We all make mistakes. EMarketer cut its projections for online video advertising spending by nearly two-thirds -- from $1.4 billion to $505 million -- after the market researchers changed their methodology (which was somehow tied to historical data from the Internet Advertising Brueau).
"While this year's online video ad projection is quite a drop from the one eMarketer put out in February 2008 . . . it is important to note the lowered estimate still represents an increase of 55.9 percent over 2007 spending," said the company, in an official statement.
Although $505 million isn't chopped liver, it still represents a relatively tiny piece of the ad market. Assuming advertisers spend $505 million on the medium this year, that may only represent 2 percent of total advertising spending and .7 percent of TV ad spending in 2008.
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