Online News Squared (a new blog that’s doing a nice job of curating the “news about online news”), points us to a Interactive Advertising Bureau study that shows online advertising revenue totaled $2.8 billion in the first quarter, a 26 percent boost from the same period in 2004.

While these gains are impressive, I think one can safely assume that majority of these revenues are still coming from a select group of very large web advertisers. Particularly those in the travel and automotive sectors. It would be interesting to look at the numbers not as a whole, but rather from some sort of tiered perspective that compared the spending of small, mid and large sized businesses.