U.S. Internet advertising revenue hit a record $26 billion in 2010.

A PricewaterhouseCoopers report commissioned by the Interactive Advertising Bureau says that last year's ad revenue grew 15 percent from 2009. The previous record was in 2008, when full-year revenue hit $23.4 billion.

The report, released Wednesday, says fourth-quarter advertising revenue also hit a record $7.4 billion. That's up 16 percent from the fourth quarter of 2009.

By far the most popular ad format was search, which represented 46 percent, or $12 billion, of the year's total revenue. This was up 12 percent from a year earlier.

PricewaterhouseCoopers partner David Silverman says more time spent online, boosted by the popularity of digital videos and social media, has helped fuel the ongoing advertising growth.

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