New York was the host of the Pontiflex CPL Summit recently and a number of leaders in the web advertising industry were in attendance. Imran Khan with JP Morgan spoke at the summit and is predicting that the web advertising market will see an improvement towards the end of the year.

Khan emphasized that once the economy begins to pick up, the web is likely going to profit greatly. At the moment, television is still one of the greatest pulls for people’s attention in terms of the available media options. Not far behind is the web. Although a number of people take advantage of this useful service, only around 8 per cent of marketing budgets are spent on web advertisements. According to Khan, this presents an incredible amount of opportunity for advertisers to tap into.

What is interesting is that newspapers receive around 20 per cent of marketing budgets which is far more than the web receives. This is odd considering that television and the web both demand far more attention from people than newspapers can even hope to receive.

Khan pointed out that newspapers would likely continue to feel the pain from the loss of advertising budgets in the months to come and that they have not taken into consideration the power of the web at this point. As people quit reading the newspaper and choose to instead read the news online, they will have to adapt in order to compensate for the change in consumer behavior.