Brands are now spending significantly more money on mobile advertising than on newspapers in the UK, new forecasts suggest—evidence of the fastest ever shift of marketing budgets in history.

Data from ZenithOptimedia’s Advertising Expenditure Forecasts report shows the UK’s mobile ad market will be worth £3.1bn by the end of the year—accounting for nearly 20 pence in every pound of ad spend. Newspapers, by contrast, account for £1.8bn, or 11% of the total.

The report also shows that, around the world, mobile internet is now the third most popular medium behind only television and desktop internet. If spending continues to increase at its current rate, mobile will overtake TV as the most popular platform for advertisers sometime in 2018.

ZenithOptimedia chief executive Steve King said: “Mobile technology is rapidly transforming the way consumers across the world live their lives, and is disrupting business models across all industries. We are now witnessing the fastest transition of ad budgets in history as marketers and agencies scramble to catch up with consumers’ embrace of the mobile way of life.”