Has Internet advertising peaked? Not according to figures recently released by Morgan Stanley. In fact, far from being saturated, the online advertising market represents an unrealized opportunity.

Figures collected by Mary Meeker, managing director and leader of Morgan Stanley’s global technology research team, draw comparisons between the percentage of time spent by audiences perusing particular types of media, and the percentage of advertising spend devoted to those media. You can watch her presentation of these stats at the Web 2.0 Summit 2010 on YouTube.

One-eighth of the US audience’s time is spent reading print media, and yet a quarter of the advertising spent goes on ink. 31% of the audience’s time is spent watching TV, while 39% of advertising dollars are spent courting these viewers, representing yet another oversubscribed market. Conversely, 16% of media consumption time is spent listening to radio, while only 9% of advertising dollars are spent there, she said.

But internet advertising represents the biggest disparity: 28% of media consumption time is spent online, but only 13% of advertising dollars are spent there. According to Meeker, this equates to a $50bn global opportunity.

This post first appeared on Orange Business Live!