Jason Calacanis has written a blog post about something called “Advertising 2.0.” He asks if the recent spike in online advertising is a bubble. The answer — no, and the growth trend could continue for the next 20 years.

He is dead on when mentioning trends such as old media “audiences shifting from TV, radio, and magazines to the Internet.”

The fundamentals for the internet advertising market are solid. Short of a global recession (there is a slim possibility of that), things are looking very good.

However, just because the fundamentals of online advertising look good, it doesn’t mean everyone is in for a free ride. Just like the past stock market bubble, a bump in the online advertising market could create great buying oppurtunities for those who are prepared. And by prepared I mean people who have been banking their profits instead of bringing in VC.