Advertising on Blogs amounts to Peanuts?

Could it be true that the total amount of advertising on all blogs only totaled $20 million in 2005?

To me this seems like a large error in estimating the total advertising revenues accruing to blogs. The top 100 blogs alone probably made more than this total combined in 2005?

But according to a recent analysis by PQ Media, the total ad spending on blogs, podcasts and web feeds was only $20.4 million in 2005. This is a really piddly little number compared to total online advertising of $12.5 billion in 2005.

They see this number growing 30-fold by 2010. They forecast that by 2010 advertisers will spend at least $757 million to place ads on blogs, podcasts and web feeds.

See the summary at Red Herring.

The photo above is by Shizhao.