By Daniel Hunter

The 2012 London Olympics has been the first global mega-event demonstrating the opportunities and the growth potential of digital media and will give internet advertisers a further boost.

Internet and digital has already become the fastest growing medium for advertisers worldwide and forecasts predict internet advertising to increase its share of the ad market from 16 percent in 2011 to 21.5% in 2014. In the UK - one of the most advanced markets - internet advertising attracted 33% of total UK ad expenditure in 2011, and is expected to attract 39% in 2014.

“London 2012 has already been dubbed the “Digital Olympics”. It was probably the first mega-event during which digital media really came into its own and more than rivalled TV and print media," David Elms, KPMG’s Head of Media commented.

"The demand from the public for online coverage and other digital offerings during the Games was overwhelming. It has given a huge boost to advertisers in this area and shows that the various growth predictions we have seen over the last few months are probably not far off the mark.”

The Olympics have further proved that media companies are rising to the ‘digital challenge’, says Elms. According to a recent KPMG survey, 43% of media companies in Europe and the Middle East are currently undergoing “major business model changes”. The key for many media companies is now to ensure that they can successfully monetise the demand for consumption of new media.

“The Olympics have really brought it home to everyone that demand for and the growth of mobile consumption of content is accelerating at a far faster pace than previously thought and predicted," Elms continued.

"Our own research shows that more and more people own smartphones and the overwhelming majority of owners expect ever more sophisticated and up-to-date content. *** The opportunity to produce content that people want to consume on the move is greater than ever before. Consumers and media companies should profit from this development alike.”

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