Don’t buy the hype: The Internet hasn’t killed TV advertising

For the first time, advertisers spent more on online ads than broadcast television in the US, according to a new report prepared by PricewaterhouseCoopers for the Interactive Advertising Bureau. Online advertising as a whole brought in a record breaking $42.7 billion in 2013, a 17 percent increase over 2012, compared to the $40.1 billion spent broadcast television.

That's certainly a significant milestone, and it's meant to be the eye-catching part of a press release.

But the details of the report show a much more complicated rivalry between online and broadcast, and tell us more about why tech companies are so eager to get onto television. Television is where the money is. And for good reason: It's where the attention is. According to data from Nielsen published in February, Americans watched 185 hours of television in December of 2013 -- up six hours from December 2012. That was nearly seven times as long as people spent online at their computers, and more than five times as much as they spent using mobile devices like smart phones.

With that sort of consumer interest, it's no wonder big tech companies like Google, Amazon, Microsoft, and Yahoo are trying increase their presence on most Americans' living room display. Online video has been expanding too -- for instance, Disney recently announced a half billion deal to buy the YouTube-based Maker Studio.