U.S. spending on online advertising and fees paid by consumers to ISPs is estimated to grow from $47.2 billion in 2006, to $78.4 billion by 2011, the report states. It has an average annual growth rate of 10.7 percent.

China will overtake the U.S., currently the world’s largest online advertising market, by 2009, and become the largest market in terms of online users around the world, the report also noted.

The loss of TV audiences have helped Internet advertising a lot, since the Internet has become “an integral hub of their daily experience,” said Joseph Rizzo, PwC advisory technology sector leader.