The PWC survey predicts that internet ad revenue will grow at the fastest rate, up by 18 per cent, with pay-TV advertising second fastest grower up by 16 per cent.

Magazines, free-to-air TV and radio will all grow by around four per cent, while printed newspaper advertising will also rise, but only by 1.5 per cent. Newspapers though will still lead the way in advertising revenue at $3.95bn, while the internet is putting clear space between itself and magazines, next year internet advertising is predicted to be $1.55bn while magazines will be $1.15bn.

Paul McNab, PwC's lead partner for technology, entertainment and media says out of home's revenue growth was being fuelled by new opportunity – such as bus shelter ads – as well as aggressive promotion of the medium to advertisers, and the promise of the new audience measurement system which will roll out next year. McNab says, "Despite the noise around the internet there is no doubt that out-of-home – one of the oldest forms of advertising – has made a resurgence."

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