More than half of media buyers plan to increase online video ad budgets by up to 50% in the next 12 months, according to video ad network The Web TV Enterprise.

In a survey of 101 media buyers, 97% of those buying pre-roll ads were planning to either maintain or increase spend, with 10% saying their spend would double.

The average spend for a video ad campaign was between £10,000 and £25,000. A further quarter of buyers said they spent up to £;50,000.

Almost 70% of buyers said the format deserved spend as it was good for driving brand awareness.

Jamie Estrin, director of The Web TV Enterprise, said the merits of the format were finally being proven. “We’ve reached a tipping point. While the ad market is flat, online video is going through massive growth.”

However, Robert Black, chairman of the IAB Video Council, warned the figures didn’t mean the format had reached full potential.

“There are still blockages we need to address,” he said. “Online video is a hot topic but it’s still new and needs the industry to keep pushing it.”

A quarter of media buyers surveyed said a lack of research was holding them back from spending more on the format, while 10% blamed the length of ads.