I remember well during the heady Web 1.0 days worrying about business models (I know, this made me something of an oddity). Because it was clear to me that the banner advertising then in vogue just wasn't going to cut it. Net advertising - it'll never catch on, I thought.
Close. Not.
The second Net boom/bubble has been largely driven by Google and its targeted ads. The knock-on effect is that Net advertising is thriving, and no more so than in the UK, apparently. This article has some interesting figures on the differences between the UK and US markets, tying them in to techno-socio-economic factors.
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