Online Ad Revenue Surges

Online advertising revenue grew 148% to a record $1.2 billion during the third quarter, putting the industry on track toward $4.4 billion in 1999 revenue, the Internet Advertising Bureau said. Internet advertising revenue hit $1.92 billion in 1998, according to the New York-based group. Consumer-related ads generated 32% of total ad revenue during the third quarter, followed by computing (21%), financial services (19%), telecommunications (6%) and business services (5%). Banners accounted for 55% of revenue, according to the study conducted for the bureau by a unit of the PricewaterhouseCoopers accounting firm. Web site sponsorships accounted for 27% of revenue.