The majority of companies in Europe are boosting their internet marketing spending and many are diverting funds away from other areas, such as television and radio, new research shows.

According to a study by the European Interactive Advertising Association (EIAA), some 70 per cent of European advertisers have increased their allocated online ad spend for 2009.

It shows that 47 per cent of advertisers see the web as an essential marketing tool, up from 38 per cent last year and 17 per cent in 2006.

In terms of where the additional money for internet marketing is coming from, almost half said it was being diverted from magazines, while television, radio and newspaper ads are also seeing budget cutbacks.

Alison Fennah, executive director of the EIAA, said: "Market conditions are tough, yet online is continuing to innovate."

She added that formats such as mobile advertising and online video look set to grow over the coming years.

Meanwhile, research from Nielsen Online shows that the healthcare, consumer packaged goods and telecommunications sectors have all allocated larger percentages of their advertising budgets to the internet in the last year.

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