Despite an industry-wide advertising slowdown, money spent on online video ads continues to grow at a 32 percent clip, at least according to one expert.

Brian Wieser, global director of forecasting for Magna, predicts that companies will spend $699 million on online video ads this year, up from $531 in 2008. He expects the amount to crash through the $1 billion mark in 2011.

The news isn't all good, however, as earlier this year Wieser predicted a 45 percent increase. Still, given the crashing worldwide economy, that revision doesn't seem to dramatic.