NEW YORK, Dec 3 (Reuters) - The advertising industry is still healing from the economic downturn, but Google Inc (GOOG.O) and Yahoo Inc (YHOO.O) see significant opportunities to reap ad dollars from nascent businesses like online video and mobile phones.
Senior executives from the two Web companies, speaking at the Reuters Global Media summit in New York on Thursday, said new forms of online advertising are set to grow into key components of their businesses in the next few years.
"The one big shift we're going to see in the next three to five years is going to be video advertising," said Google's president of global sales operations and business development, Nikesh Arora.
He cited what he said was a $200 billion television ad market moving to online video sites such as Google's YouTube.
"If you believe there's a big consumer shift going on, the advertising dollars will have to follow," Arora said of the increasing popularity of watching video on the Web. Google has made a big bet on online video with its 2006 acquisition of YouTube for $1.65 billion.
Google and Yahoo are both hunting for new sources of growth amid a challenging advertising environment. Google, the world's No. 1 search engine, increased its revenue 7 percent year-over-year to $5.94 billion in its most recently ended quarter, compared with the 40 percent-plus clip at which its revenue was growing as recently as the start of 2008.
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