…is the lead in today’s Wall Street Journal online (as of 8am).  Few who experienced the melt-down of online advertising-based business models 5 years ago would have imagined that on this day in 2005 they would read the following at the top of the WSJ’s news agenda:

YAHOO, AOL, MSN and other leading Web sites are selling out ad space far in advance, allowing for big rate increases…

Despite the exhilarating turnaround of web advertising in the last three years, logic says we’ve only just started. The ultimate asset in the media business is "attention" and on the simplest measure of attention — eyeball hours —  the Internet’s share is a significant multiple of its dollar-share. For example nationally, the Internet attracts around one sixth as many ad dollars as TV… Do YOU spend six times as much of your time and attention watching Tivo-free television? 

Over time, dollars will adjust to mindshare. The flow of money into Internet advertising is only going to accelerate.