Within four years the internet will surpass newspapers and free to air TV as the biggest advertising medium in Australia.

The ability to empower consumers by tapping into their desire to consume media wherever they were would be a key for businesses over the next few years said David Wiadrowski, chief media analyst for PricewaterhouseCoopers.

"More and more devices are a real enabler of change," he said.

Media strategist Megan Brownlow said that in the age of the iPad, consumers were also showing that they would be willing to fork over their hard earned for quality online content.

"It's a price-inelastic market," Ms Brownlow said. "Quality apps and reusable content people will pay for."

And with the National Broadband Network roll out, media agencies will be looking to take advantage as more people access the internet and mobile devices.

The forecast growth in online advertising of 15.4 percent a year underlines the importance of the internet to all media companies.