ZenithOptimedia announced that internet ad expenditure will grow 84 percent between 2005 and 2008 to $34.2 billion, an increase from the 76 percent it predicted three months ago.

The company said that internet advertising is predicted to account for 12.9 percent of total ad expenditure in the UK and 10.5 percent in Sweden.

Overall, ZenithOptimedia predicted the global advertising spend in major media would grow six percent this year, 5.4 percent next year and 5.9 percent in 2008.

"It's got a long way to go to catch up with newspapers, but certainly it looks like magazines, in the medium to long term could be on a similar level (with the internet)," said Jonathan Barnard, head of publications at ZenithOptimedia. "Magazines have been losing share for many years, and obviously the internet has only been gaining."