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Campaign websites are a growing Internet based type of advertising, dependent upon the advertisement being actively pursued by consumers. The popularity of campaign websites stands in sharp contrast to the increasing advertising boredom among consumers often discussed in both public media and academic contexts. Despite the increasing importance of this kind of communication, little academic research has been conducted on the subject. The purpose of this thesis is to investigate the value of campaign websites for advertisers and consumers. Through a quantitative web based field study combined with an exhaustive qualitative study, we can draw conclusions concerning campaign websites and contribute with a theoretical framework for this type of advertising. The result of our study shows that campaign websites work as traditional advertising considering communication effects in terms of attitudes and intentions towards the advertisement and the brand. Furthermore, we introduce a new concept, advertising equity, to discuss the unique value of campaign websites through the measurement of voluntary consumer effort. We find that campaign websites do create advertising equity, and that it is possible to create a surplus of advertising equity which the advertiser can capitalize upon. We also find that it is possible to create parasocial interaction in campaign websites, and that this concept is strongly correlated with advertising equity as well as with attitudes and intentions.