A new study from GroupM suggests that media investment in Russia will grow by 26% this year to $9 billion (€6.61 billion) and by a further 21% in 2008. It also says that Russia will overtake Spain to become a top five European ad market in 2009. GroupM adds that TV ad spend in Russia will amount to $4.264 billion this year, equivalent to just over half (50.2%) of the total, and should rise to $5.234 billion (+28.1%) in 2008. The Internet will meanwhile remain the fastest growing sector, though its rate of growth will slow from 87% in 2006 to 51.5% in 2008. In 2008, the online sector should be worth $500 million.