In the wake Fifa Coins of the Fifa 14 ultimate team Coins dot bust, against the backdrop of continuing declines in most major advertising markets, search and online display hauled the digital economy out of recession.

During the next four years, digital advertising rose from less than 2 per cent of UK ad spend to over 10 per cent.

Today, you could be forgiven for thinking that social media and online video are set to perform a similar feat.

Hard numbers remain elusive, but the anecdotal evidence is suggestive. Goldman Sachs forecasts that YouTube will generate 300m in revenue this year and grow by 40 per cent next year. Google is keen to reinforce the notion that YouTubes cost base is manageable. According to Patrick Pichette, Googles chief financial officer, profits arejust around the corner.