Online Video Ad Spending to Surge 89% in 2007

I am sitting in a press conference here at ad:tech and eMarketer has just released a study showing that online video advertising spend to increase 89% in 2007.

From their press conference:

Spending by marketers, in love with the promise of video online, will be responsible for an 89% higher growth rate in 2007 over 2006, according to a new eMarketer report.

The release goes on to say that video ad spend is predicted to reach $775 million, up from $410 million this year, it will only represent 4.2% of the entire online ad total in the US.

By 2010, $3 billion will be spent on video ads.

Report goes on to say, one in 10 advertising dollars in 2010 will be spent on online video ads.

Added 4pm 11/6 - full report download