In the slippery ups and downs of Britain's economy, it was reported today that internet adspend had risen to an all new high in 2011 to £4.8 billion which is a significant increase of 14.5% and the biggest since 2007.

The WIREWAX team could go into every aspect of the adspend report and look at where every penny was spent, but by the time we did that, tea would have gone cold. The great news is that video advertising is still surging ahead and the speed of growth is simply incredible. It now accounts for 10% of all the online display ads on the big web and expenditure on online video content doubled year-on-year to a staggering £109m from the £54m in 2010. Video advertising has come along way since 2008, when video spend was a mere £12 million.

A big part of this is down to the huge popularity of online TV services such as ITV's and Channel 4's catch-up services, broadcasters are WIREWAX users with C4's very recent campaign for 'dramality', Made in Chelsea. With retail and consumer-facing industries wanting to grow, they are rapidly turning to online advertising and from today's report, make up one-quarter of UK internet display ads.

Brands use WIREWAX because online video is more attractive to consumer-facing businesses and our technology offers a new marketing format to help reach out and become closer to consumers than ever before.

Retailer Oki-Ni, a very early e-commerce user, saw the fruits that clickable video could offer and they applied WIREWAX to hugely successful shoppable fashion video.

The video was embedded in over 350 fashion blogs and social platforms and whether it was on a friends wall or on a leading blog it viewers could still click on products and even buy them. With a click-through-rate of 58%, this amounted to nearly $20,000 of sales in just two weeks.

We understand that a majority of todays adspend report was talking about pre-roll video advertising. Having traditional TV adverts on an online video does not have the same impact as traditional television, especially when the choice to skip the ads is becoming ever more prevalent in places such as YouTube and Hulu. Although pre-roll ads are currently dominant and sought after, it is becoming increasingly apparent that taggable video could be a realistic alternative. Rather than projecting compulsory, unwanted advertising; by flipping that choice over to the viewer and allowing them to interact, when they want to, and then being offered an unintrusive promotion relative to that object has to be a better way forward, doesn't it?

2012 is the start of many things to come and with video evolving fast, you can bet that we'll be there at the beginning.