EXHIBIT 11.1

                                24/7 MEDIA, INC.

            CALCULATION OF NET LOSS AND PRO FORMA NET LOSS PER SHARE
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                         Three Months Ended June 30,       Six Months Ended June 30,
                                         ---------------------------       -------------------------
                                            1997             1998            1997            1998
                                         ------------  -------------       -----------  -------------
<S>                                     <C>             <C>              <C>             <C>          
Net Loss                                $(1,427,594)    $(10,256,792)    $(2,211,971)    $(12,554,712)

Cumulative Dividends on Mandatorily
     Convertible Preferred Stock                  0         (151,689)              0         (185,126)
                                         ----------      -----------      ----------      ----------- 

Net Loss Attributable to Common
     Stockholders                        (1,427,594)     (10,408,481)     (2,211,971)     (12,739,838)

Total weighted average
     common shares outstanding            1,079,116        7,892,251       1,079,116        5,501,383
                                         ==========      ===========      ==========      =========== 

Basic and diluted net loss per share         $(1.32)          $(1.32)         $(2.05)          $(2.32)
                                         ==========      ===========      ==========      =========== 
<CAPTION>
                                                                  Pro Forma (2)
                                         -----------------------------------------------------------
                                         Three Months Ended June 30,       Six Months Ended June 30,
                                         ---------------------------       -------------------------
                                            1997             1998            1997            1998
                                         ------------  -------------       -----------  -------------
<S>                                     <C>             <C>              <C>             <C>          
Net Loss                                 (4,433,098)     (10,635,098)     (7,566,993)     (15,225,859)
                                         ----------      -----------      ----------      ----------- 

Cumulative Dividends on Mandatorily
     Convertible Preferred Stock           (136,500)        (151,198)       (273,000)        (185,126)
                                         ----------      -----------      ----------      ----------- 

Net Loss Attributable to Common
     Stockholders                        (4,569,598)     (10,786,296)     (7,839,993)     (15,410,985)

Total weighted average
     common shares outstanding            4,562,006        7,892,251       4,205,986        7,117,199
                                         ==========      ===========      ==========      =========== 

Basic and diluted net loss per share         $(0.98)          $(1.37)         $(1.86)          $(2.17)
</TABLE>

(1)   Net loss per share is computed in accordance with SFAS No. 128, "Earnings
      per Share," and SEC Staff Accounting Bulletin No. 98 for all periods
      presented. The computation of diluted net loss per share excludes Common
      Stock issuable upon exercise of employee stock options, outstanding
      warrants, conversion of manditorily redeemable convertible preferred stock
      and senior convertible notes payable-related parties as their effect on
      all periods presented is antidilutive.

(2)   The computation of pro forma net loss per share is computed on the basis
      described in (1) above and giving effect to the common shares issued with
      the acquisition of each of the acquired companies as if they had occurred
      on January 1, 1997, or date of inception, if later.