$2.3 Billion First Quarter Was 38.9% Over 2003's

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NEW YORK (AdAge.com) -- Internet advertising revenues set a new record in the first quarter of 2004, according to the latest Internet Ad Revenue Report, issued by the Interactive Advertising Bureau and PricewaterhouseCoopers.

The $2.3 billion in online ad sales was the highest amount taken in during a quarter since the IAB and PricewaterhouseCoopers began tracking Internet ad revenues in 1996, according to the companies' joint statement. The amount is 38.9% higher than that of the same quarter in 2003.

IAB and PricewaterhouseCoopers said the ad revenue is calculated by determining the actual revenue of the 15 largest sellers of online advertising and then extrapolating that to produce an industry-wide estimate.

Tom Hyland, partner and chairman of PricewaterhouseCoopers' New Media Group, which conducts the independent study, said the findings indicate that the Internet'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."

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