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With 500 million users now on Facebook, advertisers are flocking to the social networking site in a recent report released by internet marketing company eMarketer, it estimates that US advertisers will spend an estimated $1.68 billion (£1.08bn) on social networking sites such as Facebook, Twitter and MySpace in 2010.

This represents a 20% year on year increase over last year, and it means that social media marketing will account for around 6.5% of all US online advertising spending.

EMarketer predicts spending in the social media section to increase further still next year and will most likely exceed $2 billion! That’s £1.3 billion!

EMarketer does this study every six months which includes MySpace, LinkedIn, Facebook and Twitter.