New York—Internet advertising revenue reached $8.4 billion in the first quarter, up 15.0% over the year-earlier period, according to the Interactive Advertising Bureau and PricewaterhouseCoopers.

The figure is the highest first-quarter revenue ever measured by the IAB and PricewaterhouseCoopers since the two started tracking Internet advertising revenue in 1996. “The year-over-year growth between Q1 2011 and Q1 2012 sets quite a milestone,” said David Silverman, a partner at PricewaterhouseCoopers U.S. “Moreover, a 15% increase over the comparable period in 2011 is a solid affirmation the Internet is delivering on its promise to attract consumers and the advertising dollars that follow.”