Businesses (from all industries) continue to move more and more of their advertising dollars into Social Media sites like Facebook, according to this report from Nielsen. The growth has been partially fueled by the explosive growth in popularity of Facebook – a site most advertisers head to first according to the report. The amount of time Americans spend on social sites has almost tripled from August of last year, accounting for 17% of all time spent on the internet.

Year-over-year, estimated online advertising spend on the top social network and blogging sites increased 119 percent, from approximately $49 million in August 2008 to approximately $108 million in August 2009.

“This growth suggests a wholesale change in the way the Internet is used … the desire of online consumers to connect, communicate and share is increasingly driving the medium’s growth.”

- Nielsen Report.

The results of this report show that businesses are growing more and more comfortable with the importance of social media and with the idea of engaging with their customers online in an ongoing way.