivered $11.7bn, and it topped the previous record of $12.1bn that was set in Q3 2013.

"This milestone demonstrates marketers' commitment to digital," said Randall Rothenberg, president and CEO of the IAB.

"Brands are tapping into the ubiquity of digital screens, now an undeniable vital part of consumers' lives, as they seamlessly move from smartphones to PCs to interactive televisions throughout the course of the day."

David Silverman, a partner at PwC US, added: "Interactive advertising is clearly maintaining its strong momentum. These figures directly reflect how brands are increasingly embracing digital as a must-have in their marketing mix."

Compiled from information supplied by companies selling advertising on the internet, the report includes search, display and other online media and it is issued twice a year. Top-line quarterly estimates are issued for the first and third quarters.

Warc's latest International Ad Forecast (a free sample of which can be downloaded here) expects US internet adspend will rise 15.9% annually in 2014, well ahead of the all-media growth of 5.4%.

US internet revenues should amount to some $49.6bn this year, just under a third of total advertising expenditure in the world's largest market. A further rise in internet adspend of 13.6% is forecast for 2015.

Data sourced from IAB, PwC; additional content by Warc staff