More gloomy news on the online ad front: JP Morgan analyst Imran Khan says premium ad rates were flat to slightly down in the third quarter. Earlier today, the Rubicon Project reported non-premium, ad network inventory was down 11% from the second quarter to the third.
More data points from Khan’s report, highlighted by PaidContent:
- Display advertising will be up 11% year over year in 2008 and 6% in 2009, says Kahn, who in September figured 14% for 2008 and 16% for 2009. We think even that’s optimistic and expect overall display ad revenues to decline next year.
- Search spending stayed strong in Q3.
- JP Morgan now says US search revenues will grow 23.4% in 2008 and 17.3% 2009, down from earlier estimates of 27.4% and 25.5% year over year growth.
- Global search will grow 34% year over, not the 36% JP Morgan previously estimated.
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