The Interactive Advertising Bureau (IAB) and PwC have released their latest figures on Internet advertising revenues, looking at the third quarter. According to their findings, U.S. revenues hit $12.4 billion, making it the the highest quarter on record.

Earlier this year, online ad revenues overtook TV ad revenues for the first time. The first half of the year saw digital ad revenues reach $231 billion.

The third quarter saw Internet advertising revenues in the U.S. reach an historic high of $12.4 billion. This compares to the previous record-setting $12.1 billion in Q4 2013, and represents a year-over-year increase of 17% compared with the $10.6 billion reported for the third quarter of 2013. The IAB also notes that the figures mark a 6.5% increase from Q2 2014, which totaled $11.7 billion.

“This milestone demonstrates marketers’ commitment to digital,” said Randall Rothenberg, President and CEO of the IAB. “Brands are tapping into the ubiquity of digital screens, now an undeniable vital part of consumers’ lives, as they seamlessly move from smartphones to PCs to interactive televisions throughout the course of their day.”

“As marketing undergoes the rewards and challenges of the digital sea change, brands and agencies have clearly recognized that interactive advertising offers rich, immersive experiences that signal a new age in advertising,” said Sherrill Mane, the IAB’s Senior Vice President, Research, Analytics and Measurement.

“Interactive advertising is clearly maintaining its strong momentum,” added David Silverman, a partner at PwC US. “These figures directly reflect how brands are increasingly embracing digital as a must-have in their marketing mix.”

You can find the report here.

Image via BusinessWire