Slowly but surely, Internet advertising continues to eat away at TV advertising market share. According to the latest checks by MKM Partners analyst Rob Sanderson, Q1 advertising spend came in mostly in line with expectations.

MKM tracks advertising revenue among the top 15 Internet and television companies to measure changes in allocation. The tracker captures more than 70 percent of total TV and Internet advertising.

MKM found that Internet allocation was up 4.87 percent year-over-year (Y/Y), a bit short of its 5.69 percent Y/Y gain in Q4. Sanderson believes that 2016 likely won’t repeat 2015’s 5.0–6.0 percent shift in allocation due to the huge amount of political TV advertising this year.

Among the 15 stocks that make up MKM’s “new media” advertising index, Alphabet Inc GOOG GOOGL and Facebook Inc FB make up 85 percent of the aggregate market cap.

In MKM’s “old media” index, more than half of the aggregate market cap is comprised of Comcast Corporation CMCSA and Walt Disney Co DIS.

So far in 2016, the old media index has…

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