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Last year, internet-advertising revenues in America hit .6 billion, up from .3 billion the year before.

However, despite early predictions that the web would be a free-for-all, the lion's share of this market is now in the hands of a few giants, with the top ten commanding 71%.

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But of the internet firms that survived the demise of the “new business paradigm”, many are now enjoying soaring market values as investors regard online enterprises with renewed confidence. The casualties of the dotcom bust have long closed or changed hands since the heady days of the late 1990s turned to the crash of the new millennium.According to emarketer, a research firm, that figure is set to double to 9 billion by 2008.Similarly, those firms that depend on advertising have enjoyed growing revenues.Although revenues and profits are rising steeply, valuations are rising disproportionately quickly—suggesting that another correction is likely at some point.

Also, advertising revenues on the web—on which firms like Google rely heavily—are not growing as rapidly as online sales of goods and services.

Its shares are now worth 5 apiece, three times more than at its IPO last August.

And new firms are coming to market too, amid no small amount of excitement: for instance, Party Gaming, a gambling website, is working on an initial public offering (IPO) that values the firm at about billion. This week Google's share price rose to take the firm's imputed market capitalisation to just above billion, pushing the internet search engine past Time Warner to become the world's most valuable media company.

So in many ways the hopes for the internet of the dotcom boom years are now coming to fruition. , which peaked at a market value of 5 billion in early 2000, had slumped to billion by late 2001. And like numerous other internet firms that were once worth a fortune despite making no money, it is now actually turning a tidy profit: 0m after tax, on revenues of .6 billion, in 2004.

Google itself enjoyed revenues of .2 billion last year and made a profit of 0m.

Google's worth could top 0 billion sometime this year if the trend continues.