Last week research firm eMarketer dropped its US social network spending projections; now it’s taking down its projection for international social net spending as well. The company is projecting that by 2011, advertisers will spend $4.3 billion worldwide on social networks; it had previously guess the number would be $4.7 billion. The company’s previous global estimate of $1.9 billion in 2008 spending (1 billion pounds) remains the same. Last week it took down its US 2008 estimate to $1.4 billion from $1.8 billion.
Same story, differnet data set: The economy isn’t great and while some advertisers — particularly media and entertainment companies — use social networks for specific campaigns, the networks haven’t developed models that make advertisers feel good about dumping big budgets there.