updated 11/21/2005 2:19:50 PM ET 2005-11-21T19:19:50

U.S. Internet advertising revenues have exceeded $3 billion in a single quarter for the first time, the Interactive Advertising Bureau said Monday.

The $3.1 billion for the third quarter of 2005 was a 34 percent jump from the same period a year ago. The previous record was just under $3 billion in the second quarter; online ad revenues break records most quarters.

The IAB projects that revenues for the year could exceed $12 billion, well above the $9.6 billion total last year.

PricewaterhouseCoopers compiled the figures on the IAB’s behalf.

The IAB did not release a breakdown for the quarterly revenues. In the past, search-based keyword ads contributed to much of the online advertising growth.

“Clearly advertisers are realizing the benefits of shifting more of their total advertising budgets to online,” said David Silverman, a partner at PricewaterhouseCoopers.

Nonetheless, online advertising still represents a small portion of the total U.S. advertising market, which was $71 billion during the first half of 2005, according to research firm TNS Media Intelligence.

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