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The full report is here, some highlights:

- Online advertising grew from being the smallest market sector in 2003 to the third largest in 2007;

- In the UK advertising sector, online was the biggest driver of growth - accelerating nine times faster than the entire advertising sector;

- Total display advertising spend saw a 31% year-on-year increase; banners, skyscrapers and embedded rich media including video grew by 45% to £592 million;

- Long tail monetisation continues to be driven by sales houses and networks -  accounting for 40% of display advertising in 2007;

- PPC is not slowing. In 2007 search grew by 39%, in line with overall growth, to £1.6 billion (£1.2 billion in 2006), while its market share remained the same at 57.6% (57.8% in 2006).

Cheap laptops, catch-up TV services like iPlayer and social media websites are cited as key drivers of growth.