Omnisio provides an explanation of web widgets

Leah Messinger - "defining a widget. Some use the term to describe bits of code that can be copied and pasted into a social network profile page or blog; others use it to refer to all embeddable Flash-based tools, and still others refer to widgets as entire applications built around site-specific application programming interfaces (API)."

In fact, U.S. companies will spend $40 million in 2008 -- up from $15 million in 2007 -- to create, promote and distribute widgets, according to eMarketer.