Online advertising in the U.S. grew 10.6 percent to $23.4 billion last year, according to a report released by the Interactive Advertising Bureau on Monday.

The industry earned a $6.1 billion in last years fourth quarter, up 2.6 percent and it was the first time Internet advertising surpassed the $6 billion mark.

Search advertising dominated, with 45 percent of total Internet advertising market share. It also grew 20 percent for the year. The only category which grew as fast was rich media and video. Online video advertising grew faster than any other sub-category, with 123 percent annual growth, going from $324 million in 2007 to $724 million in 2008.

View the full report below:

IAB 2008 Report - Get more Information Technology