You! Yes, you! Step away from your Facebook account!

According to a new report released by Nielsen, the amount of time Internet users spend on social networks such as Facebook has tripled in the past year.  In Aug. 2008, users reported that just 6% of the time they spent online was taken up by browsing social networks and blogs, but as of Aug. 2009 that time has skyrocketed to 17%.

“This growth suggests a wholesale change in the way the Internet is used,” said Jon Gibs, vice president, media and agency insights, Nielsen’s online division. “While video and text content remain central to the Web experience – the desire of online consumers to connect, communicate and share is increasingly driving the medium’s growth.”

So who does this really matter to?  Advertisers, of course.  Spending of ad dollars on social networks and blogs increased 119% year over year.  $49 million was the amount spent in Aug. 2008 up to a staggering $108 million in Aug. 2009.  These numbers represent a change from 7% of all online ad dollars in 2008 to 15% of ad dollars in 2009.

Of course, this amount of ad revenue is still a drop in the bucket compared to what is spent on other mediums, but if these trends continue, then you’re going to see social media becoming an even bigger factor in future ad dollars, and also where people spend their time.