Online advertising reaches new high

The Interactive Advertising Bureau has released the IAB Internet Advertising Revenue Report[PDF] made in partnership with PWC. For a short summary of the report check out their little announcement. I wonder how this amount money being infused into the web will impact the shape of online culture.

Some quick facts from the report:

For the full year 2007, revenues totaled $21.2 billion, exceeding 2006 performance by 26 %, itself the former record year.
Q4 2007 Internet advertising revenues hit $5.9 billion, representing historic revenues for a single quarter and a 24% increase over the same period in 2006.
This is the fourth consecutive year and 13th consecutive quarter of record results.