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Study says social ad spending to reach $1.68 billion this year

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New York—U.S. advertisers will spend $1.68 billion on social network sites this year, up 20.3% from last year, according to a new study from Internet market research company eMarketer.

Further, the company estimated that social ad spending will accelerate by 24.2% in 2011, hitting $2.09 billion next year.

EMarketer forecast that Facebook will receive about half of all social network ad spending in the U.S., estimated to total some $1.28 billion. Spending on Twitter, which launched its ad business this year, will be low in 2010 but the “potential for 2011 and beyond could be dramatic,” according to eMarketer.

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