Did someone say bounce back? The IAB in the US says internet advertising revenues hit $5.9bn for the first quarter of 2010, representing a 7.5% percent increase over the same period in 2009. It says this marks the highest Q1 revenue level ever for the industry.

The Interactive Advertising Bureau and PricewaterhouseCoopers report says the year-over-year growth it is seeing reflects marketers’ confidence in the value and effectiveness of interactive advertising. Has to be good news.

Randall Rothenberg, president and CEO of the IAB, said: “The internet, together with explosive technological innovation in devices and platforms, has transformed consumers’ lives, giving them access to entertainment and information however, whenever, and wherever they want it. That’s why the vibrant interactive advertising and marketing industry lends major fuel to the U.S. economy.”

PwC said it was seeing continued signs of an improved economy and interactive advertising market.

David Silverman, PwC Assurance partner, added: “The media industry —like the economy as a whole—saw tremendous challenges this past year, and uncertainty about the recovery remains.  However, entering 2010 with such strong Q1 revenues is a sign of the health and vitality of online media, and of marketers’ continuing investment in interactive as a cornerstone of their advertising campaigns.”