New figures from the fledgling Internet Advertising Bureau of Canada show advertising revenue was just $1.1 million in 1996 then jumped a whopping 525% to nearly $7 million in 1997.
It's the first time Internet advertising has been researched in Canada, where the study surveyed 60 Web sites with "meaningful" ad revenues.
Banner ads accounted for nearly 60% of ad spending, according to the Internet ad study by five-monthold IAB Canada and consultants Ernst & Young.
Canada's financial services sector led the way in Internet advertising, making up 21% of all spending on the medium.
"That's a significant finding in line with the growth in PC banking and electronic commerce," says Project Research Director Miles Faulkner at Ernst & Young.
Copyright May 1998, Crain Communications Inc.